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In the excitement of buying or moving in as owner or tenant, taking out insurance to protect your‚  property is often overlooked. Some reports suggest nearly half of apartment owners and tenants lack contents insurance. So why are so many people not protecting themselves? From talking to customers, it appears to come down to two main reasons, a sense of improved home security, especially among those on the first floor and higher; and at the initial purchase, mortgage lenders not pushing contents insuran

ONE CRUCIAL requirement for any property owner is adequate insurance. For owner-occupiers, it is usually a simple matter of finding a policy that covers all insurable eventualities and rebuild costs. Ten minutes online should be enough to obtain several competitive quotes. Matters are far more complicated in the case of residential blocks where there are additional risks to cover, as many forms of ownership might be present under one roof and several facilities and amenities are used in common. Not onl

BUILDINGS INSURANCE often forms a large part of any building service charge. It would not be unusual for the building insurance premium to represent some 40% of the total outgoings, and this often leads to a service charge disputes at the Leasehold Valuation Tribunal. Therefore, it is important to ensure that correct buildings insurance cover is secured and in particular that the sum insured is adequate. Great care is often taken to shop around for building insurance but very little thought is given to t

In a country whose favourite conversation topics are the weather, sport and house prices, the summer saw the national media enjoy a field day in what is normally a slow news season. While the Olympics provided a welcome ray of sunshine amid a wet and windswept summer, the UK property market continues to hit further lows weekly - a trend which seems to have no discernable end. Before considering the state of the commercial property insurance sector, it would be inappropriate not to delve a little further

Finding the right insurance for a property, and especially a block of flats, is a specialised skill - and that’s why an experienced broker is best option for all involved. Whether you need to buy cover for the first time, or renew, whatever your circumstances, this is an important decision. Quality cover should be available at a fair price - but that does not mean cheapest is best. At worst, you could end up with a policy riddled with exclusions - and face serious consequences from residents or other pa

Try as you may to get alternative quotations the premium always seems to be more than you consider is fair and equitable. You are of course purchasing peace of mind for the year ahead. You may find it hard to stomach but premium rates are in fact at an all time low. Following 9/11 rates increased dramatically but in the ensuing years they dropped back to their former levels and in the last three years they have continued to nosedive to unprecedented low levels. Why is this happening? There may only be

Insuring blocks of flats It might seem that one block of flats is just like any other so you might assume the cheapest policy will give the same cover as any other. But the scope of cover available can vary considerably from one policy to another and thus the cost will be higher. The basic rule is that cheaper policies tend to provide less comprehensive cover; unless, of course, you have consulted a specialist in the area of blocks of flats insurance. Getting it wrong can be a problem, because there w

If your block has recently enfranchised and acquired the freehold you can now determine who manages your block. If you choose to self manage you will still need the necessary time, skills, experience and knowledge to undertake the management yourself. You will also need a degree of patience in dealing with letters, phone calls and visits from leaseholders.The regulations themselves may seem onerous and may indeed cost leaseholders money to implement. They are however there to protect you and the occupants

Anthony John, who now leads the property team at Bournemouth solicitors Horsey Lightly Fynn, has been dealing with leasehold enfranchisement since 1967. Anthony trained with a South Wales law firm that specialised in acting for the National Coal Board dealing with sales of freeholds of former coal miners' cottages under the Leasehold Reform Act 1967 - the first piece of legislation allowing tenants of houses to buy their freeholds or to extend their leases. This was subsequently broadened to include flats

There will always be those who question why they should bother enfranchising.  This article provides some reasons why you should become involved. The common reasons for enfranchisement are:- Declining lease length; The leaseholders wish to change management; Service charge demands are high or unreasonable. To prevent the speculative development; To correct a lease defect; For elderly leaseholders, to put their affairs in order. It is not unusual in enfranchisement cases for‚ 

Many of you may have gone through the past six months or more engaged in notice requirements, disputes over valuations, setting up your company in order to acquire your freehold and now you have finally completed.  Alternatively you might  have exercised your right to manage. Whichever you have undertaken, you will have found out how much work is required to reach your goal.  The good news is you can now take control of matters concerning the freehold and the management of your block. I aim to set out bel

I regularly deal  with leasehold flat owners who are individually enfranchising by buying a lease extension for their flat. In doing so, they often enquire about collectively enfranchising by joining with fellow flat owners to buy the freehold and I am often asked to advise on the competing merits of individual and collective enfranchisements. An Individual Claim The major advantage of an individual lease extension over a collective freehold purchase is speed and independence.  The statutory procedure