Coal mine nearby possible down valuation?

Worriedworrier

First time poster, long time lurker here! 

House purchase was going pretty smoothly until the results of the survey mentioned there was coal mine nearby. No issues reported but the solicitor mentioned that the bank will want to know and may affect the valuation. That was two weeks ago and no further communication from the bank so I’m just getting worried that it may impact the original valuation. Anyone have any knowledge of this and the impact?

davidmcn

Depends what you mean by "coal mine" and whether you actually mean the survey or a Coal Authority search. A surveyor is unlikely to say more than they're aware of mining in the vicinity and recommend a mining search (which the solicitors would be getting anyway).

AdrianC

"Nearby"...

I presume it wasn't a surprise to you that the area of the country used to have coal mines in it? So I presume this is looking at precise location. What distance is it talking about from actual excavations and shafts?

Is it an urban or rural property?

Worriedworrier

Its an urban property. Coal mine is within 50 meters from the results of the coal authority search. No surprise but just worried as the solicitor said it may impact valuation and waiting for the lender (natwest) to come back. 

davidmcn

"Coal mine" meaning an old shaft? I doubt 50m away will be a concern.

AdrianC

Worriedworrier said:

Its an urban property. Coal mine is within 50 meters from the results of the coal authority search.

So how many other properties within 50m of the mine...?
Remember, that mine isn't just a pin-point. It's a network of shafts and tunnels.

How many properties in that town are unsellable as a result?

Emmia

Hasn't the existence of the mine already been factored into the selling price?

The coal mine isn't new, or unexpected - it's presumably been there for at least 40 years, if not substantially longer.

Worriedworrier

AdrianC said:

Worriedworrier said:

Its an urban property. Coal mine is within 50 meters from the results of the coal authority search.

So how many other properties within 50m of the mine...?
Remember, that mine isn't just a pin-point. It's a network of shafts and tunnels.

How many properties in that town are unsellable as a result?

Not worried that its unsellable. Just that there might be a down valuation.

I think there's a hundred or so properties within the vicinity of the mine 

Worriedworrier

davidmcn said:

"Coal mine" meaning an old shaft? I doubt 50m away will be a concern.

Okay thanks. I'm just worrying as the lender hasn't come back and the were pretty quick giving the offer. So its worrying they've not come back yet

davidmcn

Worriedworrier said:

davidmcn said:

"Coal mine" meaning an old shaft? I doubt 50m away will be a concern.

Okay thanks. I'm just worrying as the lender hasn't come back and the were pretty quick giving the offer. So its worrying they've not come back yet

I've never heard of a down-valuation for such reasons. Either it's mortgageable or it isn't (because it's in danger of falling down a shaft and/or uninsurable - and that's the only time the lender is likely to be bothered). To the extent that the general presence of coal mining might affect local prices, that will already be factored into the values.

AdrianC

Worriedworrier said:

AdrianC said:

Worriedworrier said:

Its an urban property. Coal mine is within 50 meters from the results of the coal authority search.

So how many other properties within 50m of the mine...?
Remember, that mine isn't just a pin-point. It's a network of shafts and tunnels.

How many properties in that town are unsellable as a result?

Not worried that its unsellable. Just that there might be a down valuation.

I think there's a hundred or so properties within the vicinity of the mine

Sounds to me like valuations in the town already take account of the mine... The existence of it is not coming as a surprise to anybody, after all...