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Being made to take House Insurance for our leasehold property

Kargrun
Kargrun Posts: 1 Newbie
Sixth Anniversary
in Insurance & life assurance
We own our house outright but we pay ground rent each year. We have been informed that we have to take out house insurance with the company that they suggest. Does anyone have experience of this please? Can they enforce this?


Comments

  • MattMattMattUK
    MattMattMattUK Posts: 12,781 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Kargrun said:
    We own our house outright but we pay ground rent each year. We have been informed that we have to take out house insurance with the company that they suggest. Does anyone have experience of this please? Can they enforce this?
    If it is a leasehold then whether it is their or your responsibility would be in the deeds, that being said you would be insane to not insure a property. 
  • SiliconChip
    SiliconChip Posts: 2,237 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    MattMattMattUK said:
    Kargrun said:
    We own our house outright but we pay ground rent each year. We have been informed that we have to take out house insurance with the company that they suggest. Does anyone have experience of this please? Can they enforce this?
    If it is a leasehold then whether it is their or your responsibility would be in the deeds, that being said you would be insane to not insure a property. 

    I think the OP's concern is that the leaseholder is specifying which insurer has to be used rather than allowing a wider market search for the best/most suitable price and policy terms. I believe I've seen previous threads about this issue but I don't recall the answers and it's not something that I have any personal knowledge of.
  • user1977
    user1977 Posts: 19,577 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    Presumably when you bought you got a copy of the Lease and some advice from your solicitor about what it says? Dig that out and have a read, but it's pretty commonplace.

    Questions about leasehold are probably better over on

    https://forums.moneysavingexpert.com/categories/house-buying-renting-selling
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