house divided into 2 flats - buildings insurance for whole?

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  • house divided into 2 flats - buildings insurance for whole?

    i have just bought a flat in a victorian house, divided into 2 flats. I am the freeholder, and responsible for organising buildings insurance of the whole property. (although both of us will be splitting the cost). where should i start looking for an insurer? Ive realised that a 'high street' firm won't do it.
    It's insured already by the previous freeholder with Nat-West, but i dont trust the policy that's in place, i dont think it makes clear the 2 seperate flats.
    And will i need to pay a surveyor to establish the rebuilding cost?
    Thanks in advance.

  • #2
    I Can Help !!!!!

    As a joint freeholder I have seen the same problem and solved it ! I have seen numerous clients that Nat West covered or so they said I can tell you a horor story or 2 about Nat West and banks in general you are right to be worried !!!
    Drop me an email please and I can help get the rebuild cost for free and sort out the cover if you wish

    Kind regards

    Neil
    specialist@deliteinsurance.co.uk

    PS anyone wanting a copy of an article I wrote on this subject please contact me
    Neil NEW direct dial 0208 8509697
    email

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    • #3
      Try UKinsuranceNET on 0845 3651264 or visit www.landlords-building-insurance.co.uk

      We should be able to recommend a suitable policy at a competitive premium

      Chris

      UKinsuranceNET

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      • #4
        Freeholder of house split into 2 flats...what building insurance do we need?

        If I am the freeholder of a Victorian house split into 2 flats, one of which I own, do we both need separate buildings insurance or should we just have one? My insurer said we both need it but both with the same insurer, is this correct? Thanks for your help.

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        • #5
          Originally posted by LadyFenelopy View Post
          If I am the freeholder of a Victorian house split into 2 flats, one of which I own, do we both need separate buildings insurance or should we just have one? My insurer said we both need it but both with the same insurer, is this correct? Thanks for your help.
          Depends on leases' wording. Ideally, one policy for whole is best.
          JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
          1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
          2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
          3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
          4. *- Contact info: click on my name (blue-highlight link).

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          • #6
            Definitely do not buy separate buildings insurance for each flat. The freeholder should buy block of flats buildings insurance that notes all interested parties (eg lessees, mortgagees).

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            • #7
              If I am the freeholder of a Victorian house split into 2 flats, one of which I own, do we both need separate buildings insurance or should we just have one? My insurer said we both need it but both with the same insurer, is this correct? Thanks for your help.
              Last edited by Editor; 27-09-2009, 13:48 PM.

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              • #8
                Originally posted by gotorightway123 View Post
                If I am the freeholder of a Victorian house split into 2 flats, one of which I own, do we both need separate buildings insurance or should we just have one? My insurer said we both need it but both with the same insurer, is this correct? Thanks for your help.
                As a guest (= non-LZ member), why are you posting?
                JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                4. *- Contact info: click on my name (blue-highlight link).

                Comment


                • #9
                  I'm assuming they've been demoted, but not completely barred. This person was copying and pasting members' text on several threads (compare LadyFenelopy and gotorightway123's text), seemingly innocently asking exactly the same question, but slipping in a link to their website and basically advertising. I spotted the pattern of posting and reported it.

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                  • #10
                    3 flats, 3 insurances?

                    Hi everyone

                    I am about to buy a ground floor flat in a victorian conversion house which is split into three flats, together with buying the flat I will also buy a share of the freehold.

                    My solicitor asked building insurance information from the other party and it looks like every flat has its own building insurance policy (at least the flat I am buying has its own policy), there is no management company and everyone looks after its own piece.

                    Is this a valid/normal situation?
                    For example: what happens with communal parts?
                    What if a roof tile falls on the head of somebody?
                    Who is legally responsible?

                    thanks in advance

                    Comment


                    • #11
                      Originally posted by Poppy
                      Definitely do not buy separate buildings insurance for each flat. The freeholder should buy block of flats buildings insurance that notes all interested parties (eg lessees, mortgagees).
                      Repeated for your benefit.

                      Your soon-to-be fellow freeholders are not being very bright by theoretically insuring a third of the building each.

                      While you still have the benefit of your solicitor for the purchase, get him/her to resolve the matter before exchange of contracts.

                      Comment


                      • #12
                        Thanks Poppy

                        This might sound like a very dumb question but, why is buying separate building insurance for each flat a bad idea?
                        I am a n00b at things like this, could you please make a simple example of where things could go wrong with such a situation?

                        My solicitor also thinks that it is not ideal, what I want to understand is if this has to be treated as a show-stopper (as in drop the buy) or if it is normal administration.

                        regards

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                        • #13
                          Originally posted by mizar View Post
                          why is buying separate building insurance for each flat a bad idea?
                          There are several reasons...
                          1. Buying separate policies can mean that there is a gap in cover for certain parts of the property (i.e. communal areas such as hallways, paths, etc)
                          2. Having two different insurers can lead to problems claiming for an incident involving both properties (i.e. a fire affecting both flats). As there are two insurers involved, the claim could take longer as the two have to liaise to sort out the claim between them.
                          3. Insuring the whole property provides piece of mind that the whole property is covered and saves the worry of someone forgetting to insure their part. Imagine you were the top flat and the bottom flat forgot to renew their insurance. If the whole property began to subside then your insurer would only be responsible for half the costs and it is unlikely the bottom flat would be able to afford the other half making your cover almost worthless.
                          4. Finally, it will almost definitely be cheaper to insure the property as a whole than the total cost of insuring separately.
                          Steve Smith - Company Director at a leading Landlord Insurance broker with 17+ years experience in the industry
                          LandlordZONE Verified Poster and Topic Expert for Landlords Insurance since 2009
                          See my profile for contact details

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