Darren Bagnall, of Flat Living Insurance, provides an at-a-glance guide to service charges. For those who haven’t owned a leasehold property or come across the term; service charges are payable by leaseholders on an annual basis to cover the landlord’s incurred costs for providing services and maintaining the common areas of the building. When signing …
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Why have insurance premiums increased?
A tougher attitude to risk and pricing across the insurance market has developed which now sees the flats insurance sector entering what is known as a ‘Hard Market’ for property and commercial insurances. What do we mean by the term ‘Hard Market’? It simply means that demand exceeds supply. More claims and increased claims costs …
How would failure to maintain your block affect your flats insurance
Darren Bagnall of Residentsline advises. There is a covenant within a lease or TP1 stating that the freeholder, Property Managing Agent or Residents’ Management Company (RMC) will have to ensure the property is in a ‘good state of repair’. In addition to this, most insurance policies will not pay for any loss or damage that is caused by …
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Buying Your Freehold: The Pros and Cons
Darren Bagnall, Managing Director of Flat Living Insurance explains the pro’s and cons of buying your freehold. If you’re thinking about buying your freehold through Collective Enfranchisement, you may well be weighing up the pros and cons of such an undertaking. With everything from funding, general organisation and adhering to the statutory requirements of the …
What is a Leasehold Flat?
Darren Bagnall, Managing Director of Flat Living Insurance explains what a leasehold flat or apartment is. The majority of flats in the UK are bought and sold on a leasehold basis. Present property law in England and Wales requires that flats be leasehold, although some are sold with a share of the freehold. Legislation introduced …
Understanding Your Listed Building Insurance Policy
Darren Bagnall, of Flat Living Insurance, discusses external what to consider when insuring a heritage building and why it is important. We know that the complicated language and terminology used in normal insurance policies can be a challenge to read and digest. When it comes to policies for listed buildings, the jargon is even more …
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Fire Risk Assessors: What Constitutes a ‘Competent Person’?
Darren Bagnall, Managing Director of Flat Living Insurance explains what constitutes a “competent person” when completing health & safety assessments. Fire Risk Assessments are a huge responsibility when it comes to managing a block of flats, but the law …
Fire Risk Assessors: What Constitutes a ‘Competent Person’?Read More
Getting the Best from Your Broker
Darren Bagnall, Managing Director of Flat Living Insurance explains how choosing the best protection for your property is vital and how to get the best from your insurance broker or intermediary. As a director or officer of a Residents’ Management Company (RMC) choosing the right policies for your block is essential. Your fellow leaseholders are …