Help me choose: go with factors buildings insurance or go alone??

iainw

hi

i am a year into owning my flat, it is a typical 6 in a block glasgow sandstone tenement flat... the other flat owners in the block are older couples, good neighbours and all are peeved off with the factor.

they refused to pay factor fees as they clean their own set of steps on each floor and basically all we pay is our buidlings insurance, and an occasional management charge once or twice a year of £28...

the buildings insurance, which does not include contents is around £400... and he sends us an invoice for half the fee in march and april.

i was thinking i might be able to get my own buildings insurance with contents insurance (i haven't got contents ins yet ) for less??

my worry is that if there is a communal problem, say a mains burst and plumber has to fix, £600 say, and if it was covered by buildings insurance i would have to go through the claims rigmarole myself, and just be sent a bill by my factor, is this the case?

also, the older folk in the close say they "if they were younger" take on the duties of the factor and get rid of him entirely... i am thinking this is something maybe i could do myself... but worried it might be alot of work.

anyone with any experience or advice on this??

thanks
iainw

jennifernil

Fist I would say your premium is quite high, my daughter pays £250, but her block is more modern and has 14 flats. I'm not sure how easy, or advisable, it is to insure just one flat. You need to look at your factors agreement as communal insurance may be one of the conditions. Also factors usually get reasonable deals. Could you not ask the factor to shop around?

Quite a lot of buildings are "self-factored" so it is possible, and not a lot of work unless there are major works needing done. The most difficult bit is knowing a good tradesman to call if there is an emergency.

Also be aware that lenders are happier to lend on a flat when there is a factoring agreement in place.

You could also look into changing factor.