Buildings Insurance

kingstreet

Pupnik wrote: »

I noticed I have an insurance section on the paperwork my solicitor sent to me, too. I don't really know what to do with it as it is a 2 flat house which already has building insurance until October as the guy who owns the top flat rents out a lot of properties and has it covered on his landlord's insurance as per the agreement he had with the vendor. I'm not sure how common this is, or if it is even allowed, so it may be better for me to just ignore that insurance completely and do my own, but then the building (ground floor anyway) will be insured twice. I wish this whole process wasn't so complicated...

If you're buying a leasehold flat, the property should be insured by the freeholder. Is it possible the solicitor has sent you a standard letter and that the insurance bit doesn't actually apply to you?

If you check the building is insured, you don't need to insure it yourself. Don't assume it is though. Ask for a copy of the schedule for your peace of mind.