LEASEHOLDER PROTECTIONS - ARE YOU COVERED?
The Building Safety Act, which protects qualifying leaseholders living in buildings above 11 metres tall at least five storeys, from extortionate building safety costs has been a highly awaited relief for thousands of leaseholders who had been stuck with huge remediation bills and were unable to sell their homes.
Remediation costs must now be paid by the freeholder and it is illegal for them to pass on historical building safety costs. However, where costs are not recoverable from freeholders, landlords and building owners are now forced by the government to pick up the bill. Leaseholders also have widespread protections from the costs associated with non-cladding defects, including interim measures like waking watches.
It is also illegal for freeholders to pass on the cost of historical building repair works or the removal of cladding to any of their leaseholders, including non-qualifying leaseholders if they are or are linked to the building’s developer.
Where a developer cannot be held responsible and the building owner is not required to meet the costs in full, leaseholders with non-cladding-related issues will also be protected by a cap on how much they can pay for these costs.
The cap will only apply to non-cladding related work for those whose property is valued at more than ￡325,000 (London) and ￡175,000 outside London (owners of properties below this ceiling will pay nothing).
Buyers of new build homes can hold their developer responsible for safety and quality issues under a new scheme from the New Homes Ombudsman.
For leaseholders to qualify for full protection, they must be living in their own homes or can own up to three UK properties in total, which is a relief for smaller landlords.
Harris Associates appreciates that the criteria for qualifying for these protections can vary depending on circumstance so have produced two downloads that explain the Leaseholder Protections in more detail and provides different examples of when these protections would apply.
领英推荐
?
Click these links to learn more
?Harris Associates are experts in the field of fa?ade remediation with experienced and qualified technicians, surveyors, engineers, and project managers.?We have national coverage (England and Wales) and we can help with all aspects of fa?ade remediation from FRAEWs through to the coordination and delivery of complex fa?ade remediation contracts.
For more information, assistance, and advice on these latest developments and on any related fire safety or regulatory matter please contact Shaun Harris at?[email protected]?or Tamer Duman?[email protected]?call?0203 195 0857?or?0161 615 3679.