Buying a property in a flood plain

Moonraker71

I've had an offer accepted on a Victorian terraced house. Huge sense of relief and excitement after 23 years of living in flats.

The house is near a river (about 150m). I downloaded the flood risk report from the Land Registry and it says the house is in a flood plain. When you look at the map on the Environment Agency website, the actual house I'm buying is literally on the border of the flood plain area and the 'safe' area. But I suppose that's irrelevant.

I'm personally not too concerned by this because there is a large tidal walls project underway to improve flood defences, although it is still in the very early stages (ie, ground surveys are currently being done). I also feel fairly relaxed about it, with the property being on the very edge of the flood plain.

However, I obviously have some concerns, the two main ones being:

- How will this affect my mortgage application? I am just about to start the process. Are there lenders who will not lend on flood plain properties? I'm finalising who I'll be applying to with my broker tomorrow, but it looks likely to be NatWest.

- What % increase approximately would this add to buildings insurance? I know nothing about buildings insurance in general, having always lived in leasehold flats.

Anything else I should be considering? Many thanks in advance for any replies.

holly_hobby

It will come down to the surveyors comments and whether you can get buildings insurance.

Even if the surveyor is happy, blds insurance is a condition of the mge, so if you can't get any due to the local flooding issues, you'll face issues. Please also consider, if you experience mge finance/survey difficulties, that any future buyer will also face the same issues, so your re-sale options may be restricted to cash buyers whom are happy with the risk.

Hopefully, the surveyor will be happy and blds ins no issue ...

Hope this helps

Holly

Moonraker71

Thanks v much Holly. I know the property is currently mortgaged by Santander so I hope that means the current owner was able to get a suitable insurance policy. It might be worth me asking the EA to find out who his insurer is, maybe. As far as I can find out from my own research, there have never been any serious floods in the town. Gawd, nothing's ever straightforward...

freeisgood

I personally would never buy near a flood plain, because historical records are not accurate, as weather patterns are changing worldwide.
All weather records seem to be broken regularly these days. I know of two friends who bought houses last year, one is in France and the other UK. They did all the relevant checks. In fact, The one in France bought next to a river that had not flooded in 300 years. Guess what....they both got seriously flooded this spring. and are fighting the insurance companies.

Just saying, please be cautious.

00ec25

freeisgood wrote: »

I personally would never buy near a flood plain, because historical records are not accurate, as weather patterns are changing worldwide.
All weather records seem to be broken regularly these days. I know of two friends who bought houses last year, one is in France and the other UK. They did all the relevant checks. In fact, The one in France bought next to a river that had not flooded in 300 years. Guess what....they both got seriously flooded this spring. and are fighting the insurance companies.

Just saying, please be cautious.

whereas I have owned a property slap bang in the middle of the river Thames flood plain since 1991. I have received 2 Environment Agency flood alerts (not warnings, actual alerts which tell you to evacuate NOW as flooding is imminent).

In neither case did anything happen.

then again I am the sort of person who does not expect to win the national lottery given the odds are similar to me being involved in a 1 in 100 year flood.

do you "play" the lottery????????

freeisgood

Yes I do play the lottery, but a quid a week is all I gain to lose.

I was only telling the OP to be aware of all the possibilities...I don't want anyone to regret their house move down the line.

..or would you preferred I kept my mouth shut?? Sounds like it.

00ec25

freeisgood wrote: »

..or would you preferred I kept my mouth shut?? Sounds like it.

absolutely not - I was merely offering the counter experience of someone who does live in a floodplain but has not been flooded. Then again I would NOT buy somewhere in Tewesbury for very obvious reasons...

freeisgood

There are places that are now being flooded, that have no history of ever being flooded, let alone rarely. I am sure I am over cautious, and yes, people are buying houses in places and not worrying over a tiny chance of something bad happening.

If I bought a house in a low area, I think I would panic every time there was heavy rain.
The first house I buy, will be on top of a hill somewhere, and I will be bringing an altometer to all my house viewings. (I really am not kidding)

rob404uk

From my experience it is more important to insurers if the property has ever flooded. My property is probably about 70% more what it would be if it was not in a flood risk area. No problem at all to get a mortgage.

franklally

I agree with freeisgood and would not buy on a flood risk area - I wouldn't want to be worried when its non stop rain and also I'm sure getting insurance will increasingly become a problem:cool:

jbainbridge

Ring your current insurer and get a quote for the property.