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Buildings insurance for long leasehold properties.
reynom1
Posts: 4 Newbie
I am about to purchase home and contents insurance, but someone has told me that, as I bought my house on a long leasehold, the freeholder will already have insurance cover for the buildings. Therefore I've been advised only to buy contents insurance.
I am on a budget and don't want to waste money duplicating cover that is already in place. At the same time, I don't want to go on hearsay and possibly end up not having the right kind of insurance, just to save money.
No information on this came with the house purchase and the freeholder uses a management company that wants to charge me for dealing with any queries. I've tried searching the net, but cannot find the answer to this one. Does anyone know if this is true? And if so, is it always or sometimes the case? Any help gratefully received.
I am on a budget and don't want to waste money duplicating cover that is already in place. At the same time, I don't want to go on hearsay and possibly end up not having the right kind of insurance, just to save money.
No information on this came with the house purchase and the freeholder uses a management company that wants to charge me for dealing with any queries. I've tried searching the net, but cannot find the answer to this one. Does anyone know if this is true? And if so, is it always or sometimes the case? Any help gratefully received.
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Comments
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Normally leasehold properties are Insured under a block policy arranged by the freeholder. The current owners or their solicitors should have the details. You need to know the details, as normally such policies only cover the building itself. It will probably not cover the Kitchen or bathroom in your property, so you need to think about how much you Insure the Contents for to include such fittings and fixtures in your property.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
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Have you only just bought the property? If so, call your solicitor and ask them - this information should have been given to you when they reported to you on the purchase. Or check your lease. With leasehold houses it is more likely that you will be responsible for buildings insurance than if it was a flat.
Either way you need to know. If it is your responsibility and you haven't insured then you will be in breach of the lease and your mortgage (if you have one). If it is the freeholder's responsibility then you should have been provided with a copy of this.0 -
Sorry for not acknowledging your kind post sooner. Thank you!0
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Sorry for not acknowledging your kind post sooner. Thank you for your very helpful response!0
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