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Rain, rain rain appears to be the story for this Autumn, it is never ending!

Reasons to choose Wilson Browne

Not only does this potentially make us all feel a little fed up, many areas have been affected by extensive flooding which can be catastrophic for home owners.

Flooding affects not only older properties known to be at risk of flooding but also many new build properties. Due to a shortage of housing and space it has been necessary for planners to consider applications from developers to build on known flood plains, some of which have been successful.

Apart from the obvious physical and practical issues of dealing with flooding, ownership of property located in a flood plain can lead to excessive buildings insurance premiums (if cover can be achieved at all) and potentially affect the saleability of a property.

During your purchase, it is likely your conveyancer will recommend an environmental search and specific flood search if it is deemed necessary. The standard conveyancing protocol forms also ask the seller to answer a question as to whether the property has ever flooded or if there have been issues in obtaining buildings insurance. If there is even a chance there may be an issue, you must ensure that you can obtain buildings insurance at an acceptable cost and level before you commit to your purchase.

Not all is lost for home owners. Flood Re was launched in April 2016 and is a joint initiative between the Government and insurers. Its aim is to make the flood cover part of household insurance policies more affordable for homeowners and provides guidance to reduce the risk of flooding.  Read about it here

The Scheme works by all household insurers having an obligation to pay into the Scheme, behind the scenes insurers may pass the flood element of insurance to Flood Re who can offer a fixed price. If a valid claim is later made, the insurer will initially pay out and claim this back from Flood Re. This helps to keep premiums down for homeowners.

For further assistance contact one our 6 expert teams.

Jenny Woodruff

Posted:

Jenny Woodruff

Partner

Jenny is a Partner and head of the Residential Conveyancing Team. She has extensive knowledge of the conveyancing process, including: dealing with freehold and leasehold sales & purchases; new build purchases; remortgages; transfers of equity; shared ownership; help to buy transactions & general property advice.