Rights to Park
What are the key covers, features and benefits?
Where a lease grants an exclusive right to park in a defined space there is an argument to suggest that this is not capable of being an easement and that the freeholder could in the future withdraw that right, particularly if there is a change in freeholder since the right was granted in the lease. GCS offers a bespoke policy which covers the consequences of the lessee being unable to utilise the parking space in the event that the freeholder withdraws the right. The indemnity insurance policy would provide legal costs cover in defending the lessee’s right to park and/or consequential diminution in value to the property as a result of the parking space being withdrawn.