📢 CLADDING CRISIS UPDATE! Government U-TURNS on rules for buildings under 18 metres ↩
As you may be aware, the CLADDING CRISIS has left many in buildings that are not fire safe and even more people in flats that are unsellable 🚫
📢 On 21st July 2021, the Government announced:
➡ Leaseholders living in buildings under 18 metres tall will not need External Wall System Forms (EWS1), following a Government U-turn ↩
➡ Lenders and borrowers alike had become exasperated by the market-wide “log jam” these forms were creating 📋
➡ The Government: "There is no systemic risk of fire in these blocks of flats” 🧯
➡ Housing Secretary Robert Jenrick: “While we are strengthening the overall regulatory system, Leaseholders cannot remain stuck in homes they cannot sell because of EXCESSIVE industry caution” ⚠
➡ Many Leaseholders had found themselves “stuck” in properties deemed undesirable by lenders due to the risk of huge cladding removal bills 💵
➡ HSBC UK, Barclays, and Lloyds Banking Group - have committed to reviewing their practices following the Government’s new advice to “further unlock the housing market” 🔓
➡ The Government is already fully funding the removal of unsafe cladding on ALL buildings over 18 metres through the £5bn Building Safety Fund 💰
➡ That's approximately 10,000 blocks (around 6 storeys and above) 🏢
➡ For high-rises, the government has also set out plans for developers in England to contribute to the cost of remediating safety defects 🛠
🙋♂️ In buildings above 18 metres, owners may still face ruinous costs of fixing non-cladding defects 🧯 So does this intervention go far enough for Leaseholders? 🤔 One word answer: NO!
❌ Is my building safe to live in right now?
❌ What about all the other fire safety defects? (such as balconies, insulation, inadequate fire breaks etc)
❌ Uncertainty of works required
❌ Why on earth should I pay for works when they were deemed adequate and safe when I bought the property?
❌ Inadequate regulation, a one-size fits all approach and bad workmanship has brought us here - these must be addressed but NOT by Leaseholders!
❌ Why not allocate funds to remove all fire defects irrespective of block height
❌ A loan scheme?! = more financial burden = de-valued property = extremely difficult to sell
📩 Summary of Cladding Story from the start: https://lnkd.in/duym7FXD and listen to BBC Radio 4 programme here: https://lnkd.in/dq4_rrNP#
📩 Fire Safety Report: https://lnkd.in/d3e3U-A
📩 Full article here: https://www.ftadviser.com/property/2021/07/22/government-u-turns-on-cladding-for-buildings-under-18m/?page=1
🙋♂️ Have you been affected by the cladding crisis? Interested to hear your thoughts and experiences 💬
#cavendishexperts #propertynews #estateagents #houseexpert #housingmarket2021 Rishi Sunak Robert Jenrick #houseprices #housingmarket #property #mortgage #homeowners #mortgages #realestate #leaseholders #landlords #landlordsuk Ruby Hinchliffe
Cavendish Residential - Lettings and Estate Agent in Nottingham City Centre! Award winning - contact us today!
Posted 10 August 2021
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