Is there any reason to be worried. Final stages, small problem!

rizla83

Hi all,

i am coming to the final stages of completing on my first mortgage.

Everything was going nice and smooth until our solicitor noticed that there had been a flood risk put in place for the surrounding area.

This is due to new regulation put in place in 2013 to highlight Surface Water Risk Areas.

We have been able to get full buildings and contents insurance (including flood cover) for the property. The area is currently in the local councils Flood Risk Management area which means there are future plans to remove any potential problems.

The search showed that the property has never been affected by flooding and the current owners are totally unaware it has been classified as a flood area recently.

Our solicitor advised that it is his responsibility to inform Santander (our lender) about these findings.

He sent the letter to them over a week ago and after speaking to him today has advised he has not heard back from them yet.

Has anyone come across anything similar and have an info on how this could pan out? The sellers are getting twitchy because they are ready to move to their new property.

Our broker advised he has not come across this before so has limited info other then it is dealt with by the 'completion team' at Santander which he has no access to.

All contracts etc have already been signed.

any info/ experiences/ reassurances would be helpful.

i hope this is not going to take forever like the blooming mortgage process lol.

thanks

kingstreet

I would imagine it's been referred back to the valuer for his opinion on impact on value and future saleability.