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Why to Carry Out a Flood Risk Assessment

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Why You Should Consider Carrying Out a Flood Risk Assessment 

People buying a residential or commercial property should consider having a flood risk assessment carried out before completing any deal, says a property specialist at South East law firm Furley Page.

Liz Brady has highlighted the importance of such evaluations following recent flash flooding in Cornwall and the Met Office’s warning of an increased chance of “unprecedented” downpours in Britain this winter. 

She said: “The Environment Agency says one in six homes are at risk of flooding, but a recent survey found more than 53% of people have never checked to see if their homes are considered to be in such areas. This could prove to be an expensive oversight, with flooding in the winter of 2014 causing more than £5 billion worth of damage.

“Knowing of any potential flood risk in advance of acquiring a property means it can be taken into account when considering the valuation of the property, finding suitable insurance or installing flood protection measures. If the risk is not known in advance, the property can lose value or even become worthless in the event of a devastating flood,” added Liz.

Flood risk assessments evaluate how likely a property is to be affected by flooding, taking into account local water sources, existing flood defences and other indicators. They are carried out by a number of providers and should be carried out by property owners, occupiers, landlords and lenders as a precautionary measure.

Liz Brady, a partner at Furley Page, has extensive experience of advising clients on a range of commercial property transactions involving international companies, Kent retail chains, developers, higher educational establishments and local authorities. She is a member of the Commercial Real Estate Legal Association and the Kent Law Society.

For more information and advice on property issues contact Liz Brady by email at efb@furleypage.co.uk or call 01227 763939.

You can also follow the firm on Twitter @furleypage and on LinkedIn.




Author:Furley Page

Source:www.furleypage.co.uk