building insurance who pays????like some advice please!

F

feth

Member
Joined
17 June 2008
Messages
14
Visit site
hi looking to take on a yard in ~Somerset and it will be leased and the owners are saying that as the lease holder i would be responsible for building insurance at around £500 per year! another yard i looked at said they would cover it themselves and some people i,ve chatted to also think the owner is responsible..please help....i know that i pay public liability and care and custodial cover..any ideas...just want to get it right..also just to say that yes hopefully they,ll be a new yard near Langport soon and i,ll be taking on D.I.Y,s part and full livery at reasonable prices with large rubber matted stables,outdoor arena with lights and indivdual paddocks..
 
I think its a commercial transaction and so its up to the owners what they agree to include or not include, and then the potential lessee (you) has to decide whether that offer is ok or not.

Ultimately if they have a mortgage on the premises they would need buildings insurance but that doesnt mean they cant ask lessee to pay for it.

Lots of owners would prob do the buildings insurance in their own name but would recover it through the rent so would make not much odds in the end.
 
My landlord invoices me quarterly for a percentage of buildings insurance, pest control, burglar alarm servicing etc. He arranges it for his whole estate and just bills for what relates to my yard.
 
Depends what your contract says. Some tenant contracts say the landlord pays, some say the tenant pays, some says the tenant just pays for certain things eg maintenance rather than improvements, some say just that the tenant must ensure the property is of the same standard at the end of the tenancy as it was at the start. I guess you had legal advice when you started this agreement so I'd go back to our solicitor.
 
i havent taken on yard yet as there is alot to consider..the cost per box is very steep and i need to make this a business even if i break even would be fine then any teaching i do there extra cash...the owner seems to be offering the yard per horse per acre per ammum,then everything else is on top ..building insurance,water ,electric all maintenance and then my public liability.all of which i accept but wasnt sure on the building insurance as extra as the rent is very high anyway....also this yard is all diy at the moment and to make it work i need some parts and hopefully any full liveries would be great but people say it,ll be difficult in the area to get parts but no ones advertised before by the sounds of it? oh its a mine field and any advice would be greatly appreicated!
 
You must log in or register to reply here.
Top