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severity of environmental risk?

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  • severity of environmental risk?

    Hi there,
    Hope you people can help. I'm in the process of buying a flat which is situated next to a garage, which was previously used as a petrol station. There is an emply 22 gallon diesel tank underground which has just turned up in our environmental search. We have it lookeda t and apprarantly it doesn't present any real environmental problems, but as its empty, there is a risk that it may again be used as a petrol sattion. Although this is very unlikely, we're concerned that it would devalue the property and make it difficult for us to sell.
    We're at the very end of the buying process so basically want to know whether we should complete the sale or not. Would it put you off buying the property? We've been looking and it's unusual for the area (two bedrooms and a garage, period property, brighton, structurally sound, good area, for £230,000) which is why we're still tempted. Just don't want to be stuck with a difficult sell in a couple of years time as we're first time buyers.
    any advice??

  • #2
    Re: severity of environmental risk?

    Hi Sarah,

    Unfortunately there is no right or wrong answer here but personally I would have some reservations.

    Aside from the environmental issues you have mentioned you will be well aware that mortgage lenders ar eturning their noses up at anything unusual.

    My fear is that although you have got a mortgage now in a few yars time it may be very difficult for any prospective buyers to obtain one, expecially if the garage goes back into full use.

    Hope this helps,

    Ronan.
    Worldwide Financial Planning is a specialist independent provider of Large mortgages.

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