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Selling my Leasehold Flat without Buildings Insurance in place
milomilosh
Posts: 6 Forumite
Hello All,
A quick Buildings Insurance question to kick off the weekend!
My Freeholder has recently been served a criminal conviction which has apparently invalidated the Buildings Insurance for our building in which I own the leasehold of one of three flats. I am in the process of trying to sell my flat and have just accepted an offer. Speaking to my solicitor I understand that a mortgage lender will absolutely and understandably not lend on a property without Buildings Cover.
Now my problem is that the Freeholder has absolutely no intention of taking out Buildings Cover in the foreseeable future. Despite threat of court action, etc, its so far down his list of priorities that I have to find a workaround to insure the flat/building is covered and that the sale can proceed.
- I have had conflicting advice from solicitors and the LAS regarding if it is possible and legal for me (or anyone other than the Freeholder) to take out Buildings Insurance in my own name. Does anyone have any insight into this?
- If I was able to take out Buildings Insurance in my own name what happens after the sale? Is this transferred to the buyer or invalidated?
- Has anyone got other suggestions or tips?
It's frustrating that the Freeholder dragging his feet could potentially ruin my sale. Any help would be greatly appreciated!
Thanks
Miles
A quick Buildings Insurance question to kick off the weekend!
My Freeholder has recently been served a criminal conviction which has apparently invalidated the Buildings Insurance for our building in which I own the leasehold of one of three flats. I am in the process of trying to sell my flat and have just accepted an offer. Speaking to my solicitor I understand that a mortgage lender will absolutely and understandably not lend on a property without Buildings Cover.
Now my problem is that the Freeholder has absolutely no intention of taking out Buildings Cover in the foreseeable future. Despite threat of court action, etc, its so far down his list of priorities that I have to find a workaround to insure the flat/building is covered and that the sale can proceed.
- I have had conflicting advice from solicitors and the LAS regarding if it is possible and legal for me (or anyone other than the Freeholder) to take out Buildings Insurance in my own name. Does anyone have any insight into this?
- If I was able to take out Buildings Insurance in my own name what happens after the sale? Is this transferred to the buyer or invalidated?
- Has anyone got other suggestions or tips?
It's frustrating that the Freeholder dragging his feet could potentially ruin my sale. Any help would be greatly appreciated!
Thanks
Miles
0
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