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Mine shaft within 20m

Hi, I’m hoping someone can offer some advise. I’m selling my 2 up 2 down terrace house in the Black Country, West Midlands. I had a call from the estate agent a few days ago to explain that the searches have discovered a mine entrance 20 metres from the property boundaries. Consequently, the buyer has threatened to pull out, or proceed but with a further 10k reduction. The property was initially on the market for 80k; I accepted 70k as I want a quick sale. If I accept 60k I’m going to walk away with just enough to cover the fees. Is it likely that other buyers will struggle to get a mortgage with the mine shaft being so close? I had no problem when I purchased the property back in 2004. I’m not sure if the buyer is trying his luck, or if this really may be a problem when trying to acquire a mortgage on the property. The estate agent has tried to convince me to accept the offer, explaining that there are many properties in the area with the same problem and that people struggle with mortgages as the lenders are being more picky. I can’t help but feel the buyer is just trying his luck and the estate agent is wanting the property off their books so that they make target? Any advice on the subject would be greatly appreciated.

Asked on Apr 26 2015, Selling in West Midlands | Report content

Answers (1)

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  • I would suggest contacting a professional mortgage broker who can approach a number of prominent lenders to see if it is frequently coming up as an issue in your area.

    Answered on Sep 7 2018, Report content

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