10:11 AM, 25th February 2021, About 7 months ago 12
Hi Everyone, I am currently in the process of purchasing a house as a buy to let investment. However, the environmental report has come back and indicated this property is in a high flood risk area.
I had a conversation with the vendor, and he confirmed the property had never been flooded before, but the properties on the other side of the street has. In addition, the flood gate and flood wall has been installed to each property in this area by the city council a couple of years ago.
I also checked landlord insurance, it looks like there are only 3 or 4 insurance providers and all charged at a premium.
Hence, I am not sure what steps shall I take next:
1. Continuing with the purchase
2. Give the vendor a revised offer price
3. Stop the purchase due to the flooding risk
Any suggests are welcome or anyone with similar experience?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Next ArticleEPC score is a moving target and a joke?
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|