How To Sell A House That Has Flooded
(Last Updated: 14/06/2024)
30/01/2023
82
5 min read
Key Takeaways
- If you're unsure how to sell a house that has flooded, you can still do it, but your property's value might decrease.
- Although there is a flood risk, people are still buying properties in affected areas. You will need to give a detailed and accurate description of the property's history in the TA6 Form.
- Any home that is at risk of flooding can still be insured, although a more expensive premium might be payable. Measures have been taken to minimise that premium.
If you're worried about how to sell your house when it's been flooded, rest assured - it is possible to sell. Previous history of flooding might not deter all buyers, so you can certainly find someone to purchase your property. The process of selling your house will be the same as if the house wasn't at risk of flooding. However, it will involve:
Giving an accurate description of the flood history of your property
Your buyer's lender making it a condition for the property to be insured
Being at risk of flooding will cause property prices to decrease, so you need to be prepared to sell for a lower price. You are also liable for declaring flooding when selling a house.
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How much does flooding devalue a house?
If your property is located in an area that is prone to flooding, this can cause its value to decrease. This can range anywhere from £10,000 to £30,000, depending on how high that risk is. With flooding being a rising concern, many homeowners are worried about how to sell a house that has flooded.
If you're wondering how to sell a house that has flooded, you should always be prepared for buyers to negotiate your asking price. If they're taking on a risk or have pay more expensive premiums for insurance, chances are they will try to offer less for your property.
Do solicitors check flood risk?
A flood risk report is not mandatory when buying a house. The buyer's solicitor can suggest ordering this search once they become aware that the property is located in an area prone to flooding. It is the buyer's choice if they check for this.
Alternatively, if you already have a flood risk report done on your property, you can provide the buyer with a copy of the results, to reassure them of inform them of the risks.
Do you need a flood risk report to sell a house?
No, you do not need one. You are responsible for declaring flooding when selling a house, but this is usually done through the property's TA6 Form. A flood risk report is an additional conveyancing search and it is usually ordered and paid for by the buyer. However, as stated above, flood risk reports are not mandatory.
If your buyer is using a mortgage, a risk will be highlighted in the mandatory environmental search. In order to get more details, they might have to get a flood risk report. Alternatively, cash buyers are not restricted by any lender's requirements, so they can choose to order this report if they want to check for any flooding risks.
Do home sellers have to disclose flooding?
Bear in mind that as a seller, if you're wondering how to sell your house when it's been flooded, honesty is the best policy. You are responsible for disclosing all information you have about the flood history of your property. This is usually written in the TA6 Form. This is the form you will give your potential buyers with all information about the property.
Although it may seem difficult, you can sell your house, even if it has flooded in the past. SAM Conveyancing can help you with this entire process.
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Written by:
Laura Cristian
Laura has a talent for data analysis and fact-finding. She is an advertising graduate with a broad range of skills in the web marketing field within conveyancing sector. She works closely with our panel of solicitors and surveyors to understand our clients' needs and challenges and to write the most valuable content for you.
Reviewed by:
Andrew Boast
Andrew started his career in 2000 working within conveyancing solicitor firms and grew hands-on knowledge of a wide variety of conveyancing challenges and solutions. After helping in excess of 50,000 clients in his career, he uses all this experience within his article writing for SAM, mainstream media and his self published book How to Buy a House Without Killing Anyone.
