Advice: Buying a house built on a mine - help...

51
Found 23rd Nov 2012
been to view a house, im a first time buyer. its up for 80k, which is about average near me.

they are willing to accept 70k, as the last buyers pulled out, as their solicitor advised them agains buying the property as the report stated there was a mine within 20 feet, but the records from the 1700's were very sketchy. the annual reports have come back with no movements or any structural issues.

We have viewed and it is a nice house, its just with the issue of the mine, not sure of anything. the estate agent, who i know is biased, says there is an indemnity, so any work will be covered, and there will be an annual inspection of the property. the banks have said they will find the mortgage on this property.

any help/advice is greatly appreciated on this one.

ta
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DONT BUY IT!

/thread
BUY IT !

/thread
Do you plan to own if for your lifetime.

If not think about how easy or not it will be to sell it
Ive got several houses built on mines, just make sure there are plenty of torches around, otherwise those damned creepers will spawn.
stay well clear. i made the same mistake. paid cash for the property.

10 years later, struggling to sell. got lots of buyers but problem is no bank is willing to provide mortgage. mine shows up on search. no bank wants to touch my property.

only way out is for an auction cash only sale. means £££s up in smoke. £50grand loss

expensive lesson
Have had this happen to a friend who was doing a self build, it all went boobies up when they were building the property. In the end they had to hire someone to bore the ground and make sure the mine was not directly under the house, this is the only way you are going to make the solicitor happy, it costs around 3-5K and you should be able to work something out with the seller.

Personally I don't think your solicitor will let you proceed if the mine searches come back bad, because you also have to remember you can hold him liable if something goes wrong.

Something else to think about is the future, it will take longer to sell a house which has a mine near it than one that doesn't.
dcx_badass

Was on a property programme on tv the other day, said it can be very … Was on a property programme on tv the other day, said it can be very pricey and check that modern stabilisation has been done on the shaft.



Reinforcing a shaft can be hard work.....
aircanman

Reinforcing a shaft can be hard work.....



This is so funny for a simple person like myself
ok on a serious note you may live a long and trouble free time at the house. But if the ground shifts just a little you may be left with expensive repairs as a 1 inch crack at the bottom might mean a 1ft plus gap at your roof. This means lots of underpinning to stop anymore shifting etc. Might need new roof depending on how bad it is etc. Plus water leaks and all the damp associated with subsidence.

most insurance companies wack a £1000 excess on subsidence claims, but that only covers the damage. Its will still cost you to put right if they wont pay out because of the mine.

You also dont know exactly where the mine is, so you could be out in the garden one day and your house disappears into a hole, or you could be in it at the time.

With all the weather new stories lately look how many houses have suddenly fallen into holes or had there foundations washed away through previous unknown mines etc.

Could you live with the thought in the back of your mind that, at any point, something might happen to your house!

You £10000 reduction in price just to get on the housing ladder might ruin you the future.

No seller tells you they are willing to take that sort of reduction unless they are desperate to get out, they probably hope youll take it just so they can be rid.

Sorry, but you asked for advice and i personally wouldn't buy it.


Edited by: "TPGone" 23rd Nov 2012
PS, did anyone else think OP meant an explosive mine, or is it just me needing to go to bed....

http://preview.turbosquid.com/Preview/Content_2009_07_13__14_56_42/mine.jpg29f40bce-f25e-41a5-b24b-b460c1c617c3Larger.jpg
ThePasty

You also dont know exactly where the mine is, so you could be out in the … You also dont know exactly where the mine is, so you could be out in the garden one day and your house disappears into a hole



Not a bad thing if Russ Cargill comes to town
you will waste your money unless you are a cash buyer as 99% of mortgage companies will withdraw their offer as soon as they read the survey...

Remember the survey is done for the mortage lender primarily, the use that report to base their mortgage offer, so you will be out £250 or so.
No I to thought he meant a Mine from ones of the wars, I was like surely they would have to get that sorted asap
Maybe there is gold in the mine?
Lot's of gold.
splatsplatsplat

Ive got several houses built on mines, just make sure there are plenty of … Ive got several houses built on mines, just make sure there are plenty of torches around, otherwise those damned creepers will spawn.


How does this not have more likes? I lol'd and I'm not even a fan!
thenewyou

Lot's of gold.



BBBBBUY THE HOUSE

You are gonna be quids in when you claim the mine as your own

Knock the house down built a shack and buy a straw hat
iAmLegendFam

How does this not have more likes? I lol'd and I'm not even a fan!



I don't even know what it meant.
aircanman

I don't even know what it meant.


