owning a house in a flood risk area

[andycap]

I,m looking for advice from anyone living in a flood risk property, or knowledgeable regarding insurance / mortgages on those properties .
We have found a fantastic property that we really like and have had our offer on it accepted , but doubts are creeping in . It is cat 3 risk ,(high) for tidal flooding and surface water , it did flood heavily in 1953 when many thousands of properties flooded , i don't believe it's flooded since , although it has come close and preventitive measures are in place and have been used . I have done buildings / contents insurance searches and can get cover (cheaper than i expected ) and the current owner has insurance . We do not need a mortgage but are considering a small mortgage or loan ( relative to value ) in order that we can carry out works needed , quicker than doing it as funds permit .
Our biggest doubt is whether the house is mortgageable , as if not it could make things difficult when we come to sell . I have read that if you can get insurance then you can get a mortgage , but i'm not convinced ,
Any knowledgeable thoughts greatly appreciated , thanks

 

[3-off-the-tee]

I don’t have any experience on the matter but have you read this?

https://www.onlinemortgageadvisor.co.uk/property-types/flood-zone/

Seems to suggest there are lenders who will mortgage a high risk property but ask for insurance/a large deposit.

I would imagine that if you came to selling it and it was mortgageable the fact it is at high risk of flooding may put off prospective buyers anyway.

 

[Lord Tyrion]

I live in a town that has flooded previously. We are on high ground so our house is not at risk but there are plenty along the river, below the river level that are at risk. Hugely expensive flood defences were put in and so far they have worked. They are however still marked by everyone, including the insurance companies, as houses that have previously flooded. Note how 'one in a generation flood incidents' are happening more frequently.

If this is your forever house then don't worry, other than you may have to accept occasional flooding. If if isn't then you may have issues selling it on, remember the location mantra.

Personally, no matter how nice, no matter the defences put in, I would walk away.

 

[chellie]

I live in a town that has flooded previously. We are on high ground so our house is not at risk but there are plenty along the river, below the river level that are at risk. Hugely expensive flood defences were put in and so far they have worked. They are however still marked by everyone, including the insurance companies, as houses that have previously flooded. Note how 'one in a generation flood incidents' are happening more frequently.

If this is your forever house then don't worry, other than you may have to accept occasional flooding. If if isn't then you may have issues selling it on, remember the location mantra.

Personally, no matter how nice, no matter the defences put in, I would walk away

I would do the same. Just look at the devastation it causes and think could you live with it.

 

[Maninblack4612]

I wouldn't touch it with a barge pole. OK, it's mortgageable & insurable just now. However, will it still be if you have a flood? On the basis that places which haven't been flooded for years are now being flooded regularly would you really want to take the risk? I wouldn't.

 

[chrisd]

Same for me as others, I'd not buy a house that could flood or one very near a pub- I've done both in the the distant past and wouldn't contemplate doing so again

 

[Lord Tyrion]

I would do the same. Just look at the devastation it causes and think could you live with it.

I would also add, having spoken to many who live in the previously flooded areas, that when it rains heavily they all go on edge and just sit looking out of the window dreading it happening again. Not fun to feel like that in your own home.

 

[drdel]

There are systems you can get installed to mitigate minor flooding.

If you are really keen I'd get a few quotes and reduce offer accordingly. Otherwise move on.

 

[williamalex1]

I remember many years ago the police dog kennels building in Pollok Country park flooded when the river Cart burst its banks, sadly a few dogs drowned.
After that event they built a 4 foot flood wall around the building , with steps up and over for access.
Expensive but it worked.

 

[pendodave]

Two things we know for sure.
Sea level isn't going down any time soon.
Generational weather events are becoming rather less generational.

 

[Britishshooting]

Wouldn't recommend it. The amount of new homes being built on flood plains will soon result in whole estates being wiped out I fear. It keeps the economy rolling for now and keeps developments going up but it will be at the heartache of the residents/communities nobody else.

With more claims will come more costly insurance which are even more heavily under written regarding flooding.

Ultimately it's your decision but honestly there are thousands of other properties on the market which will meet your needs and wants without putting your finances, well being and possessions at such high risk.

I live in the peak district fortunately at probably the most elevated point, however many properties and business's along the River Derwent were destroyed November 2019 as a result of floods, helping locals during this period made me see the pure devastation a property being flooded causes. I just woulkdn't risk it myself.

The whole event was made even worse by some considerate scrote in a tractor driving up and down the high street as the floods withdrew which was sending 3 foot bow waves through everybody's properties during clean up.