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Reduction in property value - mining report

buckeroony · 2026-02-02 16:01:56

I would like advice re selling a property which has 2 mine entrances 11m and 7m in the road outside the next doors’s house. Buyer has pulled out as they can’t get a 60% mortgage of the property value of 160k. I have been told I should reduce by at least 25% for 1 mine entrance and more for 2nd and readvertise for cash…

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buckeroony Posts: 3

Newbie

8 February at 11:29AM

Thanks for all your replies - very mixed viewpoints. In practice, in Brierley Hill in the Black Country main mortgage lenders are not willing to lend. I have a ‘comfort letter’ from the coal board but my experienced estate agent has little faith this will help.
Since first time buyer has pulled out after several months, council tax will be 200% from April for an empty property, and waiting fo months to see if a lender will grant a mortgage, I’ve readvertised for cash buyers/ investors with reluctant 10% reduction.
We will see…

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Reduction in property value - mining report

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