In the final stages of selling our flat, which has a Tyneside lease (upper and lower floor hold lease for the other).
It has been highlighted by our solicitor that our lease states buildings insurance should be held in the name of both us and the other flat. However this is something we were completely unaware of. Additionally, the current owner of the other flat and the one prior to that, were unaware and it wasnt mentioned during their sale/purchase.
Obviously we will seek to add the other flat owner onto the policy. However this would be for one month until we move. At which point our buyer would be taking out their own buildings insurance under the terms of the lease anyways.
I know the Tyneside lease is different to the usual leaseholder of flats/blocks etc. And we have had buildings insurance in place on the flat since we moved in ten years ago.
Am i able to say "no our policy does not include the owner of upstairs" as our policy is neither here nor there for the new buyer - they will need to establish their own buildings insurance on purchase?