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| *Loan,banking and credit>>>property insurance |
Building insurance FOR LEASHOLD PROPERTY? |
I've bought small 1 bed flat in eltham.Our brooket told as that we Must have mortgage life insurance as this is obligatory,so we sigh for it.Then RBS called us to say thay we need to have builiding insurance.We called our brooker but he said is not true as our flat is a leashold and building insurance is included in service charge we are paying.What is correct?What is obligatory?My finacial advisor in Barclays said mortgage insurance is NOT OBLIGATORY.Are we being mislead by our brooker?( we are not naitive british)? With regard to buildings insurance- the flat may be insured as part of a block or insured individually. You will need to find out from the management company to whom you pay your service charge. The service charge implies that it is for routine maintenance of exterior & interior of building- it may have nothing to do with insurance. Well, MORTGAGE INSURANCE isn't going to do any good to anyone, if it's not YOUR MORTGAGE. So I'd say you do NOT need mortgage life insurance. You COULD, though, be required to carry BUILDING insurance as part of the lease - read your lease agreement. Sometimes with leases, the building insurance is made the responsibiltiy of the tenant. The MORTGAGE, however, is still in the name of the building owner, so if the tenant is buying MORTGAGE LIFE, it isn't DOING anything. Kind of like buying car insurance, if you're blind and don't own a car and never will drive. agent, 21+ years |
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