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Features41Great expectationsIn the conveyancing process, clients’ expectations of flood risk investigations ‘as standard’ aremisaligned, despite insurance risks and legislation changes set for 2013, as David Mole reports.Arecent survey has revealedthat 55% of property ownersin the UK expect solicitors toautomatically investigate a property’sflood risk as part of the conveyancingprocess. The survey, commissioned byLandmark Information Group, has alsohighlighted that, despite 80% of UKhomeowners stating that they wouldnot buy a house that was at risk offlooding, only 42% of people actuallyinvestigated their flood risk beforebuying their home.• 55% of buyers expect theirsolicitor to investigate aproperty’s flood riskautomatically as part of theconveyancing process• 80% of UK homeowners wouldnot buy a house that was at riskof flood but only 42% of peopleinvestigated their flood riskbefore buying their homeThe CML states that, in order to protectboth the borrower and the lender, it isa requirement of all mortgages for theproperty to be covered by standardbuildings insurance, including floodcover, for the full term of the contract.If insurance is not available, then it islikely that a purchaser will not be ableto obtain a mortgage.The Statement of Principles:Impact on InsuranceThe Statement of Principles, anagreement between the insuranceindustry and the Government whichcommitted insurers to continue toprovide flood insurance for mosthomes and small business premises(even in areas of significant flood risk)is scheduled to come to an end on 30June 2013 and will not be renewed. As aresult, the ABI declared insurers wouldreturn to ‘risk-based’ pricing followingthe end of the Statement of Principlesunless they and the Government comeup with an alternative.The impact of this is that owners ofproperties with significant or high floodrisk are likely to find that their premiumsor excess increase or that certainconditions are imposed on cover. I knowof several cases whereby insurance hasincreased by two-thirds and the excessamount has risen to as much as £15,000-£20,000 – and they are among the luckyones; those at greatest risk may not beable to obtain flood cover at any cost.Added to this, where flood insurance isnot available, the property owner may bein breach of their mortgage.Flood Risk AssessmentsIt is crucial, therefore, for legalprofessionals to encourage theirclients (whether the purchaser, tenantor the lender) to obtain a desktopflood report for any property they areconsidering purchasing or taking alease of. This will highlight any potentialproblems, enabling legal professionalsto research whether insurance coverwill be available & affordable and todiscuss flood resistance or resiliencemeasures at a stage when it is stillpossible to renegotiate the purchaseprice or cost of the lease.Solicitors need not, however,become data or mapping experts,or even hydrologists, to understandthe various types and levels offlood risk; help is at hand. Desktop,conveyancing-ready reports are easilyavailable to solicitors, making their jobof providing a comprehensive servicefor their clients very straightforward.Common myths, such as“I don’t live near a riveror the coast so I can’t beflooded” and “I live on ahill so it won’t happen tome”, need to be dispelled.I strongly urge solicitors torecommend clients obtain acomprehensive flood report asstandard practice. Common myths,such as ‘I don’t live near a river or thecoast so I can’t be flooded’ and ‘I liveon a hill so it won’t happen to me’need to be dispelled. The floodingwhich occurred in Wales duringJune of this year took place in someareas that have not flooded in over80 years. Flash flooding is the mostfrequent type of flooding in the UKand, as demonstrated by the rainfallthis summer, homes do not need to benear a river or the coast to be affected;it can happen anywhere to anyone,often with little warning.Every individual has a different riskprofile and offering a comprehensiveflood report as standard practiceremoves the assumption of risk ontheir client’s behalf.Our Homecheck Professional FloodReport, www.homecheckpro.co.uk,is a desktop, conveyancing-readyflood risk screening report designedto enable property professionals toassess the risk of flooding at residentialproperties. Following feedback fromour customers, the report has recentlybeen significantly enhanced to ensurethe clearest risk analysis possible andincludes new data sets to provide acomprehensive assessment covering alltypes of flooding.From 1 July 2013 onwards, if aproperty is ‘at significant risk’ it mayprove extremely expensive - if notimpossible - to obtain flood insurance.If a property cannot be insured, thesolicitor will be unable to provide thenecessary Certificate of Completionto the Lender to release the mortgagefunds and the buyer will be unable tocomplete the purchase.David Mole, Director of EnvironmentalDue Diligence for LandmarkInformation Group* OnePoll survey, August 2012.ML // November 2012
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