Insurance admin charges

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Insurance admin charges

    Just a quick question if anybody could answer please.

    Are my freeholders allowed to charge an administration fee on top of the already extortionate insurance premium? There is nothing in my lease referring to this.

    I have questioned it and they have quoted they want to be transparent etc and quoted the Commonhold and Leaseholder Reform Act 2002.

    I've had a look at that but i can't see anything referring to insurance only rent.

    Can anyone let me know please?

    Thanks in advance.

    #2
    I would question whether it really is an extortionate premium, assuming it is a mainstream lender.

    Comment


      #3
      Thanks leaseholder64.

      I have obtained RTM from August 20th and the quote is £850 rather than £1750.

      This is why I am querying the admin charges as I have just paid next years premium of which most will be returned to me. They have rocked my boat so I'm just asking whether I have to pay the admin charges or not.

      Comment


        #4
        Is the quote at 850 pds based on "like for like" insured cover as for the 1750 pds quote ?

        If you have quotes for " EXACTLY the same cover" as insured by freeholder , then you can use as evidence at the FTT ?

        Make an application to the FTT for reducing the insurance premiums paid for past 6 years

        Comment


          #5
          Originally posted by Gordon999 View Post
          Is the quote at 850 pds based on "like for like" insured cover as for the 1750 pds quote ?

          If you have quotes for " EXACTLY the same cover" as insured by freeholder , then you can use as evidence at the FTT ?

          Make an application to the FTT for reducing the insurance premiums paid for past 6 years
          Yes Gordon999 its exactly the same apart from terrorist cover as my lease specifically states that I don't need to insure for this.

          Comment

          Latest Activity

          Collapse

          • Types of insurance
            bengal
            Is there a difference between Residential propety owners insurance and landlord insurance?

            Thanks
            13-07-2018, 10:07 AM
          • Reply to Types of insurance
            ashburnham
            "Landlords Insurance" covers residential or commercial let properties and "Residential Property Owners Insurance" covers any residential property whether owner occupied or let.

            There is an overlap between the two definitions as both cover residential let properties,...
            17-07-2018, 10:24 AM
          • How to work out buildings sum insured on HMO's
            bengal
            How do you calculate buildings sum insured for HMO's please? and what are the consequences if you get it wrong - particularly if you over estimate?

            Thanks
            13-07-2018, 10:15 AM
          • Reply to How to work out buildings sum insured on HMO's
            ashburnham
            I would always suggest a surveyor to give you the sum insured for insurance purposes. The calculator in above post is a good free alternative but must be only gives genrally guidance on rebuilding costs. Consequences of over estimating is that you may be overpaying on insurance premium. Consequences...
            17-07-2018, 10:05 AM
          • Shop with flying freehold Buildings Insurance question
            Howletts
            Hello

            I have a small shop which is part of a bigger residential building. The residential building extends over the full shop. Can anyone recommend how I would get buildings insurance to protect against anything happening in my shop that may affect the property above or to the side? I know...
            12-07-2018, 19:16 PM
          • Reply to Shop with flying freehold Buildings Insurance question
            ashburnham
            Most buildings/contents insurance policies will include Property Owners Liability or Public Liability cover. If you are liable for any damage caused to adjacent properties or injury to third parties, this will provide the necessary cover. As always, check the cover is included and look out for any special...
            17-07-2018, 09:30 AM
          • Insurance admin charges
            skidder
            Just a quick question if anybody could answer please.

            Are my freeholders allowed to charge an administration fee on top of the already extortionate insurance premium? There is nothing in my lease referring to this.

            I have questioned it and they have quoted they want to be transparent...
            12-07-2018, 11:40 AM
          • Reply to Insurance admin charges
            skidder
            Yes Gordon999 its exactly the same apart from terrorist cover as my lease specifically states that I don't need to insure for this....
            15-07-2018, 12:55 PM
          • Reply to Insurance admin charges
            Gordon999
            Is the quote at 850 pds based on "like for like" insured cover as for the 1750 pds quote ?

            If you have quotes for " EXACTLY the same cover" as insured by freeholder , then you can use as evidence at the FTT ?

            Make an application to the FTT for reducing...
            15-07-2018, 12:45 PM
          • Landlord insurance for leasehold property
            ghk2010
            The block is already insured by the management company but it seems like we need landlords insurance but only to cover public liability (if the tenant gets injured at the property and decides to claim) and also the ability to rehouse the tenant if the block suffered any damage and became inhabitable....
            11-07-2018, 10:59 AM
          Working...
          X