House on coal mine solitor recommended by EA no coal mine search

Cakeguts

Have you done any research on what sort of property rents to good tenants in the Greater Manchester area? I would suggest that you do a search on rightmove for 2 bed properties for rental and see how many there are. Then do a search for 3 bed semis with driveways for rentals and see how many there are. You will soon get the idea of what is popular for rentals. You also need to compare how may 2 bed terraced houses there are for sale compared to 3 bed houses.

You have to research the market for tenants otherwise you will buy a house that is difficult to let because it is so similar to hundreds of others on the market.

I would suggest that a coal mining search is the least of you problem with this property as a buy to let.

kingstreet

davidmcn wrote: »

No, as professionals they will know that one of their duties (to the mortgage lender at least) is to punch the postcode into the Coal Authority's website and check whether it's an area where coal reports are recommended, irrespective of what the surveyors think.

Brilliant. I didn't know they had such a facility, but it certainly makes sense.

So no chance whatsoever of the need for a mining report being missed.

martindow

There is a second thread - it is going to be confusing with answers on both threads

https://forums.moneysavingexpert.com/discussion/5559773

allanwhyte77

Have spoken to my solicitor this morning and asked about the searches she said the coal mining search was included in the search pack, they didn't list it separately anymore, I've told her to hold back and not do anything at the moment.

I rang the EA and he said the coal mines haven't been an issue with sales on that street, when ever a house goes on the market on that street, they get snapped up quickly, there's been 7 sales in 7 years, it's a street of over a hundred houses.

Not sure to wait on the valuation coming back or pull out now.

Cakeguts

allanwhyte77 wrote: »

Have spoken to my solicitor this morning and asked about the searches she said the coal mining search was included in the search pack, they didn't list it separately anymore, I've told her to hold back and not do anything at the moment.

I rang the EA and he said the coal mines haven't been an issue with sales on that street, when ever a house goes on the market on that street, they get snapped up quickly, there's been 7 sales in 7 years, it's a street of over a hundred houses.

Not sure to wait on the valuation coming back or pull out now.

I wouldn't snap up a 2 bed house on any street in Greater Manchester as a buy to let and especially not a terraced 2 bed. Of course the EA would say that they know how difficult it is becoming to sell two bed terraced houses.

marksoton

allanwhyte77 wrote: »

I rang the EA and he said the coal mines haven't been an issue with sales on that street

:wall:

I rang a random person the other day. It was raining. They told me it was 25 degrees and sunny....

allanwhyte77

I'm taking what the EA says with a pinch of salt. My budget is around £100 -£110 a terraced house in Manchester is what you get for that budget. Deposit £45k rental expected £595 a month. Mortgage £320 a month.

marksoton

allanwhyte77 wrote: »

I'm taking what the EA says with a pinch of salt. My budget is around £100 -£110 a terraced house in Manchester is what you get for that budget. Deposit £45k rental expected £595 a month. Mortgage £320 a month.

I really wouldn't base a business model on a pinch of salt...

Cakeguts

allanwhyte77 wrote: »

I'm taking what the EA says with a pinch of salt. My budget is around £100 -£110 a terraced house in Manchester is what you get for that budget. Deposit £45k rental expected £595 a month. Mortgage £320 a month.

Where did you get this information from? Did you research it yourself or is it something that has come from an estate agent. Just because you have a budget of 100k doesn't mean that any tenant will want to rent your property.

Cakeguts

What makes your house better than any of these?http://www.rightmove.co.uk/property-to-rent/find.html?locationIdentifier=REGION%5E23879&maxBedrooms=2&minBedrooms=2&maxPrice=600&minPrice=300&numberOfPropertiesPerPage=24&radius=0.0&sortType=6&index=24&includeLetAgreed=true&viewType=LIST&areaSizeUnit=sqft&currencyCode=GBP