Harringay, Haringey - So Good they Spelt it Twice!
Freehold insurance
Evening All, we need to buy buildings insurance for a shared freehold (ie two flats share ownership of the freehold of our house). I always find it difficult to find anyone to sell me this insurance, they want to give me landlord insurance and all that stuff. Have any of you lovelies got a good suggestion for someone who can help. thanks
Replies to This Discussion
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Permalink Reply by Clive Carter on
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In what form is the shared freehold?
If it's a Limited Company, i.e. a separate legal entity from the two flat owners, then I can't see there should be a problem. If it's not a company, you might consider setting up one for this purpose and a few other reasons. Any such company set up to own a property freehold, need not – and probably should not – trade, and it can remain a dormant company.
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Permalink Reply by Mike Snowdon on
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Try Topaz Insurance in Hornsey: http://www.topazinsurance.com/contact.htm
they were excellent when we wanted to change insurance cover for our block of flats
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Permalink Reply by David T on
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We use Lansdown Insurance Brokers in Cheltenham 01242 524 498.
If you do not have a limited company as Clive said you should. If you want info on how to set one up etc. let me know via PM
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Permalink Reply by Bee on
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Hi Takaokagiejin
I use Maunder Taylor (http://webconnect.findaproperty.com/agents/9855/property_insurance....) and find them very helpful.
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I'm one of three shared freeholders in a three-flat house. We did set up a limited company some years ago, for the insurance, but we have changed this to our three names. I suggest there is no need to have the company (it's a bit of a pain, as we have to submit annual accounts).
We get our house insurance via Leagold brokers - 020 8506 3939, I've dealt with Joyce David: 020 8506 3931
Email Joyce.d@leagold.co.uk and Paul Collins: 020 8506 3939 Paul@leagold.co.uk
Leagold Limited
127 Station Road
Chingford, London
E4 6AG
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Submitting annual "nil" returns is a pain for a dormant company and there should be a special entity for this purpose rather than a Limited Liability Company.
The most obvious reason to have a company own the freehold, is to make insurance easier. Having insurance in individual names is easier in the short term ... until there's a falling out or there are changes and again, a falling out.
Other reasons to separate the ownership of the Freehold into a separate legal entity are less obvious. The main time you want to maximise the value of your place is when you sell. Most potential buyers will require at least part of the price as a mortgage. Their lenders will prefer to see the freehold owned by a separate legal entity (with continuing rules, terms and conditions).
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