House buying: 'Minor but ongoing movement and a mine shaft with 'Unknown' treatment

ocelotcat

Hi everyone,

I'm a first time buyer looking for some advice on a property we are in the process of buying. We were due to exchange very recently when it was revealed that there is a mine shaft in the back garden. An interpretive report revealed that the treatment is 'unknown' so we have no idea if it is properly filled and capped. The report also said that the house is within the zone of influence should the mine shaft collapse but also that the risk of this is low and that the coal authority would be responsible for repairing any damage relating to mining activity.

The building survey also says that the house has 'minor but ongoing movement' which will mean ongoing pointing and redecoration.

With all of this information provided, all of the usual insurance providers have said no and now our broker is having to try insurers that will take on higher risk properties.

Should we be running away at this point?

I would appreciated any advice. This is the third property we have been in the process of buying but something seems to go wrong with every one.

Thank you!

davidmcn

ocelotcat wrote: »

Should we be running away at this point?

Yes. Even if you get insurance etc sorted out, it will be a pain to sell or remortgage in the future.

ocelotcat

This is our main concern. The lenders have said they will go ahead with the mortgage as long as we can get insurance but we have a 30% deposit so I guess that has made it a bit easier for us.

hcb42

Run.......!

easilydistracted

Run for the hills! Who wants a moving, cracking house they can never sell on?!

Cheeky_Monkey

ocelotcat wrote: »

Hi everyone,

I'm a first time buyer looking for some advice on a property we are in the process of buying. We were due to exchange very recently when it was revealed that there is a mine shaft in the back garden. An interpretive report revealed that the treatment is 'unknown' so we have no idea if it is properly filled and capped. The report also said that the house is within the zone of influence should the mine shaft collapse but also that the risk of this is low and that the coal authority would be responsible for repairing any damage relating to mining activity.

The building survey also says that the house has 'minor but ongoing movement' which will mean ongoing pointing and redecoration.

With all of this information provided, all of the usual insurance providers have said no and now our broker is having to try insurers that will take on higher risk properties.

Should we be running away at this point?

I would appreciated any advice. This is the third property we have been in the process of buying but something seems to go wrong with every one.

Thank you!

Unfortunately for you, as this is your third attempt, I totally agree that you should be running away from this property. The operative (and scary) word is 'ongoing' :eek:

ocelotcat

Oh, you all think we should run. The estate agent says that the vendor will probably have to sell it cheap at auction now that all these problems have come to light so we thought that maybe if we got it cheap enough it would be okay but I guess it doesn't matter how cheap it is if we can never sell it later.

It's our dream house and we're really struggling to find anything else but I'm getting the feeling we should let it go and just be patient. We have been really really unlucky so far.

ocelotcat

Thank you for all of your opinions. We have been obsessively researching and thinking about this for weeks but if this is the general opinion then it seems like it would be impossible to sell later.

PasturesNew

This is a house for an experienced builder, who can work for himself for free and has all the contacts .... who plans to rent it out.

It's not a "home". You need a home.

RUN!!

marksoton

ocelotcat wrote: »

Oh, you all think we should run. The estate agent says that the vendor will probably have to sell it cheap at auction now that all these problems have come to light so we thought that maybe if we got it cheap enough it would be okay but I guess it doesn't matter how cheap it is if we can never sell it later.

It's our dream house and we're really struggling to find anything else but I'm getting the feeling we should let it go and just be patient. We have been really really unlucky so far.

It won't be cheap. The price will reflect the work required....

ocelotcat

The vendor just bought it at auction last year and has renovated the insides so he has spent a fortune on it... but he didn't know about the mine shaft or the movement so has done nothing to fix the structure. It''s his first property development so I feel pretty bad for him but I won't buy the house because of that.