First time buyers and Further Actions
Homebuyers were given a welcome boost in last week’s (3rd March 2021) Budget when the Chancellor announced the extension of the stamp duty holiday to June and Government-based 95% mortgages for first time buyers.
Buying a house can be one of the most stressful and daunting experiences and these measures offer a great helping hand to those looking to enter or progress on the housing ladder. During this process it is vital to enlist the help of professionals at the front end to make the process as smooth as possible. This applies to both homebuyers and conveyancers when undertaking due diligence.
Environmental searches are an important aspect of the property buying process and with the increased frequency of extreme weather the threat of flooding is a real concern. This can have a direct impact on a property and its future value. The Environment Agency estimates that 5.2 million homes and businesses in England are at risk of flooding. In addition, more than two thirds of properties in England are served by infrastructure sites and networks located in (or dependent on others in) areas at risk of flooding. The Met Office’s UK climate projections show more extreme weather events and sea level rises resulting from climate change. This, when combined with increased housing development, will heighten flooding risks.
Ashfield Solutions Group work in partnership with Future Climate Info to provide an enhanced view of where known flood risk exists. Using property specific data from local sources, we can identify what types of flooding have potentially occurred in the area and how this can impact the insurability and implications of mortgage applications.
Our FCI Flood Appraisal delivers a powerful combination of data intelligence and expert analysis. We use flood mapping and detailed analysis to provide an enhanced view where flood risk could potentially occur. It is recommended this more in-depth assessment is undertaken when a ‘Further Action’ has been identified in the initial Environmental Search report. In many instances a review of specific property attributes (for example topography and door threshold heights), coupled with local information (such as Strategic Flood Risk Assessments), can result in a mitigation of the identified risks and a revision of the initial Further Action status. Where risks remain, legitimate solutions to manage that risk are provided.
Flooding can occur from a complex set of events and a trained eye is key to delving a deeper understanding of the potential risks as well as providing advice on how to mitigate these risks. Our affordable, property specific flood risk review gives you the complete picture giving that extra clarity and peace of mind that you have all the information required to make the most informed decision.
Click the below link to take you to the full FCI Flood Appraisal product card or talk to us to find out more.
a review of specific property attributes, coupled with local information, can result in a mitigation of the identified risks and a revision of the initial Further Action status