Property Insurance: Leasehold Flats, Shared Ownership and Mortgaged Properties

Description

The current policy contract expires on 31 March 2023. The London Borough of Hackney invites bids for the provision of its property insurance in respect of private dwellings sold on a leasehold basis, the majority of these were under the Right To Buy (RTB) legislation. In addition, cover is to include mortgaged properties and some shared ownership where the Council has agreed to continue the insurance arrangements. The dwellings can include houses and bungalows but are generally flats in blocks and flats in houses (maisonettes) where the Council retains the freehold ownership and in some case the leases may state that the Council, as the Freeholder, will arrange the buildings insurance on behalf of the Leaseholder and recharge the premium as part of the Service Charge. Other flats in some blocks have not been sold (Council tenanted) and are separately insured so insurance cover for these flats are not required. At the discretion of the council, there shall be an option to extend this contract for up to 24 months. Cover is expected to commence at 00.01am on the 1st April 2024. Keywords: Insurance