Sinkholes: The Good, The Bad and The Ugly
Posted on 12 December 2017 by Julia Wilson-Sharpe
What do buyers consider when buying a home? It is often:- is it affordable, is it big enough, is there a good school nearby, what are the transports links…?
However, very few buyers will consider sinkholes since they have not been an issue for many in the past. Sadly though they are occurring more and more all over the country, and not just in coal mining areas.
Contrary to common belief, sinkholes are not always man made as a result of historical mining. They are also a result of global warming and climate change where weather conditions cause unusually heavy rain fall.
The “good” news is that your conveyancer is able to guide you through which searches to have when buying your home. Your conveyancer has access to specialists who can provide detailed information on the geology of the area that you may be considering buying a home in.
If this issue is not taken seriously, then the situation can turn “bad”. You should be aware of whether a sinkhole could:
• effect your ability to obtain a mortgage;
• impact your ability to obtain building Insurance and at what premium
• make selling your property in the future difficult.
The “ugly” would be when a sinkhole does appear; the impact a sinkhole can have on a property, it’s owner/occupiers and their investment can be significant and lives can be turned upside down.
However, obtaining a specialist search report when purchasing your home will provide you with peace of mind.
Contact our team of conveyancers at Pardoes for more information.
Posted in: Buying & Selling Your Home