Buildings insurance for flats or leasehold property is often arranged by the freeholder or landlord and the cost of buildings insurance for the flats is included in the maintenance charge made by the freeholder. Leases generally stipulate that the obligation to insure lies with the freeholder. But happens when you are purchasing or live in a leasehold property with an absent freeholder?
Insurance for flats is usually arranged on a block policy by the freeholder and each leaseholder will pay their portion of the insurance costs. When a freeholder is missing, the property still needs to be insured, even though the party reponsible for insurance is not reachable. Imagine the consequences if somebody tripped and fell down the stairwell causing serious injury. After failing to trace the freeholder, it is possible the attention of the litigators would quickly turn to those who have been maintaining the area and thus made themselves responsible for ensuring it is safe. This is likely to be some or all of the leaseholders.
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Leaseholders buildings insurance for blocks of flats
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Leaseholders insurance for individual flats
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Leaseholders insurance for commercial buildings
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Leaseholders buildings insurance for mixed commercial / residential use
It is therefore vital that the leaseholders of a property make arrangements to insure it when the freeholder is out of contact or won’t respond to requests for insurance details. We can offer a policy for buildings insurance for the whole block of flats, or for a single flat on our absent freeholder leaseholders buildings insurance policy. It is very affordable and our quotation turnaround is very quick. We look forward to hearing from you.
More information on our absent freeholder buildings insurance policy for leaseholders