Tuesday, 25 February 2014

Principality Building Society - Solar Panel Concerns are Conveyancing Panel Concerns

Principality Building Society, the largest building society in Wales and the sixth largest in the UK have today changed their requirements as set out in their CML Part 2 relating to leases of roof space for solar PV panels

The new Part 2 requirements confirm the following conditions:
1. The Lease must contain a valid mortgagee break right which is exercisable after no more than 2 months’ notice. The lease must also provide that the cost of removing the equipment and making good any damage to the property is the responsibility of the solar PV provider.
2. The Lease is no longer than 30 years
3. The Lease excludes sections 24 to 28 of the Landlord and Tenant Act 1954.
4. Where the property is leasehold, the written consent of the landlord authorising the installation of the equipment.
5. Building Insurance confirmation that it has been notified of the installation of the equipment.

Solicitors on the Principality Building Society Conveyancing Panel must not submit their Certificate of Title to us unless they have issued confirmation of the above to the Society.

Post completion requests are subject to different criteria and should be referred separately to the Society.

Full details of changes can be found here

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