Do we need buildings insurance?

[FluffyDucky]

We are in the prices of buying or first home, a ground floor maisonette. I am getting confused about insurance, we have been advised by an insurance advisor, add it is leasehold we will only need contents insurance. But it says in our mortgage acceptance document we must have buildings insurance.
Help!

Sorry for the mistakes, I'm on my phone!

I'd lose that advisor straight away if I were you.

you own a building. It has windows that can break, bits that can subside, structure that can catch fire.

yes, you need buildings insurance and you need it from the date of exchange.

If it's a leasehold property and you own the freehold I think you may arrange your own buildings insurance but usually it is the Landlords responsibility, although you would have to pay a proportion of the charge to them. The percentage is worked out on how many flats in the building.

You do definitely do need buildings insurance. Normally it's the freeholders responsibility to buy it and you pay a share. But now a leaseholder can buy their own for their share of the property.

No! Don’t lose your insurance advisor yet. I think he meant good and have you in his heart. Quite unlike some unscrupulous advisors who would want you to buy everything so that he can earn a big fat bonus/commission.

I think what your insurance advisor meant is that since it’s a leasehold, the landlord (freeholder) will have to buy the building insurance and you possibly will have to make a contribution one way or another. Of course, buildings need insurance. And as for contents insurance, you are on your own.

Tell your mortgage lender you are not responsible for the whole building insurance but ask your landlord for evidence that your flat is covered by his building insurance and send the documents to your mortgage lender/solicitor.

Never take advice from an insurance advisor they are notorious crooks/dimwits. I own a Leasehold and for 7-8 years I was flogged a buildings insurance deal that I could never have claimed on anyway, because only the Freeholder could. But now the law has changed and as a Leaseholder you can buy your own and claim on it.

If you have a mortgage you must have buildings insurance. Ditch the a adviser!

Thank you, you clever lot! We haven't had the survey done etc.. yet, so I'm wondering if it would be worth us contacting the solicitor?
My argument to the husband is, if the building were to fall down tomorrow, or a car drive into it (you get the idea!) who would pay for it?

peteneras is correct.

OP, you're right, if the building burned down, it must be covered, but it is the responsibility of the owner of the building.

When you rent a property, it's easy to see that it's the landlord who has to put the insurance in place, but if you're buying leasehold, you need to carefully check who the landowner will be - in the case of a maisonette, it could well be you! (with a different "hat" on).

Check with your solicitor.

and congratulations on your first home!

To get a mortgage, the building must have building insurance. When I owned a flat it was purchased by the freeholder and I paid an annual sum as my share. The freeholder provided the documents to prove the insurance existed.