On 23 May 2013 The Law Society issued the long-awaited Practice Note on Flood Risk for conveyancing solicitors.
The repercussions of recent floods are a reminder of how property value can be undermined by environmental factors. If a property is at risk of flooding it may be difficult to obtain a mortgage, obtain suitable insurance cover or sell the property. The flood practice note represents The Law Society's view of good practice on providing the right conveyancing information to clients at an early stage in the property transaction.
What does the flood practice note cover?
The flood practice note outlines the different types of flood risk, advises that flood risk should be mentioned to the client in all conveyancing transactions and provides a list of the type of flood searches available.
Flood searches for conveyancers
These include the Environment Agency Flood Map, the Land Registry Flood Risk Indicator and commercial flood searches. The flood searches evaluate the terms on which insurers are willing to insure against flood risk and provide a certificate of insurability.
What this means for solicitors?
Solicitors and conveyancers should liaise with clients in relation to which, if any, flood searches or other investigations, may be appropriate. Having the correct information will allow your clients to negotiate on price and research buildings insurance before entering into any contractual commitments on a property.
Geodesys offers a number of conveyancing flood searches as well as environmental reports that include an element of flood screening. Flood risk is only one of a number of issues that can affect the value, saleability and insurability of a property or piece of land. Geodesys also provides a full range of conveyancing searches including CON29DW, Local Authority, environmental and planning searches.