Worried lender will withdraw mortgage offer after coal report

jmre22

Hi,

We are nearing the end of our house purchase.

Thus far we have 

-Received a mortgage offer

-Obtained conveyancing searches (water&drainage, local authority, environmental) 

-Received a drafted contract which our solicitors are checking over

-Received all the title and deed and transfer paperwork

-solicitors have sent the sellers solicitor some enquiries which are in the process of being answered

I have been advised by my solicitor that once these enquiries have been satisfied/actioned then a completion date will be arranged.

My solicitors have also advised that a coal report is required for the lender as the environmental search identified the property in a coal mining area. Should I be worried? I have handed my 2 months notice in at the property I am renting, therefore if this coal report causes my lender to withdraw there offer then I’ll be homeless.

Here is a screenshot of nearby coal mines , the black X is the property I am buying, the red X’s are coal mines/mine entries.  

https://ibb.co/6Z0tL01

user1977

jmre22 said:

My solicitors have also advised that a coal report is required for the lender as the environmental search identified the property in a coal mining area. Should I be worried?

No. Well, not about this. Find something else to be worried about (I would start with why you've given notice to leave your rental before you've got the new place exchanged...plenty of other things which might crop up).

jmre22

user1977 said:

jmre22 said:

My solicitors have also advised that a coal report is required for the lender as the environmental search identified the property in a coal mining area. Should I be worried?

No. Well, not about this. Find something else to be worried about (I would start with why you've given notice to leave your rental before you've got the new place exchanged...plenty of other things which might crop up).

Our landlord requires 2 months notice and our tenancy ends 20/01/23 we had no choice really, we could either hand our notice in and hope for completion before this date, or agree to a 6 month tenancy renewal

jmre22

user1977 said:

jmre22 said:

My solicitors have also advised that a coal report is required for the lender as the environmental search identified the property in a coal mining area. Should I be worried?

No. Well, not about this. Find something else to be worried about (I would start with why you've given notice to leave your rental before you've got the new place exchanged...plenty of other things which might crop up).

Do you think we shouldn’t be worried about the coal report?

julicorn

jmre22 said:

user1977 said:

jmre22 said:

My solicitors have also advised that a coal report is required for the lender as the environmental search identified the property in a coal mining area. Should I be worried?

No. Well, not about this. Find something else to be worried about (I would start with why you've given notice to leave your rental before you've got the new place exchanged...plenty of other things which might crop up).

Our landlord requires 2 months notice and our tenancy ends 20/01/23 we had no choice really, we could either hand our notice in and hope for completion before this date, or agree to a 6 month tenancy renewal

...or you could have stayed where you are, refuse to sign a new 6 month tenancy agreement, and automatically have a rolling contract. 

I agree that it's very risky handing in your notice before exchange. It's also a shame that renters don't really get taught about their rights. 

BlobCore

guess it depends on your attitude to risk. Bear in mind that over 1/3 of Uk properties are on top of old mine workings of 1 sort or another. My attitude was that if the house hasn’t moved significantly in over 100 years I’ll take a chance. House is totally encircled with old clay, iron and coal mine works (North Wales). 

 Thankfully mortgage company had no say in the matter! 😊

cymruchris

It's been standard practice for years that a search is carried out on any house that's in a mining area. If the mines are long closed I wouldn't worry in the slightest. If you happen to still have a working coal mine on the doorstep - there may be some additional enquiries as to any plans to mine under your home - but otherwise - nothing major to be concerned about at this stage. (If something affected your potential purchase - it would affect houses in the immediate vicinity as well). I came across my parent's house original search when preparing it for sale - this is how they looked in the early 80's. (And even with the seams listed below - my parents got their mortgage without any issue)

 

user1977

jmre22 said:

user1977 said:

jmre22 said:

My solicitors have also advised that a coal report is required for the lender as the environmental search identified the property in a coal mining area. Should I be worried?

No. Well, not about this. Find something else to be worried about (I would start with why you've given notice to leave your rental before you've got the new place exchanged...plenty of other things which might crop up).

Do you think we shouldn’t be worried about the coal report?

No more need to worry than for the millions of other people who live on coalfields. You've already checked there aren't any records of entries on or immediately next to the property, which would be the main problem.

jmre22

julicorn said:

jmre22 said:

user1977 said:

jmre22 said:

My solicitors have also advised that a coal report is required for the lender as the environmental search identified the property in a coal mining area. Should I be worried?

No. Well, not about this. Find something else to be worried about (I would start with why you've given notice to leave your rental before you've got the new place exchanged...plenty of other things which might crop up).

Our landlord requires 2 months notice and our tenancy ends 20/01/23 we had no choice really, we could either hand our notice in and hope for completion before this date, or agree to a 6 month tenancy renewal

...or you could have stayed where you are, refuse to sign a new 6 month tenancy agreement, and automatically have a rolling contract. 

I agree that it's very risky handing in your notice before exchange. It's also a shame that renters don't really get taught about their rights. 

We thought about this option. It would still mean a 2 month notice period even with a rolling contract, so we’d potentially be paying 2-3 months rent for a property we weren’t living in.

jmre22

BlobCore said:

guess it depends on your attitude to risk. Bear in mind that over 1/3 of Uk properties are on top of old mine workings of 1 sort or another. My attitude was that if the house hasn’t moved significantly in over 100 years I’ll take a chance. House is totally encircled with old clay, iron and coal mine works (North Wales). 

 Thankfully mortgage company had no say in the matter! 😊

Yeah we don’t mind it being in the vicinity of mines as the majority of this area is. We just don’t want to be on top of one. I used the free interactive coal map to look and the property doesn’t seem to be sitting on a mine, it just has them nearby. Hopefully when the more in-depth report comes back then all is well

jmre22

cymruchris said:

It's been standard practice for years that a search is carried out on any house that's in a mining area. If the mines are long closed I wouldn't worry in the slightest. If you happen to still have a working coal mine on the doorstep - there may be some additional enquiries as to any plans to mine under your home - but otherwise - nothing major to be concerned about at this stage. (If something affected your potential purchase - it would affect houses in the immediate vicinity as well). I came across my parent's house original search when preparing it for sale - this is how they looked in the early 80's. (And even with the seams listed below - my parents got their mortgage without any issue)

 

I hope there’s nothing to worry about. The seller advised me that a house on the street sold this year and the buyers obtained a mortgage to pay for it, therefore I’m hoping since they had no issues then neither should I. That’s crazy though a 700 meter deep mine:O