Renegotiating offer due to property flooding

GDB2222

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.

Yes, of course the property is less valuable. Starting with the doubled insurance premiums, the extra premiums would fund a 5 digit increase in your mortgage.

And, if it has flooded once, how soon is it going to flood again? Will you be able to insure it again?

It's not just air brick covers, etc. One issue is sewers flooding, and then you can get sewage coming up through any downstairs drains. Is there a guest toilet downstairs? 

Maybe, you are right that people often forget about floods after around 3 years, but do you really want to bet on that?