JimboP Posted October 14, 2012 Report Share Posted October 14, 2012 Dear all Grateful for your advice. I currently own (have mortgage) a leasehold flat (Second floor) and wish to rent it out. Currently the building insurance is arranged by the Freeholders and we all flats in the house pay 1/5 of the annual sum. My question is whether this buildings insurance will be valid if I rent the property out? Jim Link to comment Share on other sites More sharing options...
Richlist Posted October 15, 2012 Report Share Posted October 15, 2012 * The lease will determine if you are allowed to rent out the property, any restrictions and wether you need any permissions. * The insurance policy currently in place will determine who/ what is insured. * Your mortgage lender will need to be informed and may impose restrictions/ requirements. So, my suggestion would be to read both lease and insurance policy (your freeholder is legally required to provide you with a copy if requested) and talk to your neighbours, find out if they rent their properties out and ask for the details. Link to comment Share on other sites More sharing options...
Grampa Posted October 15, 2012 Report Share Posted October 15, 2012 If the block is managed by a management company give them a call. If the lease allows subletting which most do the freeholder/Man Co is responsible for getting the correct insurance. You maybe charged for permission to sub-let and some Man companies charge a outrageous amount as an admin fee but that is another discussion. Link to comment Share on other sites More sharing options...
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