Should I Pull Out Of Sale

mooniemand

Please help,

I am about a week away from exchanging and two from completing on my sale.
The mortgage valuation survey has revealed "voltage supply equipment in the form of overhead powerlines located close to the property! (about 50 yards cant beleive i didnt even notice it! ) It goes on to say

"The possible effects of electromagnetic fields have been the subject of media coverage and public perception may adverseley affect the marketability.This is refelcted in the mortgage valuation. Technical information can be obtained from the national radiological.

Basically Will I have trouble selling it in the future? SHOULD i WALK AWAY?

Doozergirl

Did they downvalue the property? The surveyor suggests that the price he has valued it at reflects the fact that there are powerlines nearby.

Is your personal worry about the fact that it is there or that the valuation mentions it?

People live in all sorts of places.

silvercar

Three separate issues:

Are you bothered by the health risks?

Will your future buyers be bothered, bearing in mind there could be more scientific information (either way) between now and when you sell?

Is the perceived risk reflected inthe price you are paying?

guyb99

I grew up with power lines 100m from our house and it never did me any harm

did me any harm

any me harm did

did me any harm

chickmug

mooniemand wrote: »

Please help,

I am about a week away from exchanging and two from completing on my sale.
The mortgage valuation survey has revealed "voltage supply equipment in the form of overhead powerlines located close to the property! (about 50 yards cant beleive i didnt even notice it! ) It goes on to say

"The possible effects of electromagnetic fields have been the subject of media coverage and public perception may adverseley affect the marketability.This is refelcted in the mortgage valuation. Technical information can be obtained from the national radiological.

Basically Will I have trouble selling it in the future? SHOULD i WALK AWAY?

As an EA who has come across this type of thing over the years it WILL put people off and WILL drive the selling price down. So unless you accept it and can get it at a baragain price my advice is find somewhere else.

One bad example last year valued by me and 3/4 other agents without the problem £400,000 but with the problem £350,000 and with a struggle to sell.

chickmug

guyb99 wrote: »

I grew up with power lines 100m from our house and it never did me any harm

did me any harm

any me harm did

did me any harm

Yes but it do you any harm?? :rolleyes:

Natty082

I used to live opposite a sub station - quite a large building with plant next to it. I never noticed but a few people who visitied asked if the 'humming' noise it made bothered me. Unless I specifically listened to it I never heard it but it was fairly noticable.

I wanted to move out of the area a few years later and was really worried about the sub-station putting people off. I had four viewings and the 4th person put an offer in (This was the height of the selling boom!). Only one person mentioned it during the viewing and no one else did. It was mentioned in my reports when I sold but the buyers weren't put off at all. My mother always said she would have gone nuts with the constant humming sound... Think it depends on the individual!
Hope this helps a bit!

mooniemand

No they havent de-valued the flat. Im putting dowk 65k and borrowing 77500k on mortgage. the flay was originally up for £160k i am purchasing it for £142.500k. I could go back and ask for more money off, but that is not the issue. The health risks and marketability in the future are whay concern me.

Debt_Free_Chick

Are there any health risks?

I thought there were all sorts of "rumours" and "suggestions" but no concrete evidence

Problem is the perceived health risks and that means that marketability is likely to be reduced.

lincroft1710

Mooniemand - don't be too shocked (no pun intended) that you didn't see power lines. Some years ago talking to a guy who had bought brand new house right under power lines and when he inspected prior to purchase didn't notice them overhead - and they are quite visible!

Incisor

A lot depends on what exactly the lines are [can you post a photo?]. Some lines up to 11,000 Volts are directly necessary for the supply to your property [- and higher voltage lines are still required for your supply, but not necessarily in the vicinity of the property].

At some level, it would be hypocritical not to accept the lines, but to expect electricity in the premises.