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'Fracking in the area' has delayed our exchange. Can anyone help explain?

(3 Posts)
alabasterangel Sun 31-May-15 10:03:09

In the middle of a 3 house chain, we are the Middle. We are right at the end of the proceedings and we were all due to exchange Friday and complete in 2 weeks time. Everyone's 'work' was done, searches back, lending in place, all (finally) fine. Our new house, so as not to drop feed, is 200m from our old one.

Buyer goes in to exchange on Friday with their solicitors, and we get a call an hour later to say exchange has been delayed due to a query from the buyers lender, Natwest. Natwest have told the buyer that there is a 'potential' fracking site within a 2km radius, and they have 'further work' to do before exchange can take place.

2km radius around us there is not nothing but suburban streets. Our own search and lending on our almost neighbouring new property has not mentioned this.

Our solicitor seems totally unfazed by this, and says its cropping up more and more, it's just a formality, nothing to be concerned about whatsoever and it will just delay exchange by up to 5 working days and we will still have exchanged by next week. I called our purchase estate agents to keep them in the loop (my solicitor has not been the best at this) and she also said 'ah that old chestnut, yes okay, nothing to worry about'.

I'm pretty confused with the weekend to mull it over. If it's nothing to worry about and nothing which will jeopardise exchange then why can't we just exchange anyway? It's all a massive pain, if we don't exchange by next week the completion date will have to change too, as we all have to give a minimum of 2 weeks notice to take time off work.....

Anyone come across this? Or understand it?

Sunnyshores Sun 31-May-15 11:26:10

Fracking is a newish potential danger to the value of your property, or in a worst case scenario would affect the stability of your property. The modern day version of living near/over a coal mine.

I assume its a question that NatWest just added to its huge list of questions or your solicitor didnt fully answer it originally. So now theres a delay while it is answered.

Without that (or any other) question being answered satisfactorily the lender will not sign off to lend, and so you cant exchange.

The reason everyone is telling you its not a problem is because there is no (universally acceptable) proof that fracking causes problems to the environment or properties nearby, so the question will be answered satisfactorily. It just unfortunately has buggered up your timings!

alabasterangel Sun 31-May-15 12:22:00

Thank you. Understanding it is a huge help.....

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