Coal Searches help!

gibs83

Hi.

I am in the middle of purchasing my first house in durham. The coal searches show that there is an old mine shaft (2 metres wide, unknown depth) in next doors front garden that was last used in 1952.

The interpretive report says "The possibility of future coal mining subsidence damage cannot be discounted completely but statistically the risk of damage to the subject building is very small."

It concludes "In the Authority's opinion.... The statistical risk of such subsidence occurring is small and the likelihood of the subject building being damaged as a consequence of that subsidence, is very small."

The mortgage company are fine with this (aldermore) but I'm worried that the above would put off main stream lenders in future. We went with aldermore due to me and my girlfriend only recently starting our jobs and having only 5% deposit (Nothing to do with the search results). But if this means it likely to be un mortgageable with most high street lenders then It's a deal breaker really as we dont want to be stuck on sub prime apr after the 2yr fix.

gibs83

Anyone help with this ?

dancingfairy

Ask the neighbours whether they've ever had any problem with mortgages or the people on the other side/back?
It's a bit difficult but I guess you could knock on the door and say you're thinking of moving in next door, but you'd like to ask about the mineshaft and mortgages.
You could ask the current vendors.
You could have a look on line at previous selling prices, see what other houses in the local area sell for and see whether the one you are buying seems to go for the same amount as others or whether it seems to be being sold cheap.
How long has it been on the market for?
df

gibs83

Hi thanks for that. I've checked and there's seems to be 3 houses within the 20 metre range. The one we want which was last sold in 1983 by the council to the current owners who passed away. Next doors (where the shaft is) sold in 1999 and the 3rd property I can't find any info.

The house sold in 2 weeks but buyer pulled out (guessing for this reason) we then had out offer accepted a few days after it came back on the market.

Solicitor says they aren't experts in this area so cannot say anything other than to seek further expert advice if we wish!

Really want this house but thinking I might have to walk away based on not knowing if this is going to be unmorgageable or unsellable in future

DRP

Why don't you contact a mainstream mortgage company and ask?

missprice

I live in an area that according to wiki/local knowledge/searches is riddled with old mines. Wiki says 800 or so known.
Yet houses here sell at a average price, with mainstream lenders.
On this street they are approaching one hundred years old ( the houses) but just up a ways is a new estate and even further up is a brand new/still being built estate. All in the area covered by mines.
Mines are not usually a problem else half of this country could never be built on.

gibs83

missprice wrote: »

I live in an area that according to wiki/local knowledge/searches is riddled with old mines. Wiki says 800 or so known.
Yet houses here sell at a average price, with mainstream lenders.
On this street they are approaching one hundred years old ( the houses) but just up a ways is a new estate and even further up is a brand new/still being built estate. All in the area covered by mines.
Mines are not usually a problem else half of this country could never be built on.

It's not the mines as were the same. It's all mines. It's whether or not a shaft so close will be an issue. I'm going to see what a main stream lender tomorrow like someone said.

I can increase my deposit by 5% with a gift so this might help find another lender with a better rate hopefully

Kat88

I really wouldn't worry about the mineshaft. If you're in an area where they are common, it is unlikely to affect being able to re-sell your home. I've been having the same worry about one in the road outside my new property. I seriously considered pulling out but after speaking to locals I couldn't believe I worked myself so much up about it. Mortgage lenders are unlikely to refuse you a mortgage because of a mineshaft, I'm pretty sure that's unheard of. As long as your structural surveys come back OK, my advice is go ahead if you love the house.

gibs83

Kat88 wrote: »

I really wouldn't worry about the mineshaft. If you're in an area where they are common, it is unlikely to affect being able to re-sell your home. I've been having the same worry about one in the road outside my new property. I seriously considered pulling out but after speaking to locals I couldn't believe I worked myself so much up about it. Mortgage lenders are unlikely to refuse you a mortgage because of a mineshaft, I'm pretty sure that's unheard of. As long as your structural surveys come back OK, my advice is go ahead if you love the house.

Thanks Kat. I seen your other post so glad you got sorted. Trouble with ours is the additional coal search doesn't give any info on if the mine shaft is filled, capped or anything so for all anyone knows if may have been left untreated. Im not worried about the house moving or falling. It's 50 year old and the survey makes no mention of recent or current subsidence.

My worry is remortgage and resale value and I can't get much info on either. My solicitor has been hopeless and basically told us to read the report and for us to decide. They are not experts so cant advise.

Anyway we are going to apply for a main stream 90% mortgage and go from there. If that goes through ok then we will be happy and have a much lower monthly repayment. If not, then were going to walk away and keep looking.

Kat88

Sounds like a good idea. When we found our mineshaft nearby our solicitor went back to our mortgage lender and got them to check if it's still OK, and if the valuation is still correct. Mortgage lender wasn't fussed at all, so fingers crossed you find the same.