Provision of Insurance Services for Leasehold Right to Buy Property (excluding provision of insurance broker service)

Descriptions

The current Long Term Agreement expires on 31 March 2021. 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 sold 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 the lease states that the council, as freeholder, will arrange the buildings insurance on behalf of the leaseholder. The premium is to be re-charged by the Council as part of the annual service charge. It should be noted that other flats in the same block (or blocks) may not have been sold and remain council owned and tenanted, these properties are insured separately of this insurance arrangement.