Flood protection legislation makes moving more complex
It is clear something strange has been happening with our weather in recent times.
Whilst we can look with perhaps the distortion of rose-tinted glasses on long hot summers gone by and crisp cold winters, it is clear following a particularly wet winter that flooding remains a huge concern for many – especially communities like us in the Fens.
Therefore, from a legal point of view, it is of great interest to the public that new flood protections for homeowners in flood-hit areas will make the conveyancing process more complex.
Flood Re, a national scheme owned by the insurance industry, to help households at the highest risk of flooding, came into being in the past few weeks following authorisation by the Prudential Regulatory Authority and Financial Conduct Authority. In essence, it is a reinsurance company where insurance companies forking out millions due to flooding damage can pay premiums to protect themselves against these substantial pay-outs.
Not all properties are eligible to benefit from the not-for-profit scheme and due to the extremely detailed criteria defining whether your property qualifies, it is now posing questions throughout the conveyancing process, which is creating extra work for conveyancers.
Only what is termed as ‘interpreter’ flood reports flagging potential eligibility for Flood Re would ‘sufficiently’ protect homebuyers, experts involved in the scheme have warned.
The fact is while it is to be welcomed as offering protection to homebuyers purchasing properties in flood-risk areas, it means more work to be done for legal teams, which has to be passed on to the customer.
We at Bowsers believe that by highlighting this we hope we once again show the importance of the public searching for reliable conveyancers when buying a property.
We, like all reputable law firms, have to get our heads around all matters regarding the legal complexities of purchasing property.
Lives can be ruined if conveyancing isn’t done correctly, which can be the case with the cheap and not so cheerful firms on the web.
There are many pitfalls in the process of buying a home, which must be considered.
This is especially so here in the Fens, where only those conveyancers who know the geography of the area should be trusted.