Buildings insurance on a complex - Page 2

GrahamLynn wrote on Thu Oct 27, 2022 9:47am:

I’m with all the others  saying back away. 

Your own insurance covers your property. The community insurance covers communal areas.

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As far as I am aware you can’t take insurance out against problems that may occur in those communal areas. You are already paying for that insurance as part of your community fees.

If the current community claim is not resolved (or future claims) then unfortunately the community will have to pay for the damage. Depending on the scale of the damage and the number of properties in the community, that could be a hefty increase in community fees. In that scenario you would be paying for damage that happened before you bought your property. Or you could be asked for a  large  one off contribution to repair the damage and as it’s now your property it’s your debt.

Have you asked to see the minutes of the AGM’s since the damage occurred. Even though there will be a couple of years missing because of covid I’m sure the meetings have been full of “healthy debates”. 

Even if you buy the property at a bargain rate, you will still get stung by a hefty tax bill.

Far too many negatives to even consider a purchase.

Lynn

smccarron99 wrote on Thu Oct 27, 2022 9:57am:

Hi thanks for your comments 

What do do you mean stung with a hefty tax bill?

PeterPan wrote on Thu Oct 27, 2022 10:57am:

Possibly "Complementary tax" if the Spanish tax people consider that you paid less than their valuation for a property.

http://www.abacotaxes.com/complementary-tax

Kenbo wrote on Thu Oct 27, 2022 8:56am:

Just to add my opinion to the others advising against this purchase.

You have said yourself that the area is already damaged, why would you risk it ? 

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As others have also said, please step back and consider the many other places available, who knows, you may find one that's suits you more ?

One thing that does cross my mind, is the property selling at big discount ? By the sounds of the area it would have to be.

Baffled, Ken.

smccarron99 wrote on Thu Oct 27, 2022 11:22am:

Hi thanks for your comments 

Yes it is selling at a discount but I think we are wandering off my original point,I’m wanting to see the insurance policy which they are withholding from me due to data protection 

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 Th

Swimmer57 wrote on Thu Oct 27, 2022 11:40am:

Are you using a solicitor? Have they tried to get sight of the insurance policy?

Kimmy11 wrote on Thu Oct 27, 2022 9:31pm:

I don't understand how the administrators can refuse sight of the Communal Insurance policy - as owners of a community property, you would be paying for the insurance via your community fees.  As a prospective owner, I would want proof that the insurance is in place - if it isn't, perhaps th...

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...at's why it's already taken 5 years without resolution of the original issue.  And perhaps that's the "data" they are trying to protect?  It would be like me going to an insurance agent to buy, say, car insurance - the agent tells me that they've procured insurance for me and how much I have to pay for it, but they're not going to tell me who the insurer is, or the terms of the policy, because of "data protection"!

When you buy home insurance, you will be asked to declare any known issues and whilst subsidence of a communal area may not currently directly affect the property that you're considering, if it should do so in the future, you could find yourself without cover or, as others have suggested, a large, additional contribution to the community to rectify the problem.  I don't understand why the current owner isn't demanding to know on what basis the administrators are using "data protection" as a reason for withholding proof of insurance cover, which potentially is frustrating their ability to sell.  Sorry, but I agree with the "walk away from it" camp - and I'd tell the current owner and your lawyer precisely why you're doing so.  

Kind regards,

Kim

Kimmy11 wrote on Thu Oct 27, 2022 9:31pm:

I don't understand how the administrators can refuse sight of the Communal Insurance policy - as owners of a community property, you would be paying for the insurance via your community fees.  As a prospective owner, I would want proof that the insurance is in place - if it isn't, perhaps th...

Read more...

...at's why it's already taken 5 years without resolution of the original issue.  And perhaps that's the "data" they are trying to protect?  It would be like me going to an insurance agent to buy, say, car insurance - the agent tells me that they've procured insurance for me and how much I have to pay for it, but they're not going to tell me who the insurer is, or the terms of the policy, because of "data protection"!

When you buy home insurance, you will be asked to declare any known issues and whilst subsidence of a communal area may not currently directly affect the property that you're considering, if it should do so in the future, you could find yourself without cover or, as others have suggested, a large, additional contribution to the community to rectify the problem.  I don't understand why the current owner isn't demanding to know on what basis the administrators are using "data protection" as a reason for withholding proof of insurance cover, which potentially is frustrating their ability to sell.  Sorry, but I agree with the "walk away from it" camp - and I'd tell the current owner and your lawyer precisely why you're doing so.  

Kind regards,

Kim