When buying a property with Solar Panels, there can be a number of issues that your Conveyancer will need to be aware of.
Are the Solar Panels owned by the Seller? Are they owned by the provider? Were they fitted in compliance with the appropriate Building Regulations?
Whilst it is of course preferable that the Solar Panels are owned by the seller, this is often not the case. In fact, it is fairly common that the Solar Panels are instead owned by the Panel provider as Tenant, with the purchaser becoming Landlord of the roof space.
Under the lease, which will need to be reviewed in depth by your legal advisor, the Landlord (you as buyer) will have a number of obligations that you may not be aware of or expect. If you are buying with the assistance of mortgage finance, your legal advisor will also normally be acting on behalf of your lender. Most lenders have a number of strict lease requirements which must be complied with before they will issue their consent to the purchase. More often than not, the lease in its current form will not satisfy your lender and your Conveyancer will need to liaise with your seller’s Conveyancer/the Solar Panel provider to vary the Lease so that it is compliant.
It is therefore essential that your Conveyancer understands the work involved to enable a smooth transaction.
If you have any queries or would like a free-no obligation quotation, please get in touch today.
Emma Billings. Head of Property.