Tuesday, 18 August 2015

Coventry Building Society : New Panel Requirements

No...I am not talking about Coventry Building Society conveyancing panel requirements.

Rather, the Building Society along with Godiva Mortgages have changed their CML Handbook requirements concerning leases of roof space for solar PV panels.

In the last few hours the answer to section 5.20.3 has changed to :

Yes, the minimum CML requirements must be met. In addition the lease must contain a valid mortgagee break right which is exercisable on possession. The cost of removing the equipment and making good any damage must be met by the Tenant. The mortgagee will not be liable for any breach of the Landlord's covenants before or during the repossession period or any loss of income caused as a result of disconnection of the electricity supply. Please arrange for a Deed of Variation to be entered into on or before completion to ensure our requirements are met. If this is not possible advise the applicants and us that the requirements cannot be met and the case cannot proceed.

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