Mine Shaft

Miss_$

We thought we were getting somewhere with our sale! We are FTB and need to complete by next Friday!!!! We signed out part of the contract and we were waiting for the seller to get a mortgage offer, this came through how ever a bomb shell has been dropped that there is a mine shaft within the vicinity of the property he is buying, so this info needs to be sent to the lender before he can comit to buying. If he doesn't pull out of buying this property (which we think he may) what are the chances of the lender still offering him the mortgage with the mine shaft present?? Have any of you experienced anything similair?

Thanks,

Sarah

SailorSam

Mining use to employ thousands, there are mine shafts all over the country sop i can't imagine a mortgage lender turning you down unless it's unsafe.
The nearest mine to me is about 3mls away, it closed down years ago but i know the old workings go for miles underground and it's never stopped any building.

Miss_$

Its not our mortgage thats the problem ours is all sorted, it's the guy we are buying from. Hopefully they will ok it and we can still go ahead.

kingstreet

Has any action been taken by the Coal Authority? Has the shaft been pressure grouted and sealed, or does it remain untouched?

The mining report will have to go to the surveyor to decide if the proximity of the mineshaft adversely affects the value. Treatment taken to deal with it will improve the chances of it retaining its value.

In addition, the insurer chosen for the buildings insurance will also need to have sight of the report to see if it still wishes to accept the risk.

Miss_$

I have no idea we have just been told there is a mine and that the information is being sent to the lender.

kingstreet

I guessed you might not know too much, as it's your vendor's purchase.

I've worked around the Stoke On Trent area for over 20 years and I've come across a few adverse mining reports.

I'd expect your solicitor to be able to tell you a bit about the process and the possible implications for your area.

Werdnal

If mortgage lenders stopped lending on properties with a mine shaft "in the vicinity" then half of Cornwall would be unmortgageable!

Different lenders would no doubt have different criteria for dealing with this, and other things like the exact location of the shaft and proximity to the property, whether it has ever been professionally capped, any history of similar scenarios in the area etc, would probably come into the decision too.

My hubby used to work in construction, and one particular site he worked on had several shafts. They were not allowed to build directly over them, but they were professionally capped off and are still there under the communal and garden areas of the site. These were all new builds, a large estate type development of over 100 properties and they all sold immediately they were completed - so doubt they were all cash buyers!

Thankfully, even in Cornwall, with many mine shafts that were unmapped, situations like this:

http://www.cornwallconsultants.co.uk/shaft-collapse-gunnislake.html

are very rare!

Miss_$

kingstreet wrote: »

I guessed you might not know too much, as it's your vendor's purchase.

I've worked around the Stoke On Trent area for over 20 years and I've come across a few adverse mining reports.

I'd expect your solicitor to be able to tell you a bit about the process and the possible implications for your area.

The place is actually in Stoke on Trent lol.

GAH

OP, i think i posted on your other post yesterday or day before. Its always a bit out of your hands when other things pop up that you have no control of.

Obviously the main thing your worrying about is beating the stamp duty deadline, this is now a week and a day away and your vendor has no mortgage offer.

Realistically you should be exchanging tomorrow if not monday by the latest, as the solicitors are going to want working days in between to draw down mortgage funds.

Has your vendor booked removals or arranged his own for next friday, as most people won't arrange it until they exchange.

Nex friday will be the busiest day of this year for completions