I am posting this as a reply as it seems relevant. However, if this should really be a new thread, please tell me and I shall re-post it.
I own the lease on a flat within a building in Norfolk. The extended Ground Floor is Commercial and the other three floors Residential - 10 flats. Each of the leases has about 15 years to run. Unfortunately it seems Residential takes up less than 75% so RTM is not possible.
The lease specifies that each of the flats is responsible for 10% of the Buildings Insurance cost of "The Block", where "The Block" is defined as the upper three floors only.
The Insurance premium for the Block is around £4000 - being around £1.90+tax per £1000 (which seems high) on a sum insured of just over £2 million. The Buildings Declared Value is £1,575,000, so the Sum Insured is 30% higher (which seems just about acceptable from what I read). Although I recognise that the Buildings Declared Value will not be the same as the Market Value, each of the flats sells at less than £60k - meaning the whole "Block" would sell at less than £600k. The Buildings Declared Value is therefore almost three times the Market Value, which seems very strange.
It seems to be that the Rebuilding Cost is excessive and compounded by the 30% uplift to Sum Insured, and the high premium per £1000, we leaseholders are paying far too much.
A few related questions:
1) Does it sound like I have a reasonable case?
2) If I do have a case, how should I go about challenging it?
3) If I challenge it, I will presumably need to show alternative quotes. How do I obtain these as I do not have authority to enter the flats apart from my own?
4) How is it possible to obtain a "rebuilding" cost for just the top three floors of a four-story building?
The Head-Leaseholder and Managing Agent are part of the Regis.Pier Management Group, so we cannot expect any cooperation!