Technology1 min ago
Previously flooded home
Bit of advice needed folks. My daughter is interested in a house for sale that was one of 17000 that got flooded in Hull in 2007. Will it be OK now structually, from the pictures I've seen on Rightmove all the ground floor looks like its all been renewed.Would there be problems getting a mortgage and buildings/contents insurance I was wondering.I think the house was built around the early 90's
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Morgage would probably depend on how well remedial works were done and the chance of the flooding happening again.
A thorough survey and reports on flood potential should be done as a full due diligence before any kind of commitment is made. An expert view is needed. A mortgage lender will more likely than not have a valuer in to assess the property in the circumstances, however, they are not flood experts.
The mortgage company may even recommend certain further investigations/works are carried out before they agree to release any money.
It is common for an Environment search to be done which would pick up on some flood potential (usually computerised data produced automatically from records based on location) but there are much more thorough searches which can be done.
If it gets to the stage of instructing solicitors then make sure they are fully informed from the outset so they can raise appropriate enquiries and do the appropriate searches and check out potential issues in any mortgage offer eg conditions which could save time by getting things in action sooner - even if it means ruling out the purchase.
Mortgage conditions can also include things which need to be done post purchase so she needs to be fully aware of what needs to be done when, cost etc...
The mortgage company will also need confirmation that the property is comprehensively insured so that they are properly protected. She should find out the position on insurance as early as possible.
Appropriate insurance is a standard mortgage condition and solicitors often have to confirm to the lender that they have seen appropriate insurance prior to any mortgage funds being released - some lenders will want to see and approve the policy themselves and they will have set terms about the insurance policy in place (minimum reinstatement value, risks covered etc...) and could add additional ones in the circumstan
A thorough survey and reports on flood potential should be done as a full due diligence before any kind of commitment is made. An expert view is needed. A mortgage lender will more likely than not have a valuer in to assess the property in the circumstances, however, they are not flood experts.
The mortgage company may even recommend certain further investigations/works are carried out before they agree to release any money.
It is common for an Environment search to be done which would pick up on some flood potential (usually computerised data produced automatically from records based on location) but there are much more thorough searches which can be done.
If it gets to the stage of instructing solicitors then make sure they are fully informed from the outset so they can raise appropriate enquiries and do the appropriate searches and check out potential issues in any mortgage offer eg conditions which could save time by getting things in action sooner - even if it means ruling out the purchase.
Mortgage conditions can also include things which need to be done post purchase so she needs to be fully aware of what needs to be done when, cost etc...
The mortgage company will also need confirmation that the property is comprehensively insured so that they are properly protected. She should find out the position on insurance as early as possible.
Appropriate insurance is a standard mortgage condition and solicitors often have to confirm to the lender that they have seen appropriate insurance prior to any mortgage funds being released - some lenders will want to see and approve the policy themselves and they will have set terms about the insurance policy in place (minimum reinstatement value, risks covered etc...) and could add additional ones in the circumstan
...ces.
Questions come up in standard pre contract enquiries as dealt with by solicitors, however, the more known at the outset the better before time and money is wasted.
Also bear in mind that many conveyancers these days are quite junior, especially in more factory like firms who provide very cheap conveyancing - as fees are so cheap, many staff have to be so many aren't legally trained or experienced enough to spot issues (more processors and often files are dealt with by different people at different stages) and know how to deal with them so make sure you get someone good.
Experience could well be worth paying for in circumstances like this. It won't cost a huge amount extra, all conveyancers have to be competitive in this market, just make sure they are experienced.
Questions come up in standard pre contract enquiries as dealt with by solicitors, however, the more known at the outset the better before time and money is wasted.
Also bear in mind that many conveyancers these days are quite junior, especially in more factory like firms who provide very cheap conveyancing - as fees are so cheap, many staff have to be so many aren't legally trained or experienced enough to spot issues (more processors and often files are dealt with by different people at different stages) and know how to deal with them so make sure you get someone good.
Experience could well be worth paying for in circumstances like this. It won't cost a huge amount extra, all conveyancers have to be competitive in this market, just make sure they are experienced.
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