Leasehold Insurance

Description

The current Long Term Agreement expires on 31st March 2026. South Tyneside Council invites bids for the provision of its property insurance in respect of private dwellings 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 South Tyneside still retain the freehold ownership and in some case the leases may state that South Tyneside 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 are not required. In addition, there are a small number of Mortgaged Properties i.e. properties for which the mortgage was granted by the Contracting Authority. Cover is expected to commence at 00.01am on the 1st April 2026