Seek expert advice on that promise to lend
Five years on from the Grenfell fire and the Government has introduced a further ban on combustible materials, meaning certain metal panels can now no longer be used on any building of any height.
Until recently, this only applied to buildings under 11 metres in height, and before that on builds under 18 metres. However, this only applies to new builds.
The scheme is not retrospective, which means it doesn’t apply to existing properties or schemes that are already in progress and so for many, this is concerning.
Countless leaseholders in the last few years have been hit with unprecedented repair and remediation bills, which they were expected to pay out of their own pockets.
This is also not a problem that exists only in large cities such as London, it is something that is all too close to home for us here in Yorkshire.
While there was some movement on introducing new bills and passing stricter regulations with the previous housing minister, there were concerns that a change in government leadership would see these plans forgotten.
Fortunately, that has not happened and the new leadership sees the value and importance of this matter. We are in universal agreement with those in charge that the burden of responsibility must not fall on the shoulders of innocent residents, but on the developers who built the properties in the first place.
For far too long this has simply not been the case, but at least there is a turning point on the horizon.
Besides new policies and acts, six of the UK’s major banks – Barclays, HSBC, Lloyds, Nationwide, NatWest, and Santander – recently announced a new program, which promises to lend on flats in blocks with cladding, on the condition that these properties are entitled to the funding made available to fix safety faults.
Thousands of homeowners across the country may now have the opportunity to sell up, after years of turmoil, red tape, and massive expenses.
These banks say they will lend on buildings that are in the process of being remediated by developers, or have repairs paid for by the government scheme.
While this is certainly something to keep an eye on, it is still early days and of the lenders we spoke to, only one had any level of detail to contribute, and even then, very little.
The freedom to explore this possibility comes with a hefty tax on new builds for house builders, as well as a collective payment of around £2bn from the developers responsible.
One of the most significant changes to building safety came into effect last month with the passing of the Building Safety
Act, which is probably one of the biggest changes we’ve seen in the last generation.
This regulation means leaseholders are rightly protected against unfair bills.
All involved in the scandal must be responsible, including the developers, contractors, product manufacturers and governing bodies.
We are at a turning point in the battle against unsafe living, and it is our hope that everyone steps up to the plate to right the wrongs of the past.
Making sure you’re as informed as you can be is more important than ever with policies and laws changing. It is, therefore, vital to get expert advice regarding your mortgage.