Mining Risk Assessment – Why you may need one when buying a property in the South West
Cornwall is known as the tin coast for good reason, reaching its mining peak in the 19th century, when there were around 2,000 active mines. Of course, Cornwall is not the only county to be affected by mining, in fact there are around 172,000 recorded coal mine entries, but over 2 million non-coal mine shafts in the South West alone! This is why mining is not a thing of the past and is a major factor requiring assessment in property transactions today.
Obtaining the most comprehensive mining searches and risk assessments is a vital part of any property transaction. Not only is it advised for a buyer to protect their purchase, but it is often made mandatory by lenders, especially when buying in a known historical mining area.
Navigating through this process can be tricky or overwhelming if doing it for the first time, so it makes sense to engage experts to provide the necessary information and reassurance needed for the transaction.
Following an initial search, via a GeoRisk or GeoRisk + report, if mining risk is identified a Mining Risk Assessment may be recommended to assess the extent of risks on the site. This will consist of a site visit, where the external condition of the buildings and grounds will be visually assessed for possible evidence of ground stability or mining issues. The evidence collected during the site visit is then assessed alongside the results of the initial search and a bespoke risk assessment is produced.
What makes our Mining Risk Assessment stand out?
- The unique and comprehensive datasets combining over 40 years of site investigations and extensive archives of mining records. These records include detailed mining records, geological records and also information about where we anticipate small scale mining which date back before records began.
- Vastly experienced geologists who specialise in mining, ground stability and a risk based approach.
When you combine all of this, you get peace of mind that you are being provided with expert advice and therefore safeguarding your purchase.
When a GeoRisk or GeoRisk + search uncovers risk we aim to provide a resolution. In many cases the risk is clear and guidance how to mitigate the risk will be provided. In cases where there is potential for small scale and historical mining we recommend a Mining Risk Assessment. This is a visual inspection of buildings and, equally importantly, the garden or other areas for evidence of mining features that could affect the value of the property. A search which indicates further assessment is required is often unwelcome information, however underestimating the potential impacts of ground instability could be devastating for homeowners, not to mention costly. So taking the time and investing in the right searches and mining risk assessment at the start of the transaction can save homeowners both time and money in the long term.
Click here for more information about the Mining Risk Assessment - which takes only 48 hours and is one of the most comprehensive assessments currently available.