Building insurance-going from joined ownership to company can save you money?

[paduk]

Hello,
I am trying to get a quote for a building insurance.

The property is a three storeys (plus roof extension) Victorian terrace house which has been converted into three flats owned by three different people.

The property is share of freehold where us leaseholders share the freehold jointly on the title deeds; however, one of the leaseholder says that if we were to set up a company which would own the freehold this would make our building insurance premium go down considerably.

Has anyone experience on this?

Thanks a lot.

[ashburnham]

Insuring the property as a whole is the best way to go about things and will definiately give you a lower premium than insuring each flat separately. Whether you do this in joint names (i.e. with all leaseholders noted as the policyholder) or in a single company name would have no bearing on the premium.