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Why would a buyer (maisonette) need the insurance details of upstairs neighbour?

(7 Posts)
FallingWithStyle Thu 14-Oct-10 19:50:41

I'm sure there is a good reason...I just dont know what it is!

Had a visit from Estate Agent and a solicitors letter today asking for details of buildings insurance.

Is this standard?

massivemammaries Thu 14-Oct-10 20:20:11

The buyers are ensuring that all floors of the property are covered by sufficient insurance .... they are probably requesting a proof of Maisonette Indemnity policy and a Contingent Buildings Insurance policy.

I found this relating to a similar situation

"The first has been requested as the solicitors feel that there is lack
of clarity in the Lease defining relevant obligations to each party,
also they feel that there is a Lack of enforcement action in the
Lease. The Second has been requested as again the solicitors feel that
there are not sufficient rights in the Lease to ensure that the
Ground, first and second floors are to be insured at all times."

lalalonglegs Thu 14-Oct-10 20:37:00

Surely you should have the same insurance policy that covers the whole building and is supplied by the freeholder or whoever manages the building?

massivemammaries Thu 14-Oct-10 20:46:51

The mortgage lender will often insist on an individual policy and want to see proof the whole building is covered at all times

It all depends on what is in the lease in relation to who is responsible for insuring the building.

If the freeholder or management company have arranged the cover under a "block" policy then a mortgage company may accept this.

KERALA1 Thu 14-Oct-10 20:51:37

Yes standard. Because if the building burns down and the buildings insurance doesnt cover the upstairs flat you (and more importantly your mortgagee) will be stuffed!

FallingWithStyle Thu 14-Oct-10 21:40:59

Ah I see, that all makes sense.I gave them the details they needed, just couldn't work out if there was more to it.
Thanks everyone.

Homeseller Mon 13-Feb-17 23:58:51

so who is responsible to pay for this if you are selling your property.? This did not come up when I purchased the top floor maisonette, myself or the seller didn't have to pay it. Now I am selling it has come up but is it me or the buyers responsibility? Should the ground floor not pay for this also? Joint policy?

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