Hi, I am the freeholder for a converted house split into 6 flats and I organise the buildings insurance for the entire property. As per the leases I charge each leaseholder a proportionate amount of the buildings insurance premium. I also supply them with details of the policy number, period covered, insurers details and specified perils. Do I have to note any individual leaseholder/mortgage lender interests on the policy as one of the leaseholders has asked for this. The leases only state that each lessee must "pay a proportionate part of the amount expended in effecting and maintaining the insurance on the building".
I am very confused as any mortgage company must surely be satisfied that the building is insured on production of a valid insurance shedule??
Any help much appreciated.
I am very confused as any mortgage company must surely be satisfied that the building is insured on production of a valid insurance shedule??
Any help much appreciated.
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