Implications of a bankrupt freeholder?

by Readers Question

12:03 AM, 14th March 2023, 3 years ago 11

Categories:

Insurance Landlord News Landlords Questions Lettings & Management

Hello, does any one know the implications for myself and 4 fellow leaseholders of the freeholder of our lease being declared bankrupt and his affairs now being under administration by insolvency agents?

Our buildings insurance is up for renewal in April. We have a management company, initially instructed by the freeholder, but they have not been able to get his agreement to go ahead with next year’s service charge – or, for that matter, to accept the ground rent.

Any idea what happens next?

Or what to do?

All the leaseholders have our own landlord insurance (not structural) – what are the implications if the building itself is not insured?

Thank you,

Simon

Share This Article

Tags: freehold, insurance, leasehold

Comments

Michael Stefanou

Member Since October 2023 - Comments: 1

4:47 PM, 4th October 2023, About 3 years ago

Reply to the comment left by Ross McColl at 15/03/2023 – 21:48
We have the same issue. The freehold has reverted to the crown but every insurer is telling us that we cannot insure the property because the freeholder doesn’t exist. How did you go about insuring the property yourselves please? And how long did it take to acquire the freehold from the crown? Thanks

Report Comment Reply

Previous 1 2

Have Your Say

Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.

Not a member yet? Join In Seconds