Coal mine entry on footprint of house... mortgage retracted

trex227

Is the price you are paying taking into account the mineshaft?
https://www.mortgagefinancegazette.com/features/beware-dangers-past-mining-activity-06-08-2018/

The above seems to indicate an entry with no records of being filled under the house can affect the value by up to 30%.

jtur99

trex227 said:

Is the price you are paying taking into account the mineshaft?

The above seems to indicate an entry with no records of being filled under the house can affect the value by up to 30%.

Not our current accepted offer as the mine hadn't even been mentioned at that time.  We have already told the estate agents that once we have our final decision from TSB and IF the sale goes ahead then will will want to re-negotiate the price because of this.  Apparently the sellers are quite frantic that we are going to pull out.
Thank you for the link.

babyblade41

jtur99 said:

trex227 said:

Is the price you are paying taking into account the mineshaft?

The above seems to indicate an entry with no records of being filled under the house can affect the value by up to 30%.

Not our current accepted offer as the mine hadn't even been mentioned at that time.  We have already told the estate agents that once we have our final decision from TSB and IF the sale goes ahead then will will want to re-negotiate the price because of this.  Apparently the sellers are quite frantic that we are going to pull out.
Thank you for the link.

I expect they are, they nearly off loaded their virtually impossible to mortgage house on un suspecting buyers... just walk away , you will forever have this worry hanging over you, it isn't worth the stress

trex227

https://www.hannayslaw.co.uk/sinkhole-gosforth-costs-300000-fix/

This is quite interesting. It may be events like this have caused mortgage lenders to be more cautious. They also mention acting for a buyer where there was a shaft under the living room, though the buyer didn’t proceed so there isn’t any info that could help you.

AdrianC

jtur99 said:

I also understand why the lender decided it wasn't for them.  I just wish they'd let us know sooner.  

They let you know as soon as they knew there was an issue... when the mining search came back.

jtur99

AdrianC said:

jtur99 said:

I also understand why the lender decided it wasn't for them.  I just wish they'd let us know sooner.  

They let you know as soon as they knew there was an issue... when the mining search came back.

They had the results of the mining search in their possession for over a month before they said anything.  We had correspondence from them in this time and the sale had progressed considerably. 

jtur99

trex227 said:

This is quite interesting. It may be events like this have caused mortgage lenders to be more cautious. They also mention acting for a buyer where there was a shaft under the living room, though the buyer didn’t proceed so there isn’t any info that could help you.

This is really interesting thank you and has given us more to think about. 

[Deleted User]

TSB arent making this decision solely on the risk of the house collapsing. Insurance is in place for that so they will be fine.   
They also need to think about how easy it is to sell if they have to repossess the property.   Having a coal main under the property would make it harder to market and sell quickly.  

They dont care how hard you find it to sell in the future.  They care how hard they will find to offload it if they had to

wesleyad

Deleted_User said:

TSB arent making this decision solely on the risk of the house collapsing. Insurance is in place for that so they will be fine.   
They also need to think about how easy it is to sell if they have to repossess the property.   Having a coal main under the property would make it harder to market and sell quickly.  

They dont care how hard you find it to sell in the future.  They care how hard they will find to offload it if they had to

I was just going to post the same thing. So I would wonder if a renegotiation took place to reduce the value, taking this into account, it might be possible to get them to mortgage it. Clearly the house is now worth significantly less with this knowledge

macman

I'm unclear: is the risk here associated purely with the possibility of mining subsidence (which is hardly unusual in much of the north of England)? Or is it to do with some potential right of access issue, whereby the Seven Dwarves might turn up one morning and demand the right to start digging for coal in the back garden?