Yorkshire Flooding: the aftermath

The severe flooding across Yorkshire and other parts of the UK during December 2015 may have become a distant memory for those not directly affected. Almost four months on, the effects on thousands of homes and businesses still remain very real today.

Flooding is unpredictable and unavoidable, however when buying or selling a property you must be aware of how to minimise the risk and damage that flooding can cause.

The importance of searches for a purchaser

Are you thinking of purchasing a property?

Whether or not you believe the property is an area prone to flooding, it is vital that searches are carried out to identify the potential risk and measures in place to reduce any potential for flooding.

If you intend to take out a mortgage on the property, the lender will need to be satisfied that the flood risk is minimal and may wish to inspect the results of the searches. Not only is a flood search important, your solicitor will need to carry out various other searches to assess any other environmental factors posing a potential risk to your property.

How to sell your property if affected by flooding

Are you aware of a flooding incident and thinking of selling your property?

During the sale transaction, your purchaser will raise various questions about the property. If it has been damaged by the recent or previous flooding, the purchaser will want to see the damage that has been repaired and steps taken to minimise any further risk prior to the completion of the sale.

If you are worried about finding a purchaser due to the flooding risk, you should seek an assessment of the property from a surveyor and advice from your estate agent on how to market the property effectively.

Insurance

If you own the property or you plan to purchase one, whether it is in a flood area or not, it is important to make sure that there is adequate buildings insurance in place which covers the risk of flood.

For many areas affected by flooding, insurance has become unobtainable with insurance companies refusing to provide cover. Fortunately, a new scheme by the government and insurers has launched this week to provide affordable home insurance to those affecting by flooding.

Flood Re is a scheme which is expected to benefit 350,000 people and intends to make it easier and cheaper to purchase insurance for flood prone properties as the premiums are capped and based on council tax bands.

The average cost for a clean up after a flood, the repair and dry out costs between £20,000- £45,000 therefore insurance is vital if there is even a minimal risk of flooding.

Get in touch

Are you thinking of selling or buying your property? Contact our residential property team for a quote today; we will make sure your interests are protected throughout the transaction, call our residential property solicitors in Leeds, Wakefield, Bradford, Manchester and London on 0113 244 9931.

With solicitors in Leeds, Bradford, Wakefield, Manchester and London we can bring our experience and knowledge to your matter, irrespective of where you are in the region.