Below is a testimonial one of our specialists received from a client who was struggling to obtain house insurance for a property that had previously been flooded
When we first saw our dream bungalow on the internet, we couldn’t believe our luck. It was about £25,000 out of our price range but I had hoped we could get somewhere near with a cheeky offer. On viewing, we could see it was even better than it looked on the internet and thought there was no way our cheeky offer would be accepted.
That was until the estate agent Informed us that as of that day, the vendors had dropped the price by £35,000 (£75,000 under the original asking price). The reason, it had flooded 4 years prior. Great, we had a chance. We could see the substantial amount of defense work the vendors had carried out and after speaking to a neighbor who had lived next door for 45 years, we realized this was the first and only time it had flooded.
We have since learnt that the vendors had previously sold the property for £35,000 more than our offered price but the buyer pulled out due to the fact that he could not get insurance.
The vendors then confirmed this was the very reason for the drastic price reduction.
At this time a cash offer came in from an investor and the vendor’s estate agent encouraged them to accept this new offer in place of ours as there would be no way we could get insurance and therefore a mortgage against the property. Seeing how much we loved the property the vendors wanted to give us a crack at trying to make the purchase. I had 3 separate insurance brokers looking for insurance for me and none of them managed to cover the property. At a point, when I was just about to give up I saw Neil Cook’s interview on the BBC News.
Neil spoke sense of the bureaucracy that can be involved in trying to secure insurance against a flood risk property. I felt I had to speak to Neil and so tracked him via the internet. I was delighted when Neil announced, “he guaranteed he could find cover for me” and true to his word he called me back within 24 hours with the proposed cover. I was surprised to see that the cost of this was not actually much more than standard property insurance.
The drama didn’t end there as there was also difficulties convincing our building society to lend against this property but with Neil’s help and advice along the way, I am very glad to announce this is also in place.
Thanks to Neil we should be signing contacts within the next couple of weeks and then will be looking forward to spending the rest of our days in the property of our dreams.
I shall certainly be passing Neil’s details on to my friends in my new neighborhood of Emsworth.
Many thanks Neil and keep up the good work.
If you are also having problems insuring your property due to a previous flood please contact us at Flood Risk Home Insuance