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What lessons should we learn from recent flooding events?

As the flooding of the last few weeks pales into a near distant memory, at least for those of us unaffected, what lessons should we draw?

Well, even before the floods arrived, the message coming out from all the Conveyancing CPD presentations we worked alongside last year was about flood risk having increasing significance for conveyancers.   Not least because of:

Going forward, the message for firms therefore has to be one of tightening compliance towards “belt and braces”.  In much the same way as contaminated land became an issue when it first emerged and is now an accepted norm, so flood risk needs to be considered in a similar vein.  So:

As a consequence I’ve been highlighting the issues with firms at Compliance Reviews and generally as I’ve worked with retained clients.  Possibly the greatest concern is the approach adopted in cut-price conveyancing, when clients sign a disclaimer to complete their transaction without any searches.  Introductory paragraphs to these indemnities pay little attention to the potential impact of flood risk for what could be a relatively modest premium.

And finally, don’t forget for most firms its perhaps another entry for the Risk Register.

By Norman Denton, Associate at Legal Eye [1]