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Hi there


I own the leasehold to a flat, which is in a converted house (along with 3 other flats). The flats are all probably in the range of ?300k-?450k.


The freeholder arranges the buildings insurance, which we split 4 ways. We arrange our own contents insurance.


Does anyone have an idea of a rough cost? The cost seems very high to me.


Thanks!

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Normally buildings insurance (non leasehold) is based on the rebuild cost (not the market value) of the property - although you may find that leaseholder buildings insurance doesn't cover quite what owner insurance does. Clearly the cost of rebuilding flats is more than the cost of rebuilding an equivalent single house (more bathrooms and kitchens normally).
I'm in the exact same situation & each flat has to pay about ?450 a year just for buildings insurance - a complete rip off. My vague understanding is that freeholder companies get kickbacks from insurance companies/brokers. There is no incentive for them to find the cheapest deal for the leaseholders. I'd be interested to hear what you're being asked to pay.

I'm wondering if 'Southwark leaseholders' need a thread of their own...?


Or does it exist already?


I understand that CAB Southwark have been paid to to take this task on but where is the coherence?


Southwark Leaseholders are being fleeced to pay for major works /cladding (under 18m rule is a slap in the face ) /district heating then asked to cope with infill new build regardless of loss of amenity - there are a lot of issues to consider. Southwark v Southwark.


Thoughts please?

On the subject of buildings insurance for a property with a freeholder and leaseholder - our property has 2 flats and each has a share of the freehold .


We pay a very high buildings insurance premium - ?1200 pa split between the two . The building has been underpinned and this has proved a major hindrance in arranging alternative insurance .

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