Common building insurance
Winterking
Posts: 2 Newbie
Need advice on this please?
I am living in a building with other 7 owners. i.e a 8 flats building.
We all had different kind of building insurance, someone pay £37, someone pay £50 and I pay £70 every three month, most of us has building insurance with the factor company.
Recently they ask a survey company to do an evaluation on the building which coat us about £23 each, they come up with total rebuild plus demolition just over £3 million pound. I bought the flat for £58,500 in 2014, I will be really luck to sell it at this price.
Now the main issue is we each had to pay £153 every quarter , it doubled what I pay at the moment, and trebled for some other owner. Basically a £610 insurance for a less than £60k flat.
Do we have to go with this? I emailed factor, they said feedback they got is no majority against it, so basically I have to go with the majority, I asked other owners, none of them gave feedback to the factor company, I asked for a meeting with all owners, so far they can’t give me a dates on this.
Thank you for your time reading this.
I am living in a building with other 7 owners. i.e a 8 flats building.
We all had different kind of building insurance, someone pay £37, someone pay £50 and I pay £70 every three month, most of us has building insurance with the factor company.
Recently they ask a survey company to do an evaluation on the building which coat us about £23 each, they come up with total rebuild plus demolition just over £3 million pound. I bought the flat for £58,500 in 2014, I will be really luck to sell it at this price.
Now the main issue is we each had to pay £153 every quarter , it doubled what I pay at the moment, and trebled for some other owner. Basically a £610 insurance for a less than £60k flat.
Do we have to go with this? I emailed factor, they said feedback they got is no majority against it, so basically I have to go with the majority, I asked other owners, none of them gave feedback to the factor company, I asked for a meeting with all owners, so far they can’t give me a dates on this.
Thank you for your time reading this.
0
Comments
-
Scotland yes?
This does not sound like an insurance issue - it is property maintenance.
I'm unfamiliar with he way that is organised north of the border, but the first step I imagine is to get together with the other flat owners and find out
a) if they are happy with the plans and/or
b) want to challange the plans (in whatever way that happens in Scotland(0 -
Check your House legal documents as to whether you have to Insure the Flat Buildings Insurance with the factor.
From what I can recall, an individual flat owner is Scotland is mostly not tied into a block Insurance arrangement. They can Insure their share of the Buildings Insurance separately, but this can be very difficult to work out. The Buildings Insurance amount would need to be calculated based on percentage of share of the reinstatement of the whole block of flats. With a flat, if the whole block of flats was destroyed in a fire, if each flat owner did not properly Insure their portion ( including roofs, communal areas, lifts etc), then the block could not be rebuilt.The comments I post are personal opinion. Always refer to official information sources before relying on internet forums. If you have a problem with any organisation, enter into their official complaints process at the earliest opportunity, as sometimes complaints have to be started within a certain time frame.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards