Anyone own a leasehold apartment?

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Chips
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Anyone own a leasehold apartment?

Post by Chips » Sun, 20. Jun 21, 11:16

Before I just phone up any old insurance company and start asking questions - anyone own an apartment/flat?

What sort of insurance do you have? I thought I'd need buildings insurance to cover the cost of repairs to things like ceilings/floors etc from water escape (a primary damage source in apartments apparently - especially as I now find a slow leak from apartment above has ruined a good square foot of ceiling in my kitchen); yet, every where I turn it indicates that's the freeholders responsibility (and we do get charged for insurance). But they won't cover the cost of damage from a leak on the overall entire developments insurance as far as I can see... so do you take buildings insurance on your own apartment (probably won't cover slow leak damage anyway, but best to be sure).

Contents just does contents obviously, including contents damaged by water escape, but won't do things like ceilings/floors as they're not contents. Starting to worry what the heck can you get cover for.

So does anyone own one and have insurances, what type and with whom?

jlehtone
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Re: Anyone own a leasehold apartment?

Post by jlehtone » Sun, 20. Jun 21, 12:33

What is "leasehold"? Google suggests:
https://www.apartmenttherapy.com/what-i ... d-36702152
If you’ve never heard of the term “leasehold,” you’re not alone. It’s pretty uncommon. In fact, leaseholds are only really encountered in New York, Hawaii, Florida, and parts of the United Kingdom.
https://www.lease-advice.org/advice-gui ... ats-guide/
The leasehold ownership of a flat usually relates to everything within the four walls of the flat, including floorboards and plaster to walls and ceiling, but does not usually include the external or structural walls.
(And particularly sections 4 and 5 on that page.)

There are apparently more than one type of those leases. Therefore, its the details of your lease contract that count (unless you have an overruling law about it).
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BaronVerde
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Re: Anyone own a leasehold apartment?

Post by BaronVerde » Sun, 20. Jun 21, 12:49

For an independently living (own house) like me, there is the insurance that law requires which can't be debated, and there's the one that protects the property from certain conditions leading to loss or damage, which is optional. Since I live on a volcanic island in the trade wind zone i want of course some safety from natural desasters. Depending on the contract (read them, compare them, also the annexes and fine print) this may be covered by state/country law or through the string of reinsurances or ('murrican style) not at all or only under certain conditions to allow backdoors, in which case it's just lost money.

If you own a flat in a mutli-party compound, you may also want to speak with the other parties in there, and eventually ask the property management what insurances they already have or are included in the running costs, iow, depends.

And, of course, it also depends on your personal well-being and safety needs, and I do not know (yet) what discrepancies may arise between reality and contract once desaster hits. Depending on local law part of the cost for insurance can be transferred to the tenants.

Sorry for not being more specific :-)

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Re: Anyone own a leasehold apartment?

Post by CBJ » Sun, 20. Jun 21, 13:20

I don't live in a leasehold property any more but I used to, and yes, I had buildings insurance as well as contents insurance. However, that may not always be necessary. Who is responsible for what depends somewhat on the terms of the lease and whether there's a leaseholders company (made up of the leaseholders themselves) involved. If your property has a leaseholders company, for example, which you pay additional maintenance charges into, then that company may be responsible for things like external maintenance, roof repairs and so on, and the maintenance charge may include insurance to help cover issues there, especially if that company owns a share of the freehold. On the other hand, if you have a mortgage, then your mortgage provider may actually require you to have some form of buildings insurance to cover things like internal structural damage that might not a) be the responsibility of the freeholder or leaseholders company or b) covered by your contents insurance (some, e.g. water damage, may be).

Your best bet is probably to speak to other leaseholders in the same building and find out what they've done. If there's a leaseholders company then the people who run that should be able to tell you what other leaseholders do, or are required to do. And if you have a mortgage, you should speak to your mortgage provider and check what their requirements are. As for who to get the insurance from, mortgage providers quite often offer cover suitable for the mortgage, but it's not necessarily the best value. And of course in general, it's probably better to get your financial advice from a proper money advice service rather than random gamers. :)

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Re: Anyone own a leasehold apartment?

Post by BaronVerde » Sun, 20. Jun 21, 14:45

Yeah, true, ask the specialists, your co-owners in the building, the management if there is one. One thing tho, be sure the money advice sevice you ask is really independent and not financed by bonusses/share in insurance companies. In that business, nothing is really "free". They usally tend to blow up the risks and and sell you much more than is necessary or even reasonable. My past experience, don't let them ripp you off ...

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Re: Anyone own a leasehold apartment?

Post by Chips » Tue, 22. Jun 21, 00:59

Cheers, yep, went and asked the general manager of the leaseholders RTM with some questions; basically we pay insurance as part of the service charge, and the lease (which I re-read) does say the RTM shall provide buildings insurance to cover the communal areas but also each apartments fixtures and fittings. Asked straight up, does that include floods/burst pipes etc. Yes, it does.

Won't likely cover me leaving a tap on, so contents and then likely accidental damage too (though I doubt it'll cover too much), but when getting insurance will ask directly of the insurers would this cover damage to contents of below apartment if a leak etc, and what sort of insurance would (including replacing plaster etc). If it's only an extra 100 a year or something for that type of insurance, then peace of mind time.

Seems everyone just has contents here. My landlords insurance was far more straight forward - covering things like leaks etc.

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