Jurisdiction(s):
United Kingdom

Key definition

Transaction definition

What does Transaction mean? A transaction describes a legally binding dealing or arrangement by which assets, securities, services or obligations are created, transferred, varied or extinguished, whether as a single step or a series of steps. In practice this includes corporate acquisitions and disposals, real estate conveyancing, lending and taking security, restructurings, derivatives and other commercial dealings. In capital markets, a transaction commonly means the purchase, sale, subscription or underwriting of a particular investment. The term is a descriptive umbrella used across multiple legal contexts rather than a term with a single statutory meaning. Specific legislation, regulatory rules and contracts may define “transaction”...

Flood risk in property transactions: searches and enquiries, contractual allocation, lease issues and insurance (including Flood Re), guidance for England and Wales

Published by a LexisNexis Environment expert

Practice notes

Introduction

This Practice Note sets out an overview of flooding matters that can arise in property transactions. It is intended to equip clients to check flood risk at a property and to weigh the key points when buying or selling. For material on heightened flood risk, climate change and the solicitors’ duty to warn clients about climate-related risks, see News Analysis: The legal duty to advise and warn about climate risk—developments for property lawyers. The Law Society of England and Wales has issued an updated practice note entitled ‘Climate Change and Property’. That guidance expresses the Law Society’s view of sound professional practice on climate-related risks in property work, highlighting physical, transition and liability risks as potentially relevant. It recommends that solicitors, acting within the scope of their instructions and competence, consider whether to bring such risks to clients’ attention and suggest climate-risk searches where appropriate...

Impacts of flooding risk on properties

Cost and Disruption of flooding

Flooding can generate significant expense for both individuals and businesses. Outgoings may arise from:

moving to another property/renting alternative premises
repairing damage to the property (including structural)...

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Simon Tilling

Environmental Lawyer, Partner, Burges Salmon

• I am an environmental lawyer with a background in both science and law. I advise on all aspects of UK environmental law and regulation and I am dual-qualified to practise in England and Wales and Scotland. I advise on operational compliance, regulatory investigations, enforcement and criminal defence, regulatory appeals, tribunal hearings, judicial review and environmental civil claims.• In January 2026 I rejoined the partnership at Burges Salmon (having been a partner at the firm between 2016 and 2021), to continue my environmental law practice with a particular specialism in water law and chemicals regulation.• Between 2023 and 2026 I built and led a new in-house environmental law team within Pennon Group plc in support of its water and waste-water businesses.• I have also been a partner in Washington D.C. headquartered Steptoe & Johnson working from both Brussels and London on UK and EU...

Michael Barlow

Burges Salmon

Michael leads the environment team and the cross-firm water sector team. Michael covers contentious and non-contentious business for a range of clients from a variety of sectors. He has substantial experience of running cases in criminal courts, tribunals and civil courts to the Supreme Court as well as other methods of dispute resolution including arbitration and mediation. On the non-contentious side, Michael has particular expertise in energy efficiency, contaminated land and environmental permitting but has advised on a broad range of topics over the last 15 years. Michael is a former editor of the Environmental Law Review, regularly lectures on environmental law and contributes articles to environmental journals. ...

Michael Bowes

6 Pump Court

Dr Michael Bowes has extensive experience in law including: Infrastructure, Energy, Planning, Environmental, Commercial and Competition. In addition, he has considerable experience in Water Law and is recognised as an industry expert. He provides advice to the top level of those in Law and Industry.He currently works at 6 Pump Court Chambers as a barrister. Michael joined Chambers from a long and successful career in private practice. He qualified as a solicitor in 2007. During the previous decade, he worked with Eversheds Sutherland LLP and BCLP LLP as a senior regulatory specialist. He led teams in Nationally Significant Infrastructure Projects to include Development Consent Orders and Transport Works Act Orders. Previous to this, he worked as a lawyer with international organisations (The United Nations, The Council of Europe) and private organisations (fund management, private enterprise, private practice). He has also taught...

Web page updated on 22/05/2026

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