Leasehold Insurance conundrum

johnsge1

We are OAP's and live in a house on a Lifetime Lease via Homewise (often quoted in Rightmove website).  We were told it was important to have the building insured, and fully agree.  After we sign up and pay monies, some "partners" were introduced.  It appears that they are in effect "landlords" and buy the insurance, and that we then have to reimburse them for any amount of money they spend.  They now live on the far side of Canada, and say that they are finding it difficult to get insurance, at any price, because of the situation.  I think I need legal advice, and have contacted a number of Solicitors, who all say they have "no expertise in this area".  The Law Society and the CAB have been helpful up to a point, but I still cannot seem to get any legal representation.  If anybody has any advice as to a Solicitor who does have leasehold expertise, can they please advise me?  Many thanks, as I have written back to the Law Society to try to get some guidance.   GJ

DullGreyGuy

Most don't require a solicitor to buy insurance... what is actually the challenge?

What type of dwelling is it? 

eddddy

As above, you don't need a solicitor, and the Law Society aren't really the right people to ask.

It sounds like the people in Canada are the freeholders of your property, and you are the leaseholder.

Assuming the property is a house, it's unusual for the freeholders to be responsible for insurance - it would normally be the leaseholder (i.e. you).

  
But if that's how it's been set up, the people in Canada need to contact a few UK insurance brokers to find one that can arrange a policy for them.

Googling "freeholder insurance" might be a good place to start.

huckster

Or if the freeholders have an insurable asset overseas in the UK, they can probably take out Insurance in Canada.  I know in the UK you can take out Insurances for properties abroad.

Suggest the Canadian freeholders find a Canadian Insurers that issues policies for overseas property .

user1977

Given the number of tax-haven-registered property investors in the UK, I wouldn't have thought it a particular complication that the insured is based abroad, so not sure what the problem would be in this case.

DullGreyGuy

user1977 said:

Given the number of tax-haven-registered property investors in the UK, I wouldn't have thought it a particular complication that the insured is based abroad, so not sure what the problem would be in this case.

Could be an issue if the property is mortgaged in the UK... those with enough money for nested shell companies in tax havens tend to have alternative financing arrangements.