Mortgages and Mine shafts
Discussion
So SWMBO has finally found a house that she likes (yay) however is neat (19mtrs) of a mine shaft.
Apparently it's been capped but I was wondering what the consensus was for getting a mortgage now (and in the future) on it.
We should have a decent LTV depending on what we get for ours (Next door is up for 100k new house is 165k)
Thanks
Dan
Apparently it's been capped but I was wondering what the consensus was for getting a mortgage now (and in the future) on it.
We should have a decent LTV depending on what we get for ours (Next door is up for 100k new house is 165k)
Thanks
Dan
The simple answer is; find out if there is a mortgage on the property already and who it is with. That will give you an idea of what previous surveyors and lenders have thought about the issue.
The long answer is; You would need to speak to a conveyancer as when you purchase the property they will request a mining report. You could ask them what they would be looking for from the report. You could try contacting local surveyors as most are likely to have surveyed properties in the area previously for lenders.
The long answer is; You would need to speak to a conveyancer as when you purchase the property they will request a mining report. You could ask them what they would be looking for from the report. You could try contacting local surveyors as most are likely to have surveyed properties in the area previously for lenders.
Looking at the pictures it's (or was) owned by a OAP so I guess it may not have a mortgage on it now.
I have a feeling they may have had issues given the estate agent has a copy of the mining report already!
I'll pop down to the agents and see if I can get a copy of it.
I guess it explains why it's somewhat cheaper than I would expect.
I have a feeling they may have had issues given the estate agent has a copy of the mining report already!
I'll pop down to the agents and see if I can get a copy of it.
I guess it explains why it's somewhat cheaper than I would expect.
dreaddan said:
Looking at the pictures it's (or was) owned by a OAP so I guess it may not have a mortgage on it now.
I have a feeling they may have had issues given the estate agent has a copy of the mining report already!
I'll pop down to the agents and see if I can get a copy of it.
I guess it explains why it's somewhat cheaper than I would expect.
Yup. I'd agree that this problem has probably reared it's head previously if they already have a report.I have a feeling they may have had issues given the estate agent has a copy of the mining report already!
I'll pop down to the agents and see if I can get a copy of it.
I guess it explains why it's somewhat cheaper than I would expect.
Get a copy of the report and speak to local conveyancers and surveyors and see what their take on it would be as they are likely to have seen this issue with local properties lots of times in the past......
dreaddan said:
I guess it explains why it's somewhat cheaper than I would expect.
If the OAP hasn't kept on top of it, then it might need a lot of updating. I've seen a couple recently that basically need stripping back to the shell. Roof, windows, heating, wiring, bathroom and kitchen adds up to quite a lot. dreaddan said:
nope, not even been to see the house yet. But need to still factor the price in just in case.
I meant that gas might not be available in the street. We live in a semi-rural area and our village was one of the last areas to be connected (25years ago). British Gas said at the time they wouldn't be extending the network any further.It also occurs to me that they might not want to put it an area of mining activity, but I've no idea if that's true, just a completely random thought.
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