Increases in buildings insurance premiums have led to higher costs for some leaseholders. Learn about your rights if you’ve been affected by these increased costs.
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If you’re a leaseholder, you are likely to make payments to your property owner or property managing agent to cover the cost of buildings insurance.
This cost has increased significantly for some apartment buildings, especially if they are clad in unsafe material.
Right to Manage
For many apartment buildings, the Right to Manage gives you the option to take over management of the building from the property owner.
This involves more than just taking responsibility for arranging the buildings insurance. For example, you might become responsible for upkeep of communal areas and the structure of the building.
It’s important to remember that taking over management won’t help to reduce insurance premiums if they're priced to accurately reflect the level of risk.
Find out more about the Right to Manage[2] from the Leasehold Advisory Service.
Making a complaint
If you're dealing with a firm we regulate, you may be able to complain to the Financial Ombudsman Service[3] about the services of the firm.
You should complain to the firm in the first instance. If you’re unhappy with the response, you should refer the complaint to the Financial Ombudsman.
Find out more about how to complain[4].
If you can't complain to the Financial Ombudsman, you might wish to take legal action. Complaints about property managing agents are heard by HM Courts and Tribunals Service in the First-tier Tribunal (Property Chamber – Residential Property).
If you're unhappy with charges levied by your property managing agent, the Leasehold Advisory Service has published a flowchart (pdf)[5] showing what your options are.