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Introduction to Freeholders
Freeholders have specific rights and responsibilities, including the ownership of the land and buildings. If this is your first time as a freeholder, don’t panic. This article is here to help you about your legal responsibility around your property, and some idea around the law and the cost of being a freeholder.
Understanding these rights and responsibilities is crucial for effective property management and protection. Freeholders must be aware of their legal obligations, including the requirement for freeholder buildings insurance.
Freeholders must also be aware of their responsibilities towards leaseholders and tenants. Indeed these may overlap.
Why Use Emerald For Your Freehold Insurance
Emerald has been covering old and new freeholders for many, many years. We aim to be clear, polite, reliable and cost-effective. We score very highly on review websites for our work and our staff are specifically trained in the issues around freeholder insurance.
You can see our page on freehold insurance HERE. For our process, please call us on 0330 113 7109 or email us on customerservice@emeraldlife.co.uk and we would love to hear from you.
Rights and Responsibilities
Freeholders have the right to deal with the freehold, look after ground rent, and other building or property issues. As there may be flats in the building that pay ground rent, a freeholder is also responsible for maintaining the building and ensuring that it is safe for occupants of those flats.
Freeholders must comply with legal requirements, including those related to service charges and insurance, and also deal with any land issues for the property.
Freeholders have a legal responsibility to maintain the property and ensure that it is well-maintained. In effect a freeholder is like a landlord of the whole property, in the same way as a landlord gives a shorter lease to a tenant but in this case the flats have longer leases.
Legal Requirements
Freeholders must comply with legislation related to freehold buildings, including all legislation, and the terms of the leases, which can include getting freehold buildings insurance.
They must ensure that they are aware of their obligations under the law, including the requirement for freeholder insurance and must understand their responsibilities towards leaseholders, including the provision of services and the maintenance of the building where the flats are.
They must also be aware of their obligations related to long leases and the extension of leases and any landlord type obligations in those lease rules and specific needs.
Insurance Cover Options
Freeholders can choose from a range of insurance options, including freeholder buildings insurance and block of flats insurance. These are effectively the same but for example be careful about buying other types of insurance, or more than one insurance policy for the block. If in doubt, give Emerald a call on 0330 113 7109.
You must ensure that you have adequate cover to protect against issues such as damage, access for theft, and subsidence. You must also consider the cost or price of insurance and ensure that you are getting the best value for their money. Although the freeholder owns the building, the costs or price of cover will be passed on.
Freeholders can also consider additional insurance options, such as cover for malicious damage and unoccupied periods but this may increase the price.
Building Maintenance
Freeholders are responsible for maintaining the building and ensuring that it is safe for occupants.
They must ensure that they are aware of their obligations, including the requirement for regular inspections and repairs.
Freeholders can work with property managers to ensure that the building is well-maintained and that any issues are addressed promptly. They must also ensure that they are complying with related regulations including those related to health and safety.
Freeholders can also consider hiring contractors to carry out maintenance work, such as repairs and renovations. Do check with your freehold buildings insurance cover though as the insurer may need to consent for works to the property.
Liability and Risk
Freeholders (as quasi landlords) are liable for any damages or losses that occur to the building or to leaseholders.
They must ensure that they have adequate insurance cover to protect against risks such as malicious damage and subsidence. They must also ensure that they are aware of their obligations related to liability, including the requirement to respond to claims promptly.
Freeholders can also consider taking steps to prevent risks, such as installing security cameras and carrying out regular inspections. It is always better to protect your house or property from the earliest date rather than waiting for an insurance payout!
Financial Protection
Freeholders must ensure that they have adequate financial protection in place to protect against risks such as damage and theft.
Freeholders must also ensure that they are aware of their obligations related to financial protection, including the requirement to pay premiums and to comply with policy terms. They can also consider additional financial protection options, such as savings and investments.
Freeholders must ensure that they are getting the best value for their money and that they are protected against financial risks.
Managing Responsibilities
Freeholders must ensure that they are managing their responsibilities effectively, including their obligations related to insurance and maintenance.
They can work with property managers and insurance brokers to ensure that they are complying with regulations and that they are getting the best value for their money. Here at Emerald, we are always happy to help.
Freeholders must also ensure that they are aware of their obligations related to leaseholders, including the provision of services and the maintenance of the building and the process is a leaseholder wants to sell.
They can also consider hiring contractors to carry out maintenance work and to provide additional services.
Freeholders must ensure that they are responding to claims and issues promptly and that they are providing a high level of service to leaseholders.
Conclusion – Give Emerald A Call
If you are new to freeloading, this may all seem daunting. Don’t worry! Emerald has been covering freeholders for a long time and has a very high level of expertise. With trained customer agents, high customer reviews and a high level of satisfaction, we aim to meet your needs.
Starting is simple – just call us on 0330 113 7109 or email us on customerservice@emeraldlife.co.uk and we would love to hear from you.
