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Introduction to Freehold Property
Freehold property refers to the ownership of both the house or flat and the land it stands on, as opposed to leasehold property where only the flat or house is owned.
Understanding the difference between freehold and leasehold is crucial when buying a new home, as it affects the level of control and responsibility over the property.
Freehold estates can be complex, involving multiple flats, communal areas, and shared responsibilities.
Freeholder buildings insurance is essential for protecting the property and its owners against various risks.
Why Use Emerald For Your Freeholder Buildings Insurance?
Emerald has been covering freeholders and answering their questions for well over a decade. We aim to be friendly, clear, reliable and cost-effective. We score very highly on customer reviews and all our staff are trained in the issues around freeholder buildings 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.
Types of Freehold Ownership
There are different types of freehold ownership, including sole ownership, joint ownership, and shared freehold, where multiple owners jointly own the property. Mostly Emerald deals with shared freehold, where we have a strong reputation in the market. Sometimes these property types are a purpose built block of flats or might be a converted house.
Each type of ownership has its own set of responsibilities and benefits, such as shared decision-making and cost-splitting.
Freehold ownership can be held by an individual, a company, or a management company, which can affect the management and maintenance of the property. There may be a managing agent involved for bigger properties
Leaseholders can also acquire a share of the freehold, giving them more control over the property and its management.
Freeholder insurance can provide protection for owners against various risks, including accidental damage and malicious damage bearing in mind that the law can make any joint freeholder responsible for liabilities from owning a property. This type of buildings insurance cover is not a legal requirement, but for any block of flats it would be strongly advisable to obtain a quote and look at the policy wording and policy limits.
Benefits of Freehold Ownership
One of the main benefits of freehold ownership is the level of control and responsibility it provides over the property, including decisions on maintenance and repairs.
Freehold owners are not subject to ground rent or lease restrictions, giving them more freedom to use and modify the property as they see fit – but there might restrictions around the flats, land or building in the lease itself, so always check.
Freehold ownership can also provide a sense of security and stability, as owners have full control over the property and its future.
However, freehold ownership also comes with significant responsibilities, including maintenance and repair costs, which can be substantial.
Freeholder building insurance can help mitigate these risks and provide financial protection for owners.
Freehold Insurance Options
Freehold insurance options are available to protect owners against various risks, including damage to the building, liability, and other unforeseen events.
Freeholder buildings insurance can provide comprehensive cover for the property, including the building, communal areas, and shared facilities.
Insurance policies can be tailored to meet the unique needs of each property, including the type of building, location, and ownership structure.
It’s essential to review policy documentation and wording to ensure that the cover meets the specific needs of the property and its owners.
Freehold insurance can provide peace of mind for owners, knowing that they are protected against various risks and uncertainties. With Emerald, we try to dispose of a complex claims process, although much will depend on the circumstances of any claim.
Buildings Insurance Cover
Buildings insurance cover is essential for protecting the physical structure of the property, including the building, walls, and roof.
Freeholder building insurance can provide cover for the whole building, including communal areas and shared facilities as well as the flats that are in the building.
Insurance policies can include cover for accidental damage, malicious damage, and other unforeseen events, such as fire, flood, or storm damage.
Policy limits and excesses can vary depending on the insurance provider and the specific policy, so it’s essential to review the terms and conditions carefully.
Freeholder insurance can provide financial protection for flat owners against significant repair costs and other expenses.
Let Emerald Help You For Your Freehold Insurance
Emerald has been covering freeholders for a long time and has a super level of expertise. With trained customer agents, high customer reviews and a high level of satisfaction, we aim to meet your needs and we hope that we can help you.
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.
Have a great day.
