Mortgageability on property near a substation?

Bailey_Boo

I am considering putting in an offer on a building plot near to a substation. I know some people may be put off buying the property when complete and that value could well be less than if it wasn't there but there is still a good profit to be made. What I want to know is what are the rules (if any) on mortgages for buying properties near a substation?

ACG

I would get a surveyor down, try to get a surveyor that does work for the likes of countrywide/eserve etc someone that is used to working wth mortgage lenders in mind and get their opinion.

Bailey_Boo

Thanks. Good idea to get a surveyor opinion as concerned about mortgageability for prospective buyers when project complete.
All the best!

davidmcn

Never encountered a problem with a nearby substation (I am presuming an average size one rather than some massive switching station at the end of pylons).

Bailey_Boo

Yes a small one. You know the kind that are boxed and fenced off the other side of your back garden. It's about 12 metres away from proposed plot. I read something about some lenders not wanting to lend if less than 100 metres away but that was an old article from 2015.
More research I guess.

AnotherJoe

There's one like that at the end of my road, its been sold a few times whilst I've been here, AFAIK always quite quickly like all the houses round here, eg no indication there's an issue with resale.