Selling House Near A Mineshaft

Owning a property that is located close to a mineshaft can sometimes require that you take some additional steps to overcome buyers’ worries when selling your home.

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Your top questions when selling a house near a mineshaft

✅ What does it mean to sell a property located close to a mineshaft?

There are believed to be about 2,000 active mines throughout the UK, and many more that have since been shut down, for example coal mines closed in the 20th century. Your property could be located close to an active or inactive mineshaft, with some closer than 20 meters although the mineshaft can be further away and still considered to be near your house.

✅ What problems can a mineshaft cause at a property?

Whether a mineshaft is still active or long-closed near your house, there are several structural dangers that it could create for the property. There’s the risk that a mineshaft could collapse as the materials used to build it start to degrade, creating the potential for soil erosion and subsidence affecting your home, and this may be a dealbreaker for many potential buyers.

✅ Do lenders approve mortgages for homes near a mineshaft?

Possibly, but there’s no guarantee that a prospective buyer will be able to secure approval for a mortgage to purchase your house. Many home loan providers might worry that the potential for future structural damage to the home linked to the mineshaft could make it impossible for them to resell the property if needed, should the buyer end up defaulting on the mortgage.

✅ Am I required to tell a buyer that there's a mineshaft near my house?

Yes, by law you must disclose the presence of a mineshaft near your property if you aware of it. Deliberately failing to tell potential buyers about this aspect of the home could result in you facing a legal challenge and penalties once the new owner discovers it. A potential buyer’s conveyancer is also likely to uncover the existence of the mineshaft as part of their work.

✅ What choices are available to sell my home close to a mineshaft?

The four standard choices for selling a property include quick buyers such as LDN Properties, trying your luck with an auction, selling on your own or selling with an estate agent. You will find that there are distinct advantages and disadvantages associated with each of these options, depending on your particular needs on costs, how quickly you want to sell, and more.

✅ What's the speediest method for selling a property near a mineshaft?

The fastest option for selling almost any category of home will usually be getting in touch with a quick buyer like LDN Properties, as the entire timeline should only be a handful of weeks, and this includes exchanging contracts and paying you the proceeds. But selling your home through an estate agent, an auctioneer or without any assistance might take at least many months.

✅ How can avoid fees when selling a house close to a mineshaft?

You could sell your home without any assistance, or you could contact LDN Properties or another legitimate quick buyer because these companies never charge fees when purchasing homes, so sellers are ensured of receiving the full proceeds from the sale. But you will need to pay commission if you decide to use the services of a property auctioneer or estate agent.

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