Renegotiating offer due to property flooding

amove

Hi,
I'm a FTB and viewed a property in September and had offer of just above asking price accepted. When I viewed the property I was told that the local area had had floods last year but the property never flooded. The surveyor did the survey while the seller was there and they told the surveyor that it didn't flood. Got the Property Information Form back and under question about flooding (and if ticked yes, give details of when and what areas flooded and damaged caused etc), seller just put date. My solicitor asked for further information and seller said that ground floor did flood with 5 inches of water. I contacted the estate agent, they were not aware of the property flooding as seller had told them it hadn't. 
Looking for advice now. How much lower should I try and negotiate the price to? There were other issues with the property: damp, problems with roof, structural tie removed - not sure how big an issue that is?, historic building work for which there's no certificate - don't think anything can be done about that one. 
Any info that I've left out that's needed for advice, please let me know
Thanks

lincroft1710

Do you really want to buy a property that has suffered flooding and may do so again (unless you are aware of effective remedial works which will prevent flooding)?

user1977

And if you did, the first thing I would be checking is the insurance position.

amove

I've looked at the insurance and can still insure it, not as many options and about twice as expensive but still doable.

Snookie12cat

amove said:

Hi,
I'm a FTB and viewed a property in September and had offer of just above asking price accepted. When I viewed the property I was told that the local area had had floods last year but the property never flooded. The surveyor did the survey while the seller was there and they told the surveyor that it didn't flood. Got the Property Information Form back and under question about flooding (and if ticked yes, give details of when and what areas flooded and damaged caused etc), seller just put date. My solicitor asked for further information and seller said that ground floor did flood with 5 inches of water. I contacted the estate agent, they were not aware of the property flooding as seller had told them it hadn't. 
Looking for advice now. How much lower should I try and negotiate the price to? There were other issues with the property: damp, problems with roof, structural tie removed - not sure how big an issue that is?, historic building work for which there's no certificate - don't think anything can be done about that one. 
Any info that I've left out that's needed for advice, please let me know
Thanks

I would be gone. I would not buy a house that flooded and has the potential to do so again. 

The property I am buying is near a river but elevated, so it's unlikely to ever flood. If I found out it had though I would not even consider going ahead. That's just me though. No discount would get me to live there.

Marvel1

I would look elsewhere, insurance would be high I would think, plus the sellers lied and now selling.

aoleks

can't advice given you're in a different part of the country, but where I bought a house, the difference in asking price between a flooded and a non-flooded house was around £30k (on houses around £425k). we're talking same type of house, same neighbourhood, same number of bedrooms, same area etc.

TXC

 i get why you're still entertaining it from a clutching at straws point of view given the crazy market but:

• Seller has actively tried to hide this information (it seems like)
• Property is a proven flood risk
• Your insurance is double.

Run.

ProDave

I concur with all the above, there would have to be something really really really special about this house to make me even want to think about it with the risk of it flooding again.  As it's a FTB property i very much doubt there is anything special.

Withdraw from the purchase and in doing so make it clear the reason is the flooding, AND the fact the vendor tried to hide it so you have lost all confidence in the vendor.  Send a copy to the estate agent so they are aware of the situation.

Thrugelmir

Important to determine what caused the flooding and whether any steps have been taken to rectify. 

What have the searches revealed? 

canaldumidi

Either future possibility of flooding worries you, in which case don't buy the property.

Or the future possibility of flooding does not worry you, in which case pay the agreed price.