Insurance for leasehold property when we own 50% of the freehold

IDer89

Hello!

Just a few questions to make sure I'm doing the right thing!

We have just exchanged and are due to complete on a leasehold property where we are having 50% of the freehold transferred to us. The other half is remaining with the owner of the other flat in a two level conversion. 

We have received building insurance documents from the seller and other freeholder that was purchased in November and runs through until 2025. It has the sellers name and other flat owner on it so do we need to chase to have it transferred to us?

Second, we also received an expired landlord insurance document that ran out in November. I just want to make sure that we also don't need to take out a new policy given that because we are now 50% freeholders, we'll also need this for ourselves and technically the other flat? Assume no but not sure!

Final question, assume we need our own home insurance for content etc that is completely separate to the buildings insurance?

Thanks in advance!

DullGreyGuy

You need to read the documents properly, by the sounds of it you are a leaseholder and jointly the freeholder (rather than a company being the freeholder and you a shareholder of the company). 

Normally the freeholder buys the building insurance, the leaseholder may choose to buy contents insurance or not. Fixtures and fittings may go one way or the other along with tenants improvements if you've upgraded the fixtures/fittings. 

In a house situation you would often buy buildings and contents together because there are synergies and it's cheaper. In a England flat situation the freeholder buys the buildings and the leaseholder buys their content, if they want to.