Renegotiating offer due to property flooding

Crashy_Time

lincroft1710 said:

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)?

Exactly, don`t buy it.

amove

Thrugelmir said:

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

What have the searches revealed? 

Searches and survey revealed it is in a flood risk area. The flooding was caused by the brook bursting its banks. No preventative steps taken since the flood. I would want to install flood barriers and air brick covers - not sure how resistant they are to floods but that's what I've learnt so far in my searching.

Jaybee_16

I would be looking elsewhere. Wouldn't want to be worried every time storms and heavy rain come around. If the vendor was being less than truthful about the flooding, what else are you likely to find out once bought?

TheJP

amove said:

Thrugelmir said:

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

What have the searches revealed? 

Searches and survey revealed it is in a flood risk area. The flooding was caused by the brook bursting its banks. No preventative steps taken since the flood. I would want to install flood barriers and air brick covers - not sure how resistant they are to floods but that's what I've learnt so far in my searching.

Sounds like you really like the house but want the vendor to pay for these upgrades. Is the house reasonably priced based on the flood risk?

ProDave

If you really really really have fallen in love with it, think about how you can make it flood resiliant.

I knew someone that lived in a lovely cottage next to a river, it really was an idylic location.  But once in a while the river burst its banks and the cottage flooded.  Never by much just a couple of inches of water.

The cottage had been made resiliant.  Solid concrete floor downstairs with quarry tiles throughout, quarry tile skirting board and walls rendered with cement, not plaster.  All sockets high up and no electrics under the floor.  Whenever a flood was expected all the small stuff was taken upstairs and the large furniture placed up on blocks above the known flood height.  And live upstairs for a few days and do your cooking wearing your wellies.

When the flood went down, give it a mop out and a scrub and carry on with life.  He accepted this little ritual as a price worth paying for living in such an otherwise perfect spot.

amove

TheJP said:

amove said:

Thrugelmir said:

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

What have the searches revealed? 

Searches and survey revealed it is in a flood risk area. The flooding was caused by the brook bursting its banks. No preventative steps taken since the flood. I would want to install flood barriers and air brick covers - not sure how resistant they are to floods but that's what I've learnt so far in my searching.

Sounds like you really like the house but want the vendor to pay for these upgrades. Is the house reasonably priced based on the flood risk?

That's what I can't work out if the house is reasonably priced based on the flood risk. If a property has flooded within the last year, should that lower the value? Everything I've read online talks about that property values returned to normal price after three years but I can't seem to find about the three years in between, apart from what @aoleks has said on here which was useful.

TheJP

amove said:

TheJP said:

amove said:

Thrugelmir said:

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

What have the searches revealed? 

Searches and survey revealed it is in a flood risk area. The flooding was caused by the brook bursting its banks. No preventative steps taken since the flood. I would want to install flood barriers and air brick covers - not sure how resistant they are to floods but that's what I've learnt so far in my searching.

Sounds like you really like the house but want the vendor to pay for these upgrades. Is the house reasonably priced based on the flood risk?

That's what I can't work out if the house is reasonably priced based on the flood risk. If a property has flooded within the last year, should that lower the value? Everything I've read online talks about that property values returned to normal price after three years but I can't seem to find about the three years in between, apart from what @aoleks has said on here which was useful.

Can you compare it with similar houses in the area? 

[Deleted User]

amove said:

TheJP said:

amove said:

Thrugelmir said:

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

What have the searches revealed? 

Searches and survey revealed it is in a flood risk area. The flooding was caused by the brook bursting its banks. No preventative steps taken since the flood. I would want to install flood barriers and air brick covers - not sure how resistant they are to floods but that's what I've learnt so far in my searching.

Sounds like you really like the house but want the vendor to pay for these upgrades. Is the house reasonably priced based on the flood risk?

That's what I can't work out if the house is reasonably priced based on the flood risk. If a property has flooded within the last year, should that lower the value? Everything I've read online talks about that property values returned to normal price after three years but I can't seem to find about the three years in between, apart from what @aoleks has said on here which was useful.

You could do some dummy quotes (use a fake name) to see what the insurance would be like. It could be thousands a year. Convincing them that the upgrades have reduced the risk will be extremely difficult.

ReadingTim

I would say walk away, but given the property's history, you might have to swim away...

GDB2222

canaldumidi said:

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.

That's an extreme view. Even if the OP is prepared to live with the risk, the property is 'damaged goods', and it should be priced accordingly.