0:04 AM, 29th June 2023, About 8 months ago 10
Hi everyone, my family own several leasehold flats and in each case the leases allow the freeholder to arrange building insurance and to recharge this to the leaseholders.
Every time the property is valued by an RICS surveyor the insurance value has increased way beyond inflation and has now reached ridiculous levels so that the rebuilding cost is way above the market value of the property. The policies also have every add on like terrorism cover etc even though they don’t need them. The broker and the freeholder both obtain a commission on the policy and therefore have no incentive to seek competitive rates.
Does anyone have any suggestions on how to object/appeal as the broker and freeholder will not enter into any discussion on the policy levels? Is there a tribunal that could oversee this?