Minecraft
churchill

BBBBBUY THE HOUSE :DYou are gonna be quids in when you claim the mine as … BBBBBUY THE HOUSE :DYou are gonna be quids in when you claim the mine as your own Knock the house down built a shack and buy a straw hat



The only problem is miners didn't just dig a mine out and leave it for the next wave of Persimmon home owners to claim the coal.
thenewyou

Minecraft



Ah right, never realised what all that is about, first I thought it was the little game on windows you used to get for free, clicking little mines. Then I looked at it and saw that it looks like a game Windows 3.1 was capable of playing. Supposed to be slightly popular I hear....
aircanman

The only problem is miners didn't just dig a mine out and leave it for … The only problem is miners didn't just dig a mine out and leave it for the next wave of Persimmon home owners to claim the coal.


Maybe they thought it was clear but just 10cms more there is LOTS OF GOLD!!!
aircanman

Ah right, never realised what all that is about, first I thought it was … Ah right, never realised what all that is about, first I thought it was the little game on windows you used to get for free, clicking little mines. Then I looked at it and saw that it looks like a game Windows 3.1 was capable of playing. Supposed to be slightly popular I hear....


free windows game is minesweeper X)
thenewyou

Maybe they thought it was clear but just 10cms more there is LOTS OF … Maybe they thought it was clear but just 10cms more there is LOTS OF GOLD!!!



I suppose anything is possible.
thenewyou

free windows game is minesweeper X)



Thats the one.
http://www.tvchoicemagazine.co.uk/sites/default/files/imagecache/full/emmerdale_53.png
My father works in a salt mine and it stretches for abot 15 miles in many directions. I know it didn't put sellers off when they bought it but think carefully. You may not even get buildings insurance. Go with your head instead of your heart.
OldEnglish



LOL Very funny, bet this puts him/ her off!!!

any help/advice is greatly appreciated on this one.



as their solicitor advised them agains buying the property as the report … as their solicitor advised them agains buying the property as the report stated there was a mine within 20 feet,



You've had a free bit of good advice (2nd hand) from someone who knows about these things. I'd go with the solicitors advice personally.

Or get some legal advice yourself, and make an offer lower than 70k.......
churchill

This is so funny for a simple person like myself



Shafting a re-enforcer can be even harder.

Anyway, buy it, you could have the best basement/dungeon ever!
I have an acquaintance who owns a bungalow in a mining area. The survey reports were not precise, but just the fact of mines being mentioned on the report has resulted in no serious buyer interest for the last 10 years.

The bottom line being if you buy your proposed property, expect to grow old, living there, as the prospects of selling it, will be remote.
exbiker

I have an acquaintance who owns a bungalow in a mining area. The survey … I have an acquaintance who owns a bungalow in a mining area. The survey reports were not precise, but just the fact of mines being mentioned on the report has resulted in no serious buyer interest for the last 10 years. The bottom line being if you buy your proposed property, expect to grow old, living there, as the prospects of selling it, will be remote.



Hi, just to let you know, you, used 2, too many commas, in, that, last sentence.
1. buy house
2. start mining
3. ????
4. profit !!!
Depends...if you don't intend moving fine. If you ever want to sell, you will have a mare.
erdwin4pete

stay well clear. i made the same mistake. paid cash for the property.10 … stay well clear. i made the same mistake. paid cash for the property.10 years later, struggling to sell. got lots of buyers but problem is no bank is willing to provide mortgage. mine shows up on search. no bank wants to touch my property.only way out is for an auction cash only sale. means £££s up in smoke. £50grand loss :(expensive lesson



So you bought a house in 2002 and you cant get anybody to take it off your hands for the same price you paid for it?
If something goes wrong, the bill could easily be over 10k. You would need to make sure the insurance would cover it before you buy. But, not only that, insurance may be fine to get this year, but suppose your neighbor is affected next year, then you may not get insurance.

But even if you do and something goes wrong, you could be out of your property with no notice for a long time.

Remember, more will be known about the mine in years to come as things happen. The news might be good or bad.

For a 10k reduction in price, I would say not worth it. You are taking a gamble with you financial security and a bit of bad luck could leave you a lot out of pocket. The risk is high, so I would think that if it was me, an offer initially in the 50s would be more likely, possibly going to a max close to 60k.
Getting insurance will be a nightmare you won't be able to do it online because you will always have to declare the mine and then no one will insure you unless you pay a premium. I think you already know the answer to this one, I am sure you will find another lovely house somewhere else.
http://www.channel4.com/4homes/build-renovate/structural-problems/mining-subsidence

Hazards include


The collapse of shallow workings.
Risk of entry into mine shafts.
Methane and carbon dioxide emissions.
Spontaneous combustion or ignition of coal leading to the production of carbon monoxide.
Transmission of gas into adjacent properties from underground sources through ground fractures.
Subsidence.
Water emissions.
http://www.dailymail.co.uk/news/article-1099243/A-mineshaft-deep-Nelsons-Column-garden-brings-hole-lot-trouble-couple.html

And

dailymail.co.uk/new…tml


Edited by: "Mark2111" 24th Nov 2012
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