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A pickle and a half
FoxyDen
Posts: 6 Forumite
Well i am week 5 into purchasing a property i fell in love with, and yesterday i received my searches and information from the solicitor and it has blown a hole into it, and left me mulling away all night long.
Searches show a subsidence claim was logged in 2014 against the coal board for damages caused when the mine was worked (closed in 2014). All of this was for cosmetic work (hairline fractures; filled repainted, etc) and smells very much like a claim to gain some free decorating (the records show most of the village did this), so structurally the house is sound .
The pack also included a letter written by the Coal Authority to the owners in July 2020 stating "possibility of further damage to the property as a result of historic mining is extremely unlikely, however if any such damage was to occur the Coal Authority would reair this at no cost to the home owner, mortgage lender or insurance company." - Which on paper sounds really reassuring.
BUT - as there is a case of subsidence on the property insurance is hard to come by, and expensive, and there is the real impact this will have on resalability due to jittery mortgage lenders, vendors, etc.
So i am currently thinking that this is one to walk away from, much to my hearts displeasure.
This leads to a couple of questions:
Mortgage application - i am four weeks into the wait for Nationwide, they have done all the underwriting, passed all the checks, i am just waiting to get the final nod based on the property valuation. As i am this far through, would this be transferred to another property, or would i need to apply from scratch once more? This will mean paying the mortgage broker again.
Credit Searches - If applying again, a further hard check will be done, will this impact the score? I know they use their own testing standards for these, but my score is solid on all three commercial agencies. But does this look like i have had a mortgage refused?
This has been a real tough choice, as i love the property, i have paid out some money already, and i have already waited 5 weeks - but i think this is the right decision...
I'm a FTB - please be kind haha
Searches show a subsidence claim was logged in 2014 against the coal board for damages caused when the mine was worked (closed in 2014). All of this was for cosmetic work (hairline fractures; filled repainted, etc) and smells very much like a claim to gain some free decorating (the records show most of the village did this), so structurally the house is sound .
The pack also included a letter written by the Coal Authority to the owners in July 2020 stating "possibility of further damage to the property as a result of historic mining is extremely unlikely, however if any such damage was to occur the Coal Authority would reair this at no cost to the home owner, mortgage lender or insurance company." - Which on paper sounds really reassuring.
BUT - as there is a case of subsidence on the property insurance is hard to come by, and expensive, and there is the real impact this will have on resalability due to jittery mortgage lenders, vendors, etc.
So i am currently thinking that this is one to walk away from, much to my hearts displeasure.
This leads to a couple of questions:
Mortgage application - i am four weeks into the wait for Nationwide, they have done all the underwriting, passed all the checks, i am just waiting to get the final nod based on the property valuation. As i am this far through, would this be transferred to another property, or would i need to apply from scratch once more? This will mean paying the mortgage broker again.
Credit Searches - If applying again, a further hard check will be done, will this impact the score? I know they use their own testing standards for these, but my score is solid on all three commercial agencies. But does this look like i have had a mortgage refused?
This has been a real tough choice, as i love the property, i have paid out some money already, and i have already waited 5 weeks - but i think this is the right decision...
I'm a FTB - please be kind haha
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