Nearing completion on a flat purchase (share of freehold of converted period property, we will have the upper flat). Our solicitor is finding out from the seller’s solicitor what the current situation is with buildings insurance. I know in the majority of flat situations there’s one shared policy for buildings insurance. What are people’s experiences with this? If the policy is paid annually and it’s mid-way through the term when we exchange/complete do we pay the ‘pro rata’ amount to the seller, or is it usually a monthly payment from each flat owner?
I know I could just ask solicitor for info but will probably get a quicker response on here!