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Home insurance on exchange

So, I'm moving into a leasehold flat. Does that mean building insurance is covered by the freeholder? Do I only need to get contents insurance in that case?

The flat is empty so do I really need to get contents insurance after exchange or can I leave it to completion?

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I can't read your lease. What does it say about buildings insurance?

    Best to insure all the non-existant contents just in case they are stolen before Completion!
  • eddddy
    eddddy Posts: 18,550 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    So, I'm moving into a leasehold flat. Does that mean building insurance is covered by the freeholder?

    That's usually the case (but not always).

    The lease will tell you who is responsible for buildings insurance.

    (TBH, if the lease says each leaseholder is responsible for their own buildings insurance, you would need advice from your solicitor on the implications of this.)
    The flat is empty so do I really need to get contents insurance after exchange or can I leave it to completion?

    You would get contents insurance once you have contents (e.g. furniture etc) in the flat. That may be on completion, or later.
  • eddddy wrote: »
    That's usually the case (but not always).

    The lease will tell you who is responsible for buildings insurance.

    (TBH, if the lease says each leaseholder is responsible for their own buildings insurance, you would need advice from your solicitor on the implications of this.)



    You would get contents insurance once you have contents (e.g. furniture etc) in the flat. That may be on completion, or later.

    Thanks for clearing that up! The lease says the landlord insures the building and I'm obliged to pay a proportion of the building insurance premium - that's through the service charge isn't it?
  • eddddy
    eddddy Posts: 18,550 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Thanks for clearing that up! The lease says the landlord insures the building and I'm obliged to pay a proportion of the building insurance premium - that's through the service charge isn't it?

    Yes - it's through the service charge.
  • eddddy wrote: »
    Yes - it's through the service charge.

    Thank you!
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