does anyone know whether leaseholders should pay buildings ins?

want2bmortgage3

hi my position is i own my property but its a leasehold property. so there is a freeholder who i pay annual ground rent to (£30 per annum). my question was who is responsible for buildings insurance, because it doesnt make sense that every leaseholder has their own building insurance for the same building? ? ?

Frugaldom

Scotland may be different, I'm not sure, but each owner needs to have their own buildings insurance, especially when there's a mortgage involved. Our leasehold property was one of 3 in a terrace and each family had to insure for full rebuild value of the entire building. It's easier to understand if you think of it in the extreme event of the entire building being irrepairably damaged by fire or whatever. It may be 4 individual homes but why should 3 of them pay equally for the rebuild if the fault lay with the fourth having caused the fire in the first place? Leave the rest of the complications to the insurance companies, pay your own policy and hope that nothing like that ever needs to be battled out as it's much better safe than sorry. The ground rent is what the landowner earns for owning the land on which the four houses/building is built, it has nothing to do with insurance. Hope this helps

want2bmortgage3

that helps a lot actually - thanks. i understand now! what about the porch roof i got fixed do you think i have any claim on my buildings insurance for that if i can show them the receipt for the work? also - again the porch, there is evidence of subsidence, you can see cracks in the mortar where the porch joins the main building. is this something i could get fixed by the insurance do you think? i will be reading the policy booklet fully in the next few days but still would appreciate your opinion. thanks