Fuck sake. Our solicitor has informed us that a mine search has identified a shaft in proximity to the house that we are due to move into.
In light of this he needs to advise the mortgage lender which is natural. My question is…
I’m comfortable that there is a small likelyhood of movement however unlikely that may be. The house was built in the 60’s and there has been no evidence of issues. There are mine shafts everywhere up here.
Our mortgage is relatively small compared to ‘value’ of the house, but my worry is that, assuming the lenders come back and say everything is fine, what is the possibility of regs changing in future to make it difficult to sell? Are lenders looking to move away from lending on properties such as this?.
We are not buying to move on in a few years but you can never say never.
Who knows anything about this nefarious cloak and dagger conveyancing boolshit?
A pre-emptive Yer Maw to any wag that suggests filling in the shaft with my bakewell. Although smaller ones can be supplied for minor projects.
That is fucking annoying. Hopefully your solicitor will advise on options.
I don’t know from experience but would it mean mean that any buildings insurance you get would be more expensive?
I live comfortably with a little risk and seeing your baking I think you would also - but how about Mrs ToC? What is her honest feeling about it and whether she is comfortable or not. Sorry i have no conveying expertise though.
The advice given from the Coal Authority is that there is little Likelyhood of damage and if so you are covered by their liability. House insurance is unaffected. The shaft is just over a metre wide apparently in a neighbouring garden.
It’s not so much the building side that is of concern it is more the fact that if lenders are actively avoiding these types of properties and if our circumstances change, we are left with a property that you are unable to sell. It is a village that is very desirable so there will always be a market.
If our building society comes back and says the mortgage will change and more money is needed then I think we will walk away as that is indicative of future difficulties… if they come back and say everything is ok , then we will need to decide.
gosh this is upsetting . These environmental searches throw up all sorts of things that can cause worry . i remember driving through a field to scalford and it was full of mine shafts
There are many houses of non standard construction that now are termed defective and you cannot get a mortgage . so its cash buyers only . i would think the worst that can happen is in the future your premiums will be raised . it would be worth ringing the insurance comapny for advice as its one of the risk questions . i think a broker asked me this this week
also if a buyer cannot get a mortgage they would have to be cash buyers , it sounds like a nice area so i cant imagine that would be too much of a problem
you cannot tell what these mortgage companies will do in the future , they used to lend on timber frame and now its not so simple
i have a flat not far from a river so at risk of flooding , i still bought it becuase they have done so many improvements . so there is risk wherever you go , its all about balancing those risks and thats the decision only you can make
Delayed update for anyone that is remotely interested… we pulled out. I repeat …we pulled out.
Many thanks to @akaYoda who gave some excellent advice. Turns out it was just going to be a massive ballache. Have found another house and offer accepted so fingers and eyes crossed on this one.
There is only so long You can stay at your mother in laws.
