Flat property insurance/damage/repairs

far_away

I have never purchased the flat before, and was wondering what is the situation if there is a leak in the roof, the foundations subside, and when you are insuring the property?

Wobblydeb

You need to insure what you are responsible for.

The lease should tell you what you are responsible for - your solicitor will explain what the lease says when you purchase the flat, but make sure you read it yourself too.

It can vary massively between properties - for instance there are "Tyneside" flats in the North East where the upper flat is responsible for the roof and the lower flat the foundations. At the other end of the scale, it may be a block where everyone pays a service charge, and the building is insured via the management company (paid for out of the service charge).

If the lease states there is shared responsibility for repairs (e.g. the leaky roof) then your solicitor should confirm that there is a management company and sinking fund (savings for repairs) in place. If not (and I've come across an older block like this) then approach with caution.