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Freeholder's Building Insurance - rip off?
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# 1
hillian
Old 25-11-2013, 7:28 PM
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Default Freeholder's Building Insurance - rip off?

Hi,

Does anyone have experience of paying a Freeholder annual buildings insurance?

I recently bought a one bed flat (leasehold) in London and the freeholder has just sent me an annual bill for the buildings insurance for my flat alone as 700. It seems extortionate.

It's a one bed flat 66 square metres, in a terraced victorian building that is split into three flats. All three flats pay the same amount of buildings insurance.

I've asked the freeholder for backup to this fee but he's not replying.

Appreciate any advice offered!!
Thanks!

Last edited by hillian; 25-11-2013 at 7:34 PM.
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# 2
dacouch
Old 25-11-2013, 8:18 PM
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Quote:
Originally Posted by hillian View Post
Hi,

Does anyone have experience of paying a Freeholder annual buildings insurance?

I recently bought a one bed flat (leasehold) in London and the freeholder has just sent me an annual bill for the buildings insurance for my flat alone as 700. It seems extortionate.

It's a one bed flat 66 square metres, in a terraced victorian building that is split into three flats. All three flats pay the same amount of buildings insurance.

I've asked the freeholder for backup to this fee but he's not replying.

Appreciate any advice offered!!
Thanks!
Flats have a lot of claims.

Premiums in London are high due to theft claims and subsidence claims in the clay areas.

There may have been a number of claims prior to you moving in which increased the premium.
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# 3
G_M
Old 25-11-2013, 8:25 PM
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Quote:
Originally Posted by dacouch View Post
Flats have a lot of claims.

Premiums in London are high due to theft claims and subsidence claims in the clay areas.

There may have been a number of claims prior to you moving in which increased the premium.
All true. But the leaseholder is entitled to see the renewal quote for the building and how it has been apportioned between leases.

I suspect there is also a mechanism for making the freeholder obtain several quotes, but this might need joint leaseholder action, and/or setting up a management company run by the leaseholders. I'm not knowledgeable in this area, but see:

http://www.lease-advice.org/
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# 4
ads2312
Old 26-11-2013, 11:06 AM
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best thing to do is get some quotes yourself then talk to http://www.lease-advice.org/
We've had similar problems in one of my flats. High insurance, useless expensive management and every year we have extras to pay on top of the high service charge. It's a victorian conversion, 4 flats. From memory we paid about 1200 between us for insurance which was way over the top for the area. I've done a bit of research and could get it for quite a bit less.
IMO best thing to do is talk to the other owners and go for RTM or if you can afford it the freehold. We've just started ours as we are fed up with the current lot ! good luck
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# 5
Ionkontrol
Old 26-11-2013, 1:13 PM
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You are getting shafted.

My buildings insurance is 175 a year.

4 flats in converted Victorian house in Greater London. Total 700.

Try Bridle Insurance, they halved what we were paying.
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