Law Society Issue Flood Risk Practice Note Update
The Law Society has published the first revised Practice Note on Flood Risk in four years over the weekend.
Concerned with the recent changes to the climate, the Practice Note’s main changes concern the prevalence of flood risk, insurance for both residential and commercial properties and related changes to the Law Society’s Conveyancing Protocol.
The Environment Agency has speculated the UK is set to experience significant change in the future.
Last year alone, erratic weather over the summer months and September experiencing near-record rain fall resulted in 2,400 flooded properties and 22,275 additional properties protected by flood defences.
Furthermore, 5.2 million homes and businesses are currently at risk of flooding with this number expected to rise.
Given that flooding costs the UK around £600 million per year, the Law Society is urging conveyancers and other property stakeholders to ensure consumer education and due diligence is considered as a matter of importance in the future.
The Practice Note also includes new and updated advice on:
- flood risks
- flood searches
- flood maps and indicators
- inspection, surveys and valuations
Russell Hewitson, chair of the Law Society conveyancing and land law committee, commented:
“Flood risk can be a serious issue for some homeowners.
“Prospective buyers need to be taking steps to investigate whether they will be able to obtain insurance cover on acceptable terms before they agree to buy a property.
“There are other steps they can take to obtain more information about this risk, and these are set out in this revised Note”.
Click here to read the Practice Note.