Right to Buy Leasehold Propery Insurance
Southampton City Council invites bids for the provision of its property insurance in respect of private flats sold on a leasehold basis, the majority of these were under the Right to Buy (‘RTB’) legislation. The dwellings are flats in blocks and flats in houses (maisonettes) where the Council still retains the freehold ownership and the leases 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 is not required.
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