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Confused about flood risk
ElsieMonkey
Posts: 268 Forumite
Received a mortgage offer today.
Reading through the mortgage illustration to check it's all as expected, and one of the 'Special Mortgage Conditions' says:
"The Security has been identified as being within a Flood Risk Area. Details of insurance cover acceptance in respect of this must be forwarded to the Society prior to completion and the Security will only be acceptable subject to any premium or excess loading in respect of flood risk being at not more than 100% or £1,000 respectively".
However, I checked the property location on the Environment Agency website, where it shows flood risk areas on a map. The property I'm buying is located in the middle of the road and is in a Low Risk area. However, the very bottom of the road only is in a High Risk area. Is it likely the lender has made a mistake? Or are they being cautious and just lumping the whole road together?
I'm going to ask our broker to query it with the lender on Monday. But just wondered does anyone have any experience of this?
Thank you!
Reading through the mortgage illustration to check it's all as expected, and one of the 'Special Mortgage Conditions' says:
"The Security has been identified as being within a Flood Risk Area. Details of insurance cover acceptance in respect of this must be forwarded to the Society prior to completion and the Security will only be acceptable subject to any premium or excess loading in respect of flood risk being at not more than 100% or £1,000 respectively".
However, I checked the property location on the Environment Agency website, where it shows flood risk areas on a map. The property I'm buying is located in the middle of the road and is in a Low Risk area. However, the very bottom of the road only is in a High Risk area. Is it likely the lender has made a mistake? Or are they being cautious and just lumping the whole road together?
I'm going to ask our broker to query it with the lender on Monday. But just wondered does anyone have any experience of this?
Thank you!
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