Over recent years solar panels have become a common addition to homes across the country as home owners and developers alike look towards ways of saving money, sourcing renewable energy whilst also lowering their carbon footprint. Solar panels are a great way of sourcing environmentally friendly energy for your home however there are certain things that you should take into account when purchasing a property with existing solar panels.
Solar panels tend to be fixed to the most southerly section of the property roof however just because the panels are fixed to the roof does not mean they belong to the property. Solar panels can be bought outright however they tend to be expensive therefore many homeowners choose to lease out their roof space to solar panel companies. For the duration of the Lease the homeowner will usually benefit from a reduction in energy costs.
If the roof space is Leased you will need to make your mortgage lender aware that there is a Lease in place for the solar panels and your legal advisor must ensure that this Lease is fit for purpose, along with obtaining necessary documentation in relation to the installation of the solar panels. If the Lease is not satisfactory then you may find that the mortgage lender will not be happy to lend to you and as a result the Lease would need to be varied. In any event, as further Conveyancing work will be needed to be carried out where solar panels are involved, the process of purchasing may take longer than anticipated and also will incur further legal costs.
If you require any further assistance in relation to solar panels then please contact one of our experienced property solicitors who would be happy to assist.