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  • Buy-to-Let

    New btl / flood risk

    Hi

    I’m purchasing a new btl and the house is only about 15 years old.

    In the middle of purchasing, they want me to complete by March.

    But my mortgage company have said it’s valued up, but have said they need to see more on the fact it’s in a flood risk area.

    I have read on here not to buy in flood risk area , I didn’t know this when I put my offer in, should I be asking for reduction with this info.

    i haven’t asked my mortgage advisor as I know she will say not to ask she is trying to get it through quick.

    so was just wanting some info as to what you would do thankyou.

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    I'm no expert but I think you can get a flood risk report from the land registry for a few quid.   I'd get a copy, see what it says and take it from there.

    https://eservices.landregistry.gov.uk/es...earch_link

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    You might also try speaking with neighbours to see if it has ever actually flooded and see if that helps your cause with lender or insurer when it comes to it.

    You might find you have a giant Excess for Flood risk on Buildings Insurance and may need to scour the market.

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    When your solicitor does his information request form make sure the question is asked has the property ever suffered flood damage. Also check up with an insurance company because buildings and contents could be expensive in flood area.  You can get the flooding history of a property based on Environment Agency records. Send an email to enquiries@environment-agency.gov.uk including: the property's address or a map of the area if the postcode is not known (you can attach a file or link to an online map) from net. Hope it helps

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    Adding to what Douglas has said above, there is a specific question about flooding in the Property Information Forms that all sellers are required to complete and so the seller should inform you whether the property has ever actually flooded before (at least during their period of ownership). Your solicitor can also carry out a flood search which will give you specific information about the flood risk in the area (historical too) including the probability of different types of flooding, eg. surface water or drainage and whether or not the same is a high or negligible risk.

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    Thanks for that , could not remember what was on the form.

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    Speak with your solicitor, what did the searches find. I purchased a property in an old mining area and the correct reports where done and provided to me.

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    What do you want to achieve?

    It is certainly a reason to negotiate on price if you were not reasonably aware of it. If you still want to proceed then are you prepared for the consequences - high insurance excesses or even no flood cover. I would ask to see the valuers report and then the searches which you should review anyway before a purchase so that you at least can for a view of the risk. Finally if you should probably ask what defences the owners have already got - dry ditch, etc.

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    Tax advisor and mortgage broker

    stuart@johnsonsca.com

    02039077022


    Thankyou , I can’t ask the people who lived there as they have part ex thus house for new one, so it’s the builders who are selling it it’s empty.

    I have  emailed my solicitor, the mortgage company have asked to see a document regarding this out want more info.

    I’m going to get a quote from Alan Boswell who I’m already with.

    As im thinking they will pick up on this just to see if they will insure.

    so will have to see if my solicitor can do a check on the flood risk.

    how much would you negotiate the house as been valued at 160,000 .

    lovrly house near outstanding school don’t want to miss out but if I can negotiate what price reduction is not to cheeky.

    i know there desperate to sell the builder it’s a big builder.

    this as fell through 3 times which is making me think is it because of this but I can’t be 100%.

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