Thu 28 May 2015
What to do if your property is affected by flooding. By Daniel Money, Manager – Sowerbys Wells office
If you are unlucky enough to find water in your home, where it came from may be the last thing on your mind, however, flooding can come from a variety of sources, such as: rainfall, rivers, sea, ground water, ditches and drainage the list goes on.
If you had just bought a newly built home would this be covered by your 10 year NHBC warranty?
The answer to that depends on the cause.
If the flooding was due to underground pipe works within the boundaries of the property’s title, it is covered. If it is a burst pipe inside the property however, it is only covered for the first two years under the building contractors liability.
If your property is flooded due to its location, the simple answer is no, as it is not typically caused as a result of construction. This is very much a matter for a claim via your property insurance.
What preventative measures are in place to stop property being built on flood plains?
New development guidance has been introduced by the Government which aims to reduce the practice of developing in flood plains and ensure that all developments minimise their own exposure to flood risk and do not exacerbate flood risk to neighbouring properties.
This does not help you if you already own a property on a flood plain and are concerned that your investment can literally be washed away. However, all is not lost as a team of researchers led by Dr Jessica Lamond has addressed this question by using real transaction data and comparing house prices before and after flooding. The research revealed that homes in the flood plain grew at the same rate as the surrounding areas. For the small minority of locations where a price dip was observed the effect was temporary; and that prices recovered within three years.
"We have thought carefully over the weekend about what to do next concerning selling our property, and we both think that for the time being we should stay put due to our situation. We will return to you, as you and your colleagues really are a top notch estate agent and we can clearly see just why you are so successful. Thank you all for your help."