The following Environment guidance note Produced in partnership with Argyll Environmental and Burges Salmon provides comprehensive and up to date legal information covering:
As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this content.
For further guidance, see Practice Note: Brexit—impact on environmental law and News Analysis: Brexit Bulletin—key updates, research tips and resources.
The property, legal and financial markets are becoming increasingly sensitive to flooding and flood risk as the cost of flood damage continues to escalate.
Flood insurance plays a crucial role in the management of financial losses associated with flood damage. The Council of Mortgage Lenders explains that flood insurance costs may affect mortgage affordability and the amount that a lender might lend. Properties may become un-mortgageable if the cost of insurance becomes prohibitive. Similarly, most commercial lending agreements require fully comprehensive insurance.
Where a property is not mortgageable, there may be difficulty when selling the property in the future. Failure to appreciate the escalating costs of flood insurance premiums in high risk areas can have serious consequences for those who own property in these areas.
Flood insurance will typically provide different aspects of cover depending on the policy in place and whether the
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234