House purchase with free solar panels

  • #19217 Reply

    Julie

    Hi, I’ve had an offer accepted on a property that has solar panels fitted. I didn’t think this was a big deal until I visited the mortgage broker today and noticed her face dropped when I mentioned this. So, I returned home and carried out some research. I now realise it is quite a big deal and can affect mortgage, remortgage , extensions to prop etc.

    I have no further details on the panels from the owners who I’ve met once and thy mentioned thy save approx £500 yr on energy bills since getting them fitted.

    I’m not sure to pull from the sale as I’m now so confused about the impact these can hve on future sale of property as well as all the other pitfalls mentioned in related articles. I didn’t really find any article that supported ready fitted panels. Are there any benefits or would you steer clear of theses properties?

    Any advice truly appreciated ???? X

  • #19218 Reply

    Stuart Lovatt
    Keymaster

    The phrase “no such thing as a free lunch” springs to mind here.

    From day one of these rent-a-roof and free solar panels offers springing up, we were warning people and encouraging people to own outright for exactly this reason.

    Mortgage lenders hate homes with free solar panels

    Third party ownership comes with many pitfalls and the resale-ability of a home with third party technology attached is the biggest. Many people who took up these offers are still blissfully unaware of the consequences and because the feed-in tariff can last up to 25 years, that’s along time to be shackled to such a contract.

    Also people do buy and sell these feed-in tariff contracts from homeowners, but this will be very much to their financial advantage and not yours, but ultimately won’t solve the third party ownership problem unless you purchase the contract yourself.

    Solar buyback schemes want your feed-in tariff contract!

    It’s a minefield that most mortgage lenders do not want to get involved with.






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