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Flat purchase
HOPEFUL
Posts: 17 Forumite
I've had an environmental search on a purpose built flat, that has come up as a site the local council will be inspecting for contaminated land (previous petrol station), albeit not a high priority. It is not currently designated contaminated land.
Will the mortgage company reject the application on this basis, should I give it a wide berth?
Will the mortgage company reject the application on this basis, should I give it a wide berth?
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Comments
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Which mortgage lender are you using?RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Hi - lender is HSBC bank...thks0
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HSBC are a law unto themselves - your solicitor will simply have to report the facts to them and see what they say.
A lot of lenders specifically say in their replies to questions in the Council of Mortgage Lender's Handbook that they aren't interested in Environmental Searches, but HSBC doesn't have anything to do with the CML Handbook, so that's no help.
Having said that, regardless of what a future buyer might say a future buyer might raise the point and get all worried about it.
I guess the chief likely concern would be that the hydro-carbons in the ground might poison a future buyer's cabbages.
You are going to tell me that there's no garden so he couldn't grow any cabbages.... I know, but they still make a fuss about it...RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Its a very outside chance I know but...
Under environmental legislation, if someone decided the contaminated land needed to be cleaned up and they couldn't find the person/company responsible for contaminating it, the next target to make clean it up is the owner. I presume that would be the freeholder in this case. Are you buying this place leasehold or with a share of the freehold? How many other flats are in the block sharing the freehold if its the latter? Basically there is an ever so slight chance that you could be landed with a big bill for ground remediation at some point in the future - probably such a slim chance that I wouldn't worry about it but I can see why those who are risk-averse and overly-cautious would be scared if there was a chance it was contaminated.0 -
Thanks v. useful, i think i need to reconsider such a risky purchase!0
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