How to Proceed the least riskiest way?

highguyuk

Advice required please!

As per the thread here:
https://forums.moneysavingexpert.com/discussion/4575103

We're looking to purchase a house with a potential mineshaft in the boundary of the garden. The garden however is approximately 22m in length and the mineshaft is at the very end of the back garden.

Previously, I would have liked to have gone away and done some research, took my time etc. But, we have just been told by the vendor on a 2nd viewing that an offer has been made on the property.

So firstly, I now need to secure the property on price. I was intending to use NW as a mortgage provided and use their conveyancing (I know, I know!). But, I don't want to spend a fortune to have to pull out of a house move due to the mortgage.

I'm just a bit lost as to how I play this now, after an offer has been hopefully accepted. What's the least riskiest, even if it's an increased timescale.

Dan-Dan

If i was you mate , i would be more worried about the vendor playing you against the other bidder....and then you may spend however long until exhange worrying about being gazumped...?

Ulfar

I would walk away, you will find something else.

If you still want the property, do your research still, don't let a vendor pressurise you.

As Dan-Dan has said the vendor may be untrustworthy. Ether they are happy with the offer they have had and have accepted or they aren't, this is of course excluding the phantom offer. Either way you have to ask why have they told you about the offer ?

mrginge

Least riskiest way is to not rush into some stupid bidding war over a house that may have considerable issues.

highguyuk

First viewing was Sat, we've gone again tonight to see it at a different time of day and clear up some other little "have they got this". The vendor told us because the offer was made earlier today and she wanted to be open and upfront. I believe the vendor to be genuine. She has already stated to me that she wouldn't accept gazumping later on.

I don't intend to go into a bidding war, I have the price I'm willing to pay and I won't go over it.

I just wondered how I proceed after a price was potentially agreed to reduce risk and cost. Do I instruct the solicitor to purely do the mining search first? How does that work if I'm using NWs conveyancers and the property purchase falls through? Not sure how best to do the order of things.

Ulfar

I would do some research on the internet first into mining issues.

If after doing that you still want to proceed I would appoint my own surveyor to do a structural survey, I would make him aware of your concerns. A home buyers report or valuation in these circumstances won't be good enough.

Unfortunately there is no way to protect yourself from losing costs if something comes to light or the other buyer ups their offer.