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Home insurance on exchange
needhouseadvice
Posts: 110 Forumite
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?
The flat is empty so do I really need to get contents insurance after exchange or can I leave it to completion?
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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!0 -
needhouseadvice wrote: »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.)needhouseadvice wrote: »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.0 -
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?0 -
needhouseadvice wrote: »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.0 -
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