Is your home purchase blighted by flood risk?

Clacton on Sea cash injection

Did you know that one in six homes in Britain is at risk of flooding? Contrary to popular belief, these aren’t just properties close to rivers or by the sea; over 3 million homes are at risk from flooding because of surface water, blocked drains or overflowing sewers.

If you are looking to buy residential property, it’s a good idea to establish the flood risk at an early stage, so you can take the right decision on whether to proceed with the purchase or simply walk away. Not only can flooding, if it happens, affect your enjoyment of the new home and put your personal possessions at risk, you also need to consider the impact on your home insurance, not to mention the ability to obtain a mortgage for the purchase in the first place.

Also take into account that a flood risk property may be difficult to sell, and while you may be fine with your dream cottage having an unpredictable stream at the bottom of the garden, a history of flooding, high insurance premiums and restricted mortgage opportunities could deter prospective buyers in the future.

How can you find out about the flood risk?

If you’ve found your dream home, your first port of call should be the seller or estate agent to find out if any part of the building has ever flooded. However, susceptibility to flooding is not always apparent and your seller may only have a limited knowledge of the property, especially if they haven’t lived there long.

Once your offer is accepted, there are several ways you can find about the property’s flooding history.

  • Pre-contract enquiries and searches

Your conveyancer will ask the seller about flooding in their standard pre-contract enquiries and you could be liable for compensation if the seller knowingly gives false information. Make sure that the formal conveyancing papers contain all the necessary answers, and that these have been checked by your lawyer.

Your solicitor will carry out a number of searches on the property as part of the purchasing process. Environmental searches will include maps published by the Environment Agency to show generic information about local flood risks from watercourses and surface water, while the Land Registry also gives a flood risk indicator.

It can be a huge disappointment to discover that your prospective new home is in a high flood risk area. While your solicitor won’t be able to change the facts, he can however ensure that all the right searches and enquiries are obtained, while liaising with your building surveyor, putting you in the best possible situation to make the right decision.

  • Building Surveys

While standard searches can give a good general indication of the likely flood risk in your area, the advice given is not building specific, so further investigation may be required to satisfy all concerned parties. Your lender’s mortgage valuation may also raise concerns if a risk of flooding is detected.

For your own peace of mind, it is recommended that you have a professional building survey carried out by a RICS regulated surveyor, ideally someone who can delve deep to compile a specialist flood survey, or has the right experience and equipment to survey waterside properties.

Not only can an in-depth home survey give you a better understanding of the possible impact of flooding on your new home, it can also give useful advice on how to physically reduce the risk of flooding.

How will your home insurance by affected?

While a heightened risk of flooding need not necessarily stop you from proceeding with the purchase of the home of your dreams, it’s prudent to know the risks involved. One of the major considerations when you’re thinking of buying a home in a flood risk area is whether you’ll be able to get buildings insurance and the type of cover available to you.

If you’re buying the building with a mortgage, your lender will insist on adequate buildings insurance to commence from exchange of contracts to cover their risk. You can take out home insurance to cover you for any damage caused by floods, but reasonably priced insurance cover may be hard to come by if the property has been identified as being at risk. Some research will be needed to find the best deal.

You may be able to take advantage of Flood Re, the government backed scheme that makes it easier for home owners with high flood risk properties to obtain insurance cover on reasonable terms. Do check your assumptions that you can get cover before you proceed with the property purchase – not all types of property are eligible.

Although it’s not yet standard practice for insurance companies to take account of flood resilience measures, it is something the industry will be moving towards. While this should eventually translate into savings for homeowners who have taken the right precautions, for now it’s up to you to consider your options before you commit to the property.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More