Precise Mortgages - A Shade Greener

heavenlyharry01

Hi there
Has anyone been successful with Precise lending to them with A Shade Greener solar panels? We are trying to remortgage (with terrible credit scores) and we unfortunately have A Shade Greener panels. I just wondered if anyone had been successful in the same situation? Many thanks 

MovingForwards

https://forums.moneysavingexpert.com/discussion/6250751/a-shade-greener-re-mortgage-refused#latest

Did you check CML as suggested in your other thread?

Are you doing this via a broker or trying to do it alone, as a broker should know which lender(s) would be willing to offer a mortgage with the panels on.

heavenlyharry01

MovingForwards said:

https://forums.moneysavingexpert.com/discussion/6250751/a-shade-greener-re-mortgage-refused#latest

Did you check CML as suggested in your other thread?

Are you doing this via a broker or trying to do it alone, as a broker should know which lender(s) would be willing to offer a mortgage with the panels on.

Thanks. I first went to Kensington directly, who use Like Mortgage advise, I’ve since been put in touch with Hawke mortgages and insurance.
I’ve looked on CML and I can’t see anything in regards to finding a list of lenders.
Sorry

MovingForwards

There should be a section about solar panels, then it it's a case of cross referencing lenders and their requirements.

Your broker should be doing all the legwork and not you, that's what you pay them for.

MovingForwards

Looking at the lending criteria for precise, you're going to hit the same problems as you had with Kensington:

https://www.precisemortgages.co.uk/Criteria/Glossary#ResidentialS

heavenlyharry01

MovingForwards said:

Looking at the lending criteria for precise, you're going to hit the same problems as you had with Kensington:

https://www.precisemortgages.co.uk/Criteria/Glossary#ResidentialS

Thanks for replying. I just can’t get my head around lol the technical jargon. I’ve called Precise and they can’t give me a direct yes or no either. The broker says that I need to get a solicitor to look at the lease first. 

It’s all so deflating 

MovingForwards

This is the bit that's worrying, especially based on the post you put up about Kensington;
" If the roof space is leased to a solar panel company then we will require a Consent to Airspace. The conveyancing solicitor would need to review the lease, if there is anything within the lease that can have an effect on the security property then we may not be able to consider your application."

If you couldn't get approval to vary the terms of the solar panel lease before, how are you going to get it now? 

Do you have a solicitor as if they can get ASG's agreement to vary the lease as per mortgage lender requirements (all details will be in CML handbook), that will enable a remortgage application to go in.

As it stands without ASG's agreement to vary the lease, you will really struggle to find a lender willing to put a mortgage on your property.

Who is your current lender and what's outstanding on your mortgage?

heavenlyharry01

MovingForwards said:

This is the bit that's worrying, especially based on the post you put up about Kensington;
" If the roof space is leased to a solar panel company then we will require a Consent to Airspace. The conveyancing solicitor would need to review the lease, if there is anything within the lease that can have an effect on the security property then we may not be able to consider your application."

If you couldn't get approval to vary the terms of the solar panel lease before, how are you going to get it now? 

Do you have a solicitor as if they can get ASG's agreement to vary the lease as per mortgage lender requirements (all details will be in CML handbook), that will enable a remortgage application to go in.

As it stands without ASG's agreement to vary the lease, you will really struggle to find a lender willing to put a mortgage on your property.

Who is your current lender and what's outstanding on your mortgage?

We are currently with Helidor, which bought our mortgage from NRAM! We’ve around £165000 outstanding.

it’s all such a nightmare.
I contacted a solicitor who said they’d charge by the hour to look at it. But suggested to submit the lease with the application.
I can’t understand why this is so complicated and I don’t actually know what I’m supposed to be getting from a solicitor in the first place. I don’t want to start spending silly money for it to be a no anyway.

MovingForwards

I've just found this part:
https://lendershandbook.ukfinance.org.uk/lenders-handbook/solar-panels-and-the-lenders-handbook/

Still having a look to see what other information I can find for you.

heavenlyharry01

MovingForwards said:

I've just found this part:
https://lendershandbook.ukfinance.org.uk/lenders-handbook/solar-panels-and-the-lenders-handbook/

Still having a look to see what other information I can find for you.

Thanks so much. I’ve looked through that too, but still non the wiser! 

I should be getting the actual copy of my lease any day now, so I’m hoping that may help a little! 

You are so kind helping. 

MovingForwards

I think when your lease arrives, that will (should) contain all the information needed to try and unravel this.