Should we reduce our offer due to flood risk?

Davesnave

Smodlet wrote: »

OP, are you perhaps here on an exchange visit with Crashy Time?

OP will not know what such an in-joke means, nor is it fair IMO to taunt a FTB who is trying to do due diligence in the face of contradictory messages. After all, we meet plenty here who don't even try.

Adrian's graph is a simplification, for as most of us know, there are plenty of places where the recovery after the last crash didn't happen in 2013. It was too bloody long for me as it was, and our area recovered fast. Yes, overall, property is a good long term bet, but when times are tough it's the ???? houses that are passed over.

Tzili

AdrianC wrote: »

...

That is irrelevant. I'm sure before the last crash there were many people showing others similar graphs. If the prices reach levels where people simply cannot afford anymore to buy a property, there will be riots. The only sustainable way to have prices that keep rising is to have incomes that keep rising accordingly. When a certain balance is not there anymore, we have crashes that are meant to reset the whole game. Right now, we are very close to a system reset. The only way to avoid it is to have higher incomes. This can be done with printing money, but they need to be backed up by productivity and innovation. Anyway. I'm just speculating now.

The basic problem remains. The property is one with a high risk of surface flooding. The offer was placed not being aware of this. Some people say this is not a big deal, some say it might be a problem.

The 10.000 GBP reduction is meant to cover some of the mitigation actions. To be honest, I have no clue what the work would involve. Considering 50 pounds insurance increase due to this risk, in 25 years I will pay 1250 GPB more than what I should pay. Again, I'm just speculating. The decision to decrease our offer it's supposed to be an "educated" one. Maybe I'm wrong, who knows? I can only hope everybody will stick to the good old common sense. We will see.

need_an_answer

Do you have any details of when the area that the property is in last flooded,and whether that particular property was affected.


I have a property in a high flood risk area,it last flooded 43 years ago..whilst I understand there is always a risk of flooding it would be wrong to devalue the property based on a risk alone.

However if your property is a recent flooder then you might want to rethink and run,depending on the area and severity.

Personally I wouldn't devalue a property because of a risk but I might think twice about buying if it has experienced flooding in very recent years.

Tzili

need_an_answer wrote: »

Personally I wouldn't devalue a property because of a risk but I might think twice about buying if it has experienced flooding in very recent years.

Normally, I would just walk away. The problem is we've got emotionally involved to some extent :wall:

Doozergirl

A piece of paper is a guide for you to investigate further. All these searches will reveal potential issues - whether it's contaminated land or subsidence risk - the highlight doesn't mean that the actual house is affected or is likely to be.

It isn't an invitation to reduce the price until you have solid facts. Of course, you can try, but the vendor will expect a good reason.

I have bought and sold a house in a village which the River Severn runs past, and on occasion, straight into . The searches show it as a risk, the Environment Agency maps don't. The EA map has to be right because the house is up a hill. If that house flooded, I'd be recommending arks for everyone.

I've also bought and sold a house that did flood, some 14 years before we owned it. The vendors informed us why, and I was able to verify it. It wasn't a high risk to me. It hasn't flooded in the 11 years since - and I saw the brook pretty high.

The advice is to do some proper research here.

hazyjo

Tzili wrote: »

If the prices reach levels where people simply cannot afford anymore to buy a property, there will be riots.

That's one theory I suppose. Not from my experience, but I'm certainly open to other's opinions, guesses and idealisms.


I would remarket too if you offered -£10k (just my opinion of course - others may drop).

need_an_answer

Tzili wrote: »

Normally, I would just walk away. The problem is we've got emotionally involved to some extent :wall:

Emotionally involved?
in what way....sorry if its that you love the house etc etc then you shouldn't be trying to squeeze the price further from the vendor.

Its your risk to take on not theirs to sell you cheaply.

kingstreet

Have you requested a quotation for buildings insurance yet?

If not, try.

AdrianC

Davesnave wrote: »

Adrian's graph is a simplification, for as most of us know, there are plenty of places where the recovery after the last crash didn't happen in 2013.

Of course it's a simplification - in that it's a single national figure.

Tzili wrote: »

That is irrelevant. I'm sure before the last crash there were many people showing others similar graphs.

"Irrelevant"? No. It's simple historical fact. And, of course, as the disclaimer legally says... "past performance is not necessarily a guide to future performance"

However, you cannot simply hand-wave it away because it doesn't suit your own over-simplified bald statement - "these things are cyclic". The simple fact is that the historical data is NOT cyclical.

Let's look even longer-term... and, even better, let's put it into real terms, to cancel out inflation...


Cyclical? No.

sillyhilly

Smodlet wrote: »

It really is high time FTBs had to pass an exam before being allowed to offer on any property, imho. I may contact the Ministry of Fairness (copyright shortcrust) and see if they know how I can get hold of the Ministry of Common Sense. :rotfl::rotfl:

There are many FTBs who have this common sense already, but don't come on to this forum with stupid questions. But being a FTB, it's easy to get spooked given that it is the largest purchase that you've ever made in your life, and you are swamped with worries that your dream home can be pulled from under you at a moments notice thanks to the utter BS conveyancing processes that we need to put up with in this country.

In fact, I've seen just as many second/third-time buyers posting equally as stupid questions - I refer you to the "why isn't my house selling" threads, where it is immediately obvious why it isn't.

Whilst you're looking at that, perhaps you could climb down from your high horse?