We have probably all been caught out by the recent summer storms and if you live in north Surrey you may have seen or experienced localised flooding. With this in mind, we thought it worth reminding that if you are looking to move property – either as a cash buyer or with a mortgage or equity release scheme – you, or your Solicitor, should always check on the risk of flooding.
A flood risk assessment is usually one of the first factors a mortgage or equity release lender will check and even if you are a cash buyer, you will still need buildings and home contents insurance.
At the moment, a potential seller or estate agent is not required to provide details of any flood risk so it is up to the buyer to do the homework. As lenders have a very strict policy on lending in flood risk areas, knowing the likely hood of flood risk should not be used as a negotiation tool to help reduce the purchase price. Lenders will not lend on bargains! They will just refuse to lend if they are unhappy with the flood risk.
The following link provides post code specific information
If you would like more information, please contact us >>