Building ins on leasehold property

Gettingtherequickly

I am asking this as it is to a neutral mob!

My employer has a leasehold property which he has always dealt with appropriately. Brokers have just carried out the necessary for the renewal which is due and he is happy with the numbers.

Today, however, received a letter from the managing agents (who think they are a law unto themselves anyway) advising that we can only insure through a reputable company (it is through LV) and consequently we have got to cancel our policy at due date and pay them for the policy which they have taken out on our behalf.! It also has to be taken out through their office which is FSA registered!!!!!!!!!!

Needless to say, having spoken to the brokers who quite rightly pointed out that our insurance has not been an issue to date, a letter is going to them in tonights post advising the policy we have is through a reputable company and that they will confirm that it is now acceptable. Also pointed out the question of conflict of interest though did stop at commenting on the recent FSA registration!

What are you thoughts or comments?

ACG

I believe they can make you take insurance out through them. Dont hold me to this but im in the process of sitting an exam to be a mortgage advisor and i know mortgage companies (banks/building societies etc) can make you take out insurance through them as part of the agreement. It tends to be quite unusual but i would imagine if they can, then so can your management company.

See what they come back with though. It may be cheaper you never know.