Are you buying or selling a property with solar panels on the roof?
It’s a good idea to speak to the solar panel company to find out their requirements for transferring the lease of the panels to the new owner, ready for when you find a buyer, as this information will be required by the Buyers Solicitors. Most solar companies have their own set of requirements for noting the new owners details and it is a good idea to be prepared and have this information to hand.
An article by the Law Society ‘The pitfalls of Solar Panels‘ highlights that ‘Research showed that nearly half of all lenders expected PV panels to affect the marketability of a property, not least due to their negative impact on ‘kerb appeal.’
The article concludes that although there maybe significant financial benefits to those installing Solar Panels on their property, ‘the priority for professional advisors at present will probably be to ensure that their clients do not unwittingly become entangled in any arrangement which is likely to have a long term adverse impact on their most valuable asset, their home.’
For more information or advice when considering buying or selling a property with solar panels please contact our conveyancing team, who would be happy to discuss with you in more detail. We have officess across Lincolnshire and Newark.