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Can I Get a Mortgage If There is a Mineshaft Near House?

Yes, although if you are interested in buying a property near a mineshaft, you need to be aware of the various issues it can cause when you are trying to secure a mortgage. Lenders are often reluctant to offer mortgages on the property where there is a mineshaft within 20 metres, because of the additional risks and worst-case scenarios that are associated.

That doesn’t mean it is impossible though, but it does mean you need to take extra measures before applying for a mortgage. Lenders are interested in knowing for sure that the fact a property has been built near or on a mineshaft will not make it an unsecured investment.

One assurance the mortgage lender may want is that you have filed a mining report with the Coal Authority on the area and the property, as this will indicate how much of a risk its location poses. There is also the fact that if there is a coal mine near a property, The Coal Authority has the responsibility of covering the costs of any damages caused to the property because of it being on or near a mineshaft. However, this only applies to brine and coal mines.

As there are various mineshafts up and down the country that are undocumented, your mortgage
company will likely ask for further reviews and reports before they can offer a mortgage.

This is not just an issue only when you are looking to buy a property, but also when you are looking to sell house with mineshaft, as the buyer’s mortgage company will likely be interested in these checks too.

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