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Building insurance and share of freehold.
jamesnew
Posts: 5 Forumite
Hi.
Thank you all for your previous help.
I am looking to buy a first floor flat (inc loft area so the roof is also demised to first floor flat) and have found one that suits my needs.its share of freehold with the ground floor flat,just 2 properties in block.
Question is, how is the entire property insured for buildings insurance. Do both flats pay their own buildings insurance or is there 1 buildings insurance to cover both properties and contents cover is up to the individual owners.
Many thanks.
Thank you all for your previous help.
I am looking to buy a first floor flat (inc loft area so the roof is also demised to first floor flat) and have found one that suits my needs.its share of freehold with the ground floor flat,just 2 properties in block.
Question is, how is the entire property insured for buildings insurance. Do both flats pay their own buildings insurance or is there 1 buildings insurance to cover both properties and contents cover is up to the individual owners.
Many thanks.
0
Comments
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Read the lease and then check that whatever it says is being complied with.0
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The lease on the property I am interested in buying does not state anything about buildings insurance but the vendor does insure the top part of the property fff.
According to the first floor flat vendor,The ground floor is owned by a Btl builder person who does his own repairs.
Sadly its time to walk away from a potentially nice flat at a very reasonable offer price.
Cheerio.0 -
A lease which ignores insurance is dodgy. What else does it not specify?
Insuring your half of the building is not much help if the whole building burns down and the other leaseholder has no insurance and can't afford to rebuild his part......0 -
Not going any further with buying that property.
It looks dodgy now and I am sure more dodgy facts could be discovered further into the buying process.
Thank you.0
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