Co-Freeholder buildings insurance

FTB1848

Hi All

Apologies, I have tried to search for the answer but can't find it.

We've moved to a flat in a converted terrace of 2 flats. We share the freehold with the other flat.

The covenant of the lease suggests that the landlord (us and them) are responsible for buildings insurance and the co-freeholder has such insurance for the entire building. So good news.

My question is, as long as I've seen the policy and it's kosher, do we need to be added to the policy to protect our lenders charge? And can I cancel the separate buildings insurance for my flat taken out on exchange? Or do I need to be added to the schedule before this happens?

Many Thanks in advance.

Sandtree

Have you checked that it is appropriate building insurance? Normal home insurance won't cover a building that's been divided into multiple dwellings.

If you are simply co-freeholders rather than having a LTD that's the owner and you are the shareholder of the company or such then it would be sensible to be co-policyholder 

canaldumidi

As above.

Though seems strange you tookout a policy at Exchange. Mis-placed pressure from solicitor?

FTB1848

Thanks for the reply.

Yes, it's specialist insurance which references the address and both flats.

eddddy

As joint owners it would be sensible to be joint policyholders.

But I guess a policy already exists - perhaps in the joint names of the previous owner, and your neighbour.  

Buildings insurance policies for flats are almost always arranged through a broker, so maybe ask the broker for their advice.



Also, why did you take out additional buildings insurance on exchange? Your solicitor and you should have received a copy of the buildings insurance policy during the conveyancing process.  Was it deficient in some way?

If it was deficient and you needed additional buildings insurance for some reason, has the deficiency been sorted out?

FTB1848

I think the answer lies in that our solicitor read the lease and DoV wrongly and claimed in the report on title that it was reliant on flats/tenants sorting insurance. Worrying.