The Environment Agency estimates that 1 in 6 properties in England and Wales are at risk from flooding. This equates to approximately 5.2 million properties.
The risk of flooding can become a huge problem for property owners. Not only is actual damage caused when your home is flooded, it can also be difficult to insure your property against flood damage in areas that are considered to be at a high risk.
If insurance cannot be obtained for your property, or only obtained on payment of high premiums, this will in turn affect the value of the property. It will become difficult to get a mortgage on your home which will further reduce its value. It is therefore vital that for anyone buying a home to make sure it is not going to be at risk from flooding either now or in the future. This can apply for not only houses but also flats. Even a flat that is not on the ground floor of a property can suffer where the whole building is severely damaged by flooding.
No doubt you will have seen on the news over the past few years bad weather headlines detailing the devastation that floods can cause. Most noticeably in recent times the flooding in the Somerset levels which took months to go down and caused many people to be homeless, forced into temporary accommodation for a short while.
The difficulty for buyers is that it is not always easy to determine if the property you are buying is at risk of flooding. In fact a home does not need to be close to a river or the sea, or even on low lying ground to be exposed to flood risk. Common causes of flooding can be caused by overflowing sewers, ground water and surface water.
A more detailed flood risk report can be obtained which will show if the property you are buying is in an area which is at risk and the likely cause of any flooding such as the river, the sea or a reservoir.
Should you like to speak to a conveyancing specialist about this matter or any other conveyancing matter, please do not hesitate to contact Veitch Penny on 01392 344800 and we will be happy to assist.