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I own a leasehold flat and am not satisfied with the building insurance fee. Do I have to abide by this, or can I shop around for a more competitive quote?
I own a leasehold property in a block of two flats. I am not satisfied with the building insurance fee, which I feel is above average. Do I have to abide by the building insurance which the property management has chosen, or can I shop around for a more competitive quote?
If your contribution exceeds £250 p.a. you should be served with a Notice by the freeholder's agents which starts a consultation period with all leaseholders (S20A Commonhold & Leasehold Reform Act 2002). If no such Notice is served and the correct procedures followed, thereafter your contribution is limited to £250. You can ask the agents for a breakdown in any event and advise that you wish to obtain alternative quotes. You can quote them S27A Landlord & Tenant Act 1985 which enables a Leasehold Valuation Tribunal to determine if service charges (including insurance contributions) are payable and, if so, are reasonable.
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