Fricking Fracking
New Prime Minister Rishi Sunak used his first Prime Minister’s Questions to announce a U-turn on the Government’s U-turn by once again banning fracking. But what is fracking and how could this affect the marketability of your property. Our Head of Property answers these questions and more:
What is fracking?
Hydraulic fracking is a method used for recovering gas from deep underground. It involves directing a high-pressure mixture of water sand and chemicals at underground rocks to release gas from inside the rocks.
Why is fracking controversial?
Whilst scientific opinion is not unanimous it is thought fracking can cause tremors, earthquakes and contaminate nearby water sources. In addition, the burning of gas to generate energy releases carbon into atmosphere.
How could this affect my property?
Whilst the tremors caused by fracking are not thought to be strong enough to cause physical damage to properties the threat of tremors and earthquakes may deter potential buyers from purchasing your property.
When purchasing a property you should ensure you chose a solicitor who will investigate whether there are any licences for shale gas extraction or other energy infrastructure which could impact the value of the property you are buying. You should refer any such issues discovered by your solicitor to a surveyor and request advice on whether the infrastructure could deter purchasers from buying the property or impact the value of the property.
Following the U-turn, is this still relevant?
In short, yes! Whilst the moratorium on fracking is once again in place there remains vast quantities of gas trapped in underground rocks. Government policy on the use of fracking has changed twice in the last six weeks. At this stage who would rule out a third U-turn. The searches undertaken will also revealed whether there are any plans for other energy infrastructure nearby.
Other energy infrastructure?
Solar panel farms, wind turbines and renewable energy plants can all have a similar impact on your ability to sell or mortgage a property.
Residential Property & Conveyancing Team
At Morrish Solicitors we undertake comprehensive searches to enable us to bring to your attention any such infrastructure which could impact the value of your new home.
To enquire about our residential property and conveyancing services please call us on 033 3344 9600 or simply email [email protected] with your request.
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