Buying with Solar Panels.

karlarmstrong1

Hi all,

Me and my partner have found our ideal home but it comes with a solar panel fitted. I have done some research and have heard good and bad things about these.

What i am after is just some questions to ask or what i need to know before i buy the house? I have read about the feed in tariff, should that always be with me? should the panels be owned by me?

The homeowner said the panels are staying there for 25 years, currently 3 years into that 25, does this mean it is a roof lease?

Any help much appreciated!

Cheers
Karl

Keep_pedalling

You need to establish the ownership of the panels. If they are part of a rent a roof scheme then you may find it impossible to obtain a mortgage. If the current owner owns them then no problem.

karlarmstrong1

What if it is a part of a scheme but i can still get a mortgage on it? would it prove difficult to remortgage? would i incur any charges from the panels in the future?

Thanks!

Davesnave

karlarmstrong1 wrote: »

What if it is a part of a scheme but i can still get a mortgage on it? would it prove difficult to remortgage? would i incur any charges from the panels in the future?

Thanks!

Everything depends on what the contract in any scheme says, who it was with, whether they still exist, and if not, who took over their responsibilities.


We can't tell you any of that. It's part of your due diligence.

AnotherJoe

"a" solar panel? Just one?

Do you mean a water heater type?
Or is it a whole set that cover a substantial portion of the roof and produce electricity?
These are very different beasts financial & legally.

sevenhills

karlarmstrong1 wrote: »

The homeowner said the panels are staying there for 25 years, currently 3 years into that 25, does this mean it is a roof lease?

Not sure how many panels there are, but panels fitted three years ago will have a low FIT rate, still free money and saves on your electric bills.
You need to have the panels in your ownership, otherwise no FIT. The only downside is if you want to do a loft conversion or re-tile the roof.

eddddy

karlarmstrong1 wrote: »

What if it is a part of a scheme but i can still get a mortgage on it? would it prove difficult to remortgage? would i incur any charges from the panels in the future?

It's difficult to predict mortgage lenders future attitudes to roof leases for solar panels. Lenders have already toughened up their requirements for the leases.

As a rule of thumb, when times are tough, lenders tend to get scared of anything non-standard (like roof leases).

But when times are good (high demand for property, prices rising), they are easier-going.


It's also difficult to predict future buyer's attitudes to leased solar panels. Things go in and out of 'fashion' - for numerous reasons.

(As an example of going in and out of 'fashion', wood burning stoves used to be charming and cosy, and added value to a house. But now, if you live in a city, your wood burning stove is evil and killing all your neighbours.)

SelfyEmployed

Recently bought a house with solar panels. Wasn't too happy about it (they also had a 25 year lease and were only 3 years into it) but no problem whatsoever with the lender (Barclays). There are a list of lenders who accept them.

sevenhills

karlarmstrong1 wrote: »

The homeowner said the panels are staying there for 25 years, currently 3 years into that 25, does this mean it is a roof lease?

I bought my council house that had solar panels on, ownership was transferred to me and no problems with mortgage.
If yours is a private house, I guess it could be different.

karlarmstrong1

Thanks to those offering advice and help.

I don't think the panels would be in my ownership so i think i may have to stay clear of this property unfortunately.

Cheers again!