This block of 72 apartments was released for sale in 2016 and suffered escape of water claims to a value of £1,000,000 over 18 months, and the cost of the annual insurance for the block rose to over £90,000 in 2018.
That year (2018) Leaksafe were commissioned to install a WaterComm notification only leak detection system to protect utility cupboards, kitchens, and bathrooms at a total cost of £36,000
In a letter to one of the Leaseholder’s agents, the Property Managing Agents wrote:
“…..… the [leak detection] system is in place to protect all Leaseholders against damage caused by leaks. By comparison, due to the large number of leaks, the last insurance premium was over 90k, we have managed to reduce it this year to approx. 30k, saving the Leaseholders 60k. If leaks continue to occur that cause damage because they are not being picked up quickly, this premium will increase again, which in turn will increase your clients service charge, along with other leaseholders. “
