First Time Buyers - Homebuyers Report... Flood Risk/Concerns! Help

sammo456

Hi 
We are in the process of purchasing our first home - located close to our current rented property, and are securing a property that covers everything that we want from our first home in a great location for us.

We have had our offer accepted (above asking price), mortgage offer received (and valued), instructed our solicitors to begin searches and have now received our homebuyers report. The vendors have had an offer accepted on their property. 

We were shocked to see upon receipt of our Homebuyers Report that there is a surface water flood risk in the area. The map indicates it's on the road next to the property, rather than the property itself. 

I checked the environment survey website before offering and this appears to be an updated risk as this now comes up as 'High Risk'.

In terms of next steps - I have contacted our solicitors, so far to no avail on response - and contacted the vendors EA. They themselves have indicated that the property has never suffered from flooding (to their knowledge) and there's no source of water within a reasonable area to the property. 

We have given everything to be in a position to buy with little financial support - and the property market is absolutely insane at the moment. Could anyone advise what next steps in this situation would typically be? We only would consider dropping out if the risk was extremely serious and would impact our ability to sell/secure insurances.

In addition - on a separate point, the wider Home Buyers report was fairly positive - with the only things noted being that no certification had been found for the Electrical Installation, Gas Installation, Double Glazing and Central Heating. There are also no smoke alarms in the property and the gaps in the stair balustrade are bigger than they should be expected to be. 

Would it be reasonable to go back to the buyer to resolve these issues for us to stick at the agreed asking price? Would you reconsider the original offer given the increased risk of surface water flooding? 

Any advice on next steps welcomed - we are very much 'going this alone'

Alter_ego

I'd get insurance quotes, then you'll know their attitude to the flood risk. (note the number of companies that decline to quote)

As you are FTB you may be unaware that none of the certificates mentioned are legally required to be provided by a private owner. Nor even smoke alarms!

sammo456

Alter_ego said:

I'd get insurance quotes, then you'll know their attitude to the flood risk. (note the number of companies that decline to quote)

As you are FTB you may be unaware that none of the certificates mentioned are legally required to be provided by a private owner. Nor even smoke alarms!

Thanks for that. Getting actualised quotes and noting the risk will cover the question of whether I will be insured so I will get onto this today. 

So with the certification - could we ask the vendor to have these assessed/checked before moving in? Or would this be an unusual request? 

We offered £15,000.00 over 'Offers Over' asking price with 7 competing bidders on the property. We have had 2 independent valuations that declare that the property 'values' up to our offer, but with the newly found risk of flooding and the small amount of work - do you think there's scope to request a decrease? Or at least for them to resolve the outstanding issues?

boxer234

Flooding terrifies me if there really is a risk I would walk away rather than try and get a decrease in the price.  

Alter_ego

You can ask the vendor about certificates, checks etc. If it was me I'd allow you to do them at your expense.

moneysavinghero

If you no longer want to pay what you offered the best thing would probably be to step aside and let one of the other 7 have a chance. Nothing you have listed is reason to drop an offer. You will just end up looking like the person who overbids to make sure they 'win' the property, but who then drops it.

sammo456

moneysavinghero said:

If you no longer want to pay what you offered the best thing would probably be to step aside and let one of the other 7 have a chance. Nothing you have listed is reason to drop an offer. You will just end up looking like the person who overbids to make sure they 'win' the property, but who then drops it.

To be honest - I am 'willing to pay', certainly. However, forgive me naivety - I wanted advice on if such things are typical of what may be a case of reducing the offer. 
After receiving 2 independent valuations we are confident in the price - but have read online that you can request the vendor makes the noted improvements in the report, so wanted advice on this. 

Irishpearce26

To give some context, I've just bought a house with high level surface flood risk. The reason is there is an emergency man made channel behind our house to protect houses from flooding. The house hasn't had any surface flooding in the 25 years it has existed. Something drastic would have to happen for the drains to fail and require a hell of a lot of rainfall at the same time to have damaging surface flooding.

Mojisola

sammo456 said:

have read online that you can request the vendor makes the noted improvements in the report, so wanted advice on this. 

If you ask a vendor to make improvements, are they going to be done to a good standard or just a cheap bodge job to keep the buyer happy?

I'd much rather get things sorted out after I'd moved in and know the work was done properly.

sammo456

Irishpearce26 said:

To give some context, I've just bought a house with high level surface flood risk. The reason is there is an emergency man made channel behind our house to protect houses from flooding. The house hasn't had any surface flooding in the 25 years it has existed. Something drastic would have to happen for the drains to fail and require a hell of a lot of rainfall at the same time to have damaging surface flooding.

Thanks - that is reassuring. 
We are reassured that there is significant market activity in the area, as I am sure this must be something that is raised to all potential new purchasers. There is no (currently known) experience of actual flooding at the property. 
Our solicitors I am sure can provide a more thorough report on this to assist.

ss2020jd

I am just on the opposite side of this in that I’m selling and when I bought the property it was a no flood risk and now it is a high flood risk from surface water, using the environment agency data mapping. There has never been any flooding before I bought the property, nor since. I have read reports of a lot about inaccuracies on the BETA environment agency check your long-term flood risk service. There are more detailed flood reports you, or your solicitor, can request, but check if a human does them, or another data model. 

As for the certification, these are all standard things your solicitor would have requested from the sellers via their solicitor. Some sellers have them, some do not. Sometimes the solicitors or lenders request indemnity insurance, sometimes you can find copies of the certificates online. I have sent copies of mine to the solicitor so usually the surveyor doesn’t see them but it sounds like it makes sense for surveyors to see them as well.