Flood Risk: Selling or Remortgaging
Is flood risk making your property difficult to sell or remortgage? Questions about flood searches, previous flooding, buildings insurance and mortgage lender requirements can become important when a buyer considers your property.
Where flood risk has emerged since you bought, your original searches, seller’s replies, report on title and insurance records may help establish what was known and what advice you received. Historical lender instructions may also help explain the requirements applicable to your original mortgage.
Flood risk?
Find out what you were told when you bought
If the property was at risk of flooding when you purchased, your original conveyancing file, the search results and your lender’s requirements at the time could show whether the risk should have been picked up and what advice you received.
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Will the Flood Risk Regulations 2009 affect Conveyancing ?
The Flood Risk Regulations 2009 will take effect on December 10, requiring local authorities in England and Wales to conduct flood assessments, identify risk areas, and create management plans. This legislation could lead to increased due diligence by conveyancing lawyers and necessitate updates to flood risk reports, addressing coastal flooding threats.