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Buildings insurance for flat

malihat
malihat Posts: 133 Forumite
Part of the Furniture 100 Posts Combo Breaker
in House buying, renting & selling
According to our lease, we have to arrange the buildings insurance for the flat we're buying and according to our mortgage lenders, it has to be from the point of exchange. The problem is, for the insurance we need to enter details of locks on doors and windows, but we don't know what locks are currently on the doors and anyway we are planning on getting a locksmith to change them. What do we put down for insurance purposes?
Sometimes our light goes out but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light.
-Albert Schweitzer
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Comments

  • eddddy
    eddddy Posts: 18,543 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Is the flat in England/Wales?

    If so, it's very unusual for a leasehold flat owner to need to arrange buildings insurance. It's normally done by the freeholder.

    Has your solicitor confirmed that your lease requires you to do this?
  • malihat
    malihat Posts: 133 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    It's in England and yes, our solicitor has told us we need to arrange the buildings insurance.
    Sometimes our light goes out but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light.
    -Albert Schweitzer
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    If you change the locks, you'll probably be changing just the barrels, rather than the type. Ask the EA what kind of locks are currently fitted. If you don't much like the answer, then plan to upgrade them.
  • malihat
    malihat Posts: 133 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    The problem is that if we need to upgrade, we can only do so after completion but insurance needs to be in place before, so what do we put down for insurance purposes?
    Sometimes our light goes out but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light.
    -Albert Schweitzer
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    What you're going to be installing immediately after moving in.
  • westv
    westv Posts: 6,608 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    malihat wrote: »
    It's in England and yes, our solicitor has told us we need to arrange the buildings insurance.

    I'd query that with them. Even the block of freehold flats where I live has buildings insurance for the whole building paid out of the service charge.
  • eddddy
    eddddy Posts: 18,543 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I know this isn't the main point of your question, but...

    Has your solicitor warned you about the risks of owning a flat in a block where each leaseholder arranges their own buildings insurance?

    For example, you don't know if the other leaseholders have suitable insurance. If there was a fire in the flat above you or below you, and the those leaseholders have no insurance and no funds to re-instate, you could be left with the rights to a flat with nothing underneath to support it or no roof above it.

    The leaseholders should be pushing the freeholder to vary the leases so that the freeholder insures the whole building. (Or at least, the leaseholders should club together to get one buildings insurance policy.)
  • malihat
    malihat Posts: 133 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    eddddy wrote: »
    I know this isn't the main point of your question, but...

    Has your solicitor warned you about the risks of owning a flat in a block where each leaseholder arranges their own buildings insurance?

    For example, you don't know if the other leaseholders have suitable insurance. If there was a fire in the flat above you or below you, and the those leaseholders have no insurance and no funds to re-instate, you could be left with the rights to a flat with nothing underneath to support it or no roof above it.

    The leaseholders should be pushing the freeholder to vary the leases so that the freeholder insures the whole building. (Or at least, the leaseholders should club together to get one buildings insurance policy.)

    Our solicitor just told us we had to get a buildings insurance indemnity policy, which has been done. My understanding is that that will cover the above situation?

    I know it's a little odd, but we really like the place. It is a big development, and according to the management company, they provide buildings insurance for the flats, but not for the houses and maisonettes in the development (ours is a maisonette). The service charges vary accordingly. If I remember correctly, we only pay £50/month.
    Sometimes our light goes out but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light.
    -Albert Schweitzer
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    malihat wrote: »
    (ours is a maisonette)
    Ah, that may put a slightly different light on it.
    What, exactly, do you mean by "maisonette"? It's one of those very flexible terms...
  • malihat
    malihat Posts: 133 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    AdrianC wrote: »
    Ah, that may put a slightly different light on it.
    What, exactly, do you mean by "maisonette"? It's one of those very flexible terms...

    It's on the ground floor and has it's own entrance at the front and a patio at the back. I believe there is one other flat above us and that has it's own entrance. This is the property on rightmove:

    http://www.rightmove.co.uk/property-for-sale/property-33820110.html
    Sometimes our light goes out but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light.
    -Albert Schweitzer
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