Offer accepted on a house which has since flooded - any advice please

nicoleywoley88

Hopefully this post will not seem insensitive given that many people in my local area are still being affected by the terrible consequences of flooding over the past couple of days and my heart goes out to them but it has prompted me to get some advice about my current situation.

I am a first time buyer, who shortly before xmas had an offer accepted on an apartment for the full asking price in Tonbridge, Kent. The town and particularly the area around the apartment has since flooded badly over the last few days with the undercroft car parking area (at ground level) flooded up to above waist height and the access roads left impassable. The flats themselves don't appear to have flooded (they are in effect at 1st floor height) but residents have been stuck inside for several days and its only now that the waters are thankfully receding.

I have since been doing lots of research into the local area and it's flood history (last flooded in 2000 but major improvements were supposedly undertaken to reduce future occurrences but still a Zone 3 area on the EA website)

My concerns are around whether this might affect house prices in the areas (should I maybe reduce my offer to reflect this?) or cause difficulties in getting home insurance (which I understand can be a requirement of the mortgage). Any advice would be gratefully received!! Many thanks

AdrianC

nicoleywoley88 wrote: »

My concerns are around whether this might affect house prices in the areas (should I maybe reduce my offer to reflect this?) or cause difficulties in getting home insurance (which I understand can be a requirement of the mortgage).

VERY likely! I'd certainly be re-thinking the deal right now. Yes, it's a !!!!!! for the vendors - but they'd be in the same boat (sorry!) whether you'd put your offer in or were just thinking about it.

I suspect a lot of places are flooding this year for the first time because of flood-prevention work undertaken upstream. It doesn't mean there's less water in the rivers - it just moves the problems downstream.

moneyistooshorttomention

I'm someone who tends very much to the "A deal is a deal" way of thinking. But, in those circumstances, I'd pull out.

DavidF

Op you job is to look after yourself NOT to feel bad or sorry for the vendor or anyone else. I would be seriously re-evaluating the offer and checking the area for history of flooding and the like. Its a hard old world out there - im sure as heck you don't want to make it any harder for yourself by spending "sympathy" money.

brunettifan

I wouldn't go ahead either. As a ftb you can buy anywhere you can afford, why give yourself the stress of buying here? I am sure you will not be the only one doing this.

ognum

I am afraid to say that I would also pull out, this could blight the house prices in the flood area for a few years.

You will sell easily in a sellers market, someone will take the risk although they will expect a cheaper price but once selling becomes difficult again (and it will at some point) you will find a property that has issues very difficult to move on.

So, I would drop out now and look for something else, you may feel bad for a few days but not half as bad as if you buy it and can't sell it.

whitewing

I would imagine that your solicitor would be advising you to think very carefully about going ahead in any case.

DKLS

One of my house buying rules is: buy a house on a hill.


It helps that there is no shortage of hills round this neck of the woods.

AdrianC

DKLS wrote: »

One of my house buying rules is: buy a house on a hill.

There goes the East Anglian property market... <grin>

venetianlagoon

I would definitely re consider. If nothing else your insurance premiums will be prohibitive on this property, and why put that extra issue into a ftb new home owner budget with all the bills you will have to pay?

Swafe

One phrase that has got me very far in this world

'If in doubt, pull out'

If you've not signed anything then why would you buy a flood risk property? Its bad for the seller, but sometimes thats the way the cookie crumbles, you don't want to buy into trouble when you don't have too