By Lindsey Murtagh 11th May 2020
It is very easy to overlook some of the complications that can cause a delay in the sale of your property. We highly recommend that you get everything in order before even putting your property on the market, to avoid complications and delays further down the line. The most common delays we see are caused by two things:
If you own a property where you make payments to a management company for communal services, sometimes known as estate rent charges, there may be important clauses missing from your property title. This could make it difficult for potential buyers to obtain a mortgage. It could also affect your ability to re-mortgage the property in the future.
Solar panels can be a great addition to a property not only from an environmental perspective but as a way in which to generate some income. Solar panels can be owned outright by the property owner or the roof space can be leased to a Solar Panel provider.
If you have a Lease with a solar panel provider, particularly if this was put in place before 2013, it is likely that the Lease is no longer compliant with current mortgage lending criteria. If important clauses are missing from the Lease or clauses require updating, a mortgage lender is unlikely to lend until the clauses in the Lease are corrected. This is achieved by the property owner and the solar panel provider entering into a legal agreement, known as a Deed of Variation, to vary the original Lease.
How You Can Prepare?
For a fee of just £50 (+ VAT), the Residential Property Team at Goughs can check your title deeds to ensure your lease has all the important clauses. If it needs updating we can work with you and the Solar Panel provider or management company to ensure your property is mortgage compliant.
Get in touch with the team today by emailing email@example.com.