Homecheck says high flood risk, now what?

[maybebabybee]

In process of buying a flat, mortgage application is in progress and solicitor has done searches. The homecheck search has indicated the property is in an area of high risk for ground surface flooding and our solicitor has said we should commission a more in-depth report which will cost us about £350. I understand the risk may affect our mortgage application and any insurance we'd take out.

Any experiences? Is it worth it or should we abandon the purchase? If the in depth reports reveals that we need to spend another few grand on flood defences then we won't be doing that as we don't have the cash spare. On the other hand we're buying in quite a specific area so perhaps the risk of flooding is going to be high for all properties?

Sorry if these are all stupid questions, am a clueless first time buyer. We do like the flat but not enough to make a daft purchase.

Flat is on the first floor if that's relevant.

Is it right next to the Thames? If it's on the right side of the Flood Barrier (i.e. the central London side) I would go ahead. If the Barrier goes, lots of London is screwed - but you'll certainly get a mortgage. If it's on the Kent side of the barrier and right next to the River I would re-think.

Elisa I have no idea - how do I tell

Have a look on a map, the barriers are at Charlton and clearly marked. Lewisham is on the central side of the barriers.

Just had a look, seems to be on the central London side

I don't think there anywhere in London that's unmortgageable due to flooding is there?

You may have to pay a hefty whack on your insurance premium but you'll still get a mortgage offer.

We used to live on the London/Kent suburbs near a row of houses which had a lovely stream running along the end of their gardens, at the bottom of a hill. Come one almighty downpour last year, the neighbourhood run-off emptied into the stream and the whole area flooded for a couple of weeks, along with the electricity substation which was positioned across the road (bye bye power).

No idea thewild, that's what I would have thought but googling it looks like it's all doom and gloom!

Our flat is leasehold so buildings insurance is already included - would we need to get additional insurance on top of this does anyone know?

apologies for my cluelessness.

Is the flat in a large purpose-built block? If it's a large development I assume the management company will have little trouble getting suitable buildings insurance, so I don't think that would put off potential buyers. If it's a small block and the individual flat owners are managing the block themselves, someone might have to trawl round the insurance companies to get cover, which could be a pain.

Insurance companies can be a bit odd when it comes to flood risk. A friend was trying to get contents cover for her 4th floor flat next to the Thames (building cover was included in her monthly service charge). One company quoted a ridiculously high fee because she was in a high flood risk area. She reiterated she was on the 4th floor and she just wanted contents cover but it made no difference. So she tried another company and got a reasonable quote from them instead.

Personally, unless the flat is next to one of the rivers flowing through the borough, I wouldn't be put off. And actually, if it were one of the new developments by the river in Catford or Lewisham town centre either, that wouldn't put me off either.

It's odd because our flood searches that came back say we are low risk but environment agency website seem to say high. I would be inclined to think the paper copy I have from solicitor is most accurate, so possibly be wary about relying on the website too much, it can be difficult to zoom in enough to get the detail.

Just wanted to update this quickly - mortgage approved with no problems, buildings insurance not an issue as flat is leasehold so it's included.

Abandon it, it's not worth the hassle.