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Solicitors Responsibilities – Flood Risk

24th January 2014

In an article recently published in the Solicitors Journal John Coulter (Hadaway and Hadaway) comments that, “The Council of Mortgage Lender’s handbook states at 5.4.1 that you must ensure that all usual and necessary searches and enquiries have been carried out.  I think that as the risk of flooding has increased, the flood search has become one of the ‘usual and necessary searches'”.

John Coulter, further notes that, “A good search will provide information on the flood risk across the board, i.e. rivers, coastal, ground water, surface water and other possibilities; the search will also give an opinion as to the risk and finally, if the property is insurable and on what terms.”

The issue of flood insurance has taken a further twist in early 2014 after Defra announced that up to 9000 homes will not be covered by the Government’s new flood insurance initiative. Flood Re, which is due to start next year, does not cover homes built on flood plains after 2009, or properties in council tax Band H.

Some 3,800 homes in England and Wales in Band H are at high risk of flooding and will not be covered, while about 5,000 homes have been built on flood plains since 2009.

Landmark offers a range of flood reports depending on your needs and circumstances, all available through the ETSOS platform.

Standard residential transaction – Homecheck Professional Flood

High-end residential transaction – Floodsolutions Residence

Standard commercial transaction – Sitecheck Flood (or Sitecheck Combined)

High-end commercial transaction – Floodsolutions Brief, Floodsolutions Commerical or Sitesolutions Combined

For more information on this, or any other Landmark report, please contact your ETSOS account manager, or speak to us directly on 01524 220000.

 

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