Mortgage Valuation mentions Pylon

sammy.t_2

Hello everybody,
I'm currently buying a house and am paying around 10k below its market value. I am probably getting it slightly below market value due to the fact that it is being sold by a builder who has taken the house in part exchange against a new build of theirs.

My mortgage application has been successful and mortgage valuation has been done, the valuation has come back for the exact same amount as our offer which I have read is normal (valuers wouldn't stick their neck out and put a higher value).

The mortgage valuation report states under the heading 'Matters Affecting Value':
'High voltage electricity supply apparatus in the form of pylons and overhead power cables are close to the property. You should be aware that the public perception of possibly health risks may affect the value and future saleability of the property.'

I have been aware from the start that their is a pylon nearby but didn't think it was anywhere close enough to be any issue or affect the price of the house at all, so I thought the price im getting it at does not reflect the pylon.

I have measured the distance of the house from the pylon and it is 90 meters away. I'm now worried due to the valuation report statement, I completely did not think this pylon would affect the price of the house hence im now thinking I should maybe be paying lower than I am as the price agreed does not take into account the pylon at all in my opinion.

The pylon is not visible from the house, overhead power cables run over the middle of the road and not over the house im buying. Would a pylon 90 meters away put you off buying or make a significant difference in the valuation of the house? I still feel I should go ahead and buy but maybe I should not be paying the price agreed ?




This is the actual pylon, I think its the larger 400kv type

marliepanda

Maybe the vendor accepted 10k under market value because of the pylon.

You independent valuation valued it at the same, despite the pylon. I don't see the issue.

Littleweedj

Personally I wouldn't buy a property with such a pylon close by, 90 mtrs away is way too close for comfort.

I've also watched programmes and read reports about these causing major health problems. I would definitely rethink still buying this property and pay much attention to what the report says - it just sounds too risky.

Svenena

The pylon might not be that close, but it looks like the cables are? Presumably those people that worry about this kind of thing are more concerned about the cables, which actually have the charge in them, rather than the metal structures which hold them up?

DVardysShadow

Svenena wrote: »

The pylon might not be that close, but it looks like the cables are? Presumably those people that worry about this kind of thing are more concerned about the cables, which actually have the charge in them, rather than the metal structures which hold them up?

Yes the conductors are less than 20m horizontally and perhaps 20m vertically. They are close. And it is the wires, not the pylons which matter.

DVardysShadow

sammy.t wrote: »

This is the actual pylon, I think its the larger 400kv type

I believe it is carrying 132kV. But it would be capable of uprating to 275kV or 400kV

robatwork

I actually find it quite attractive.

buenfoxa

DVardysShadow wrote: »

I believe it is carrying 132kV. But it would be capable of uprating to 275kV or 400kV

Its 132kV on each side. By the looks of the picture the lines are nearly going over the top of the house?

I wouldn't be buying a house with a line that close, especially if it was almost going over my house!!

sammy.t_2

Thankyou for the very insightful replies, they are giving me a lot to think about.

I dont think I was clear in the initial picture regarding how close the power lines run to the house. The actual pylon is 90 metres away, although the power lines dont run over the top of the house, they run through the road. Better explained in the following pictures:





I have measured the distance of the house from power lines and it is approx 20 metres away from the power lines.

Its good to hear that it could be carrying 132kV each side (total of 264kV) rather than the 400 kv I thought it was.

I actually dont think the vendor accepted 10k less due to the power lines - from all discussions are viewing the house twice the power lines have never raised an eyebrow for me until the valuation report which concerned me as I would probably want to move in around 5-10 years as the house is quite small due to being new build-ish.

Good for me I have not yet exchanged contracts and may possibly reconsider over the next few days.Shockingly the area has houses built right next to these pylons dotted around the estate, some houses are literally have pylons in their back gardens, that was why I thought the house im buying was ok as I felt it was a good enough distance away compared to the others in the area.

Once again I appreciate the info everyone has given me - I have so little knowledge on this subject and seems others here are much more aware of the pylon issue. My worry is it might not be a big problem for me, but it may be a big problem for others when I come to resell the house.

Strapped

I hope you don't mind me saying, but they must have dropped an awful lot from the asking price for this to be "a bargain" - there are lots of other modern 3 beds nearby on the market for around the same price (one on the same road, but without a garage but also not under the power lines)? When you say £10k "below market value" then if you mean £10k below the asking price then I'd consider walk away.

sammy.t_2

Strapped wrote: »

I hope you don't mind me saying, but they must have dropped an awful lot from the asking price for this to be "a bargain" - there are lots of other modern 3 beds nearby on the market for around the same price (some detached)? When you say £10k "below market value" then if you mean £10k below the asking price then I'd definitely walk away.

Thanks for your reply strapped, the house has been on the market for around 7 months. It was originally up for £170k, this I think was an unrealistic price. The price was dropped to offers over £150k around a month ago as I think the people living in the house are moving into their new house soon and I dont think the builders wanted it hanging on their books. I offered 145k and they accepted.

Regarding sold prices, next door sold for 140k 18 months ago but it has no garage or conservatory so its not really comparable, and another house close by about the same distance from the pylon and with a garage and conservatory sold for 160k 16 months ago.

Hence I think its actual market value is around 155k in this market, and I thought it was well priced at 145k.