Buying house with leased solar panels, but company is bust!
Discussion
As per title, I'm heavily invested in this house, was supposed to move in last week and now we're stuck with proof of ownership of solar panels, which were leased, rather than purchased. The company went bust a short time after.
If only I could talk to the vendor, we might get somewhere. I'm pretty sure he is getting paid for the electric generation, so, when the company went bust, no creditor is asking for receipts of the generated solar. I'm almost sure that's the case. Does that make him the new owner of panels by default?
My solicitor is looking to protect the bank as well as me of course, and can't progress until vendor or his solicitor comes up with something concrete. Anyone else been in this position and found a resolution? My solicitor is telling me to buy a different house, but I really don't want to do that.
If only I could talk to the vendor, we might get somewhere. I'm pretty sure he is getting paid for the electric generation, so, when the company went bust, no creditor is asking for receipts of the generated solar. I'm almost sure that's the case. Does that make him the new owner of panels by default?
My solicitor is looking to protect the bank as well as me of course, and can't progress until vendor or his solicitor comes up with something concrete. Anyone else been in this position and found a resolution? My solicitor is telling me to buy a different house, but I really don't want to do that.
Sounds like a right pain in the arse if the house is fine in other respects.soupdragon1 said:
If only I could talk to the vendor, we might get somewhere. I'm pretty sure he is getting paid for the electric generation, so, when the company went bust, no creditor is asking for receipts of the generated solar. I'm almost sure that's the case. Does that make him the new owner of panels by default?
When we moved into our house the energy provider needed official solicitor letters and contracts of the house before they moved the FIT in to our name.If you don't have proof of ownership you wouldn't be able to claim FIT payments, which might not matter, but would it be legally possible one day someone could knock on your door with a bit of a paperwork and demand XXXX in unpaid lease costs?
Do you mean that the roof is effectively leased to the solar Co, rather than the panels?
I thought that was how these things used to work. Homeowner gets free electric, but no FIT payments. Usual advice was to run away fast!
Re. Contacting the vendor- try getting the agent involved. Good ones can be very proactive in resolving problems if a sale looks like falling through.
Berenewable.be?
See here. https://www.reddit.com/r/LegalAdviceUK/comments/18...
I thought that was how these things used to work. Homeowner gets free electric, but no FIT payments. Usual advice was to run away fast!
Re. Contacting the vendor- try getting the agent involved. Good ones can be very proactive in resolving problems if a sale looks like falling through.
Berenewable.be?
See here. https://www.reddit.com/r/LegalAdviceUK/comments/18...
Edited by silentbrown on Wednesday 7th May 07:29
How long is left on the roof lease?
AIUI, these schemes ran for 25 years.
Maybe 12 years ago, I was looking at a house which had roof-lease panels, to buy out the lease would have been a negotiation based on the remaining FIT payments over the rest of the lease period, typically 1000kWh at 50p/kWh, times the 3kW of panels per year, so at the time 20 years x £1500 a year, or 30 grand! I didn't buy that house, for other reasons.
It seems bizarre that such an asset was not accounted for properly when the company was wound up?
I imagine the company name might be got from the land registry as there would be a charge on the freehold? And some company stuff would be accessible on companies house website?
I'd assume the FIT payments are going somewhere.
If matey wants to sell the house, he needs to open up.
AIUI, these schemes ran for 25 years.
Maybe 12 years ago, I was looking at a house which had roof-lease panels, to buy out the lease would have been a negotiation based on the remaining FIT payments over the rest of the lease period, typically 1000kWh at 50p/kWh, times the 3kW of panels per year, so at the time 20 years x £1500 a year, or 30 grand! I didn't buy that house, for other reasons.
It seems bizarre that such an asset was not accounted for properly when the company was wound up?
I imagine the company name might be got from the land registry as there would be a charge on the freehold? And some company stuff would be accessible on companies house website?
I'd assume the FIT payments are going somewhere.
If matey wants to sell the house, he needs to open up.
soupdragon1 said:
I would have thought so, however the property owner seems to be getting the benefit of the income.
How do you know this? Has the owners confirmed? FIT payments aren't automatic, they have to be manually entered and payments made. The FIT supplier will not pay just because you ask them, they need legal proof of ownership.Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff