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Tyneside cross cross lease buildings insurance
B89stevens
Posts: 1 Newbie
Hi,
im hoping someone can help with a bit of advice.
we are buying our first home, due to complete on the 18th of december.
but we are having major conflicting stories regarding our buildings insurance that we need in place to satisfy our mortgage.
we have bought a ground floor maisonette on a Tyneside lease (where I own the freehold for the first floor flat , and the owner of the first floor flat owns my freehold, so we are basically each other’s landlords)
I have spoken to an insurance broker who says that our buildings insurance can either be 1 insurance for the whole building and the cost split between the 2 apartments (so basically insuring as a 4 bed detached with 2 kitchens etc)
or insured as 2 apartments but we will need each other’s names on both policies, which will also need to be insured through the same company.
due to it being a new build , we are unable to knock on a door and discuss this with the owner of the first floor flat and after speaking with the building company about this , they are reluctant to put us in contact with the first floor flat as they said they have never encountered this issue before.
we have spoken to the solicitor who got in touch with the mortgage broker .
the mortgage broker then rang me and basically said the same as before ... that we need the details of the first floor flat.l to be fully , legally insured.
has anyone else got a Tyneside arrangement? And is anyone else able to confirm what kind of building insurance they use?
Our lease states that both apartments are responsible for any repairs to the roof and foundations etc. Which is why it would make sense to insure as a whole, or have each others names on the policy.
but to satisfy the mortgage company , and to be fully insured , would that arrangement be fully needed?
Or would going on a comparison website and just insuring my flat be enough?
any advice would be greatly received.
thanks in advance
im hoping someone can help with a bit of advice.
we are buying our first home, due to complete on the 18th of december.
but we are having major conflicting stories regarding our buildings insurance that we need in place to satisfy our mortgage.
we have bought a ground floor maisonette on a Tyneside lease (where I own the freehold for the first floor flat , and the owner of the first floor flat owns my freehold, so we are basically each other’s landlords)
I have spoken to an insurance broker who says that our buildings insurance can either be 1 insurance for the whole building and the cost split between the 2 apartments (so basically insuring as a 4 bed detached with 2 kitchens etc)
or insured as 2 apartments but we will need each other’s names on both policies, which will also need to be insured through the same company.
due to it being a new build , we are unable to knock on a door and discuss this with the owner of the first floor flat and after speaking with the building company about this , they are reluctant to put us in contact with the first floor flat as they said they have never encountered this issue before.
we have spoken to the solicitor who got in touch with the mortgage broker .
the mortgage broker then rang me and basically said the same as before ... that we need the details of the first floor flat.l to be fully , legally insured.
has anyone else got a Tyneside arrangement? And is anyone else able to confirm what kind of building insurance they use?
Our lease states that both apartments are responsible for any repairs to the roof and foundations etc. Which is why it would make sense to insure as a whole, or have each others names on the policy.
but to satisfy the mortgage company , and to be fully insured , would that arrangement be fully needed?
Or would going on a comparison website and just insuring my flat be enough?
any advice would be greatly received.
thanks in advance
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