Buildings Insurance for Leasehold Flat

Hobbers83

The Post Office have recently approved my mortgage application to buy a leashold flat, however as one of the conditions they have stated that the buildings need to be insured in my name with them as a joint policyholder. On a leasehold property isn't it usual for the buildings to be insured by the freeholder? As the condition explicitly states the insurance must be in my name will it cause an issue if the freeholder is actually the person arranging the insurance?

Joe_Bloggs

On a leasehold property isn't it usual for the buildings to be insured by the freeholder?

I would have thought that too.

The freeholder would normally provide proof of building insurance to the lender and tenant.

J_B.

brixham

See what it says in the lease as mine says that each leaseholder has to sort their own out.

Jellybean_Jo

The buildings insurance on my leasehold flat is covered by the freeholder and included in my service charge. Some properties I looked at weren't like this, so it would be worth checking.
You should at least see your lease well before you exchange, and it should state the details in there (I looked through my lease with solicitor before exchange and now have a copy).

kingstreet

Your solicitor is acting for the mortgage lender as well as acting for you. He will ensure the block buildings insurance policy is acceptable to the lender prior to completion.

If it isn't he will let you know and plan the action you need to take to satisfy the lender's requirements.

Hobbers83

Thanks for all your help guys, I've since spoken to the solicitor and he has said he is waiting for confirmation of the insurance arrangements from the freeholder's solicitor