Lease owners “trapped” in an apartment due to a cladding crisis may be able to sell or repay their assets soon after government intervention is announced today.
“There is no evidence of systemic risk of fire in apartment blocks,” Robert Jenrick said in an expert government-consigned review, with only 9% of the flames in apartment blocks above the fourth floor. I have quoted evidence that suggests that.
In his speech to MP, he said the review provided five recommendations to stop what he called the lender’s “disproportionate reaction” to the cladding crisis.
An important recommendation is that the EWS1 foam, which assesses the safety of external cladding, should not be a requirement for buildings less than 18 meters.
Major lenders such as HSBC UK and Barclays support this position and said they would review process practices according to recommendations from a panel of experts.
Previously, lenders demanded a safety form, many properties failed due to cladding concerns, lease owners were trapped and forced to take expensive safety measures such as “wake-up clocks”.
The government hopes that this intervention will reduce “unnecessary and costly repairs of low-rise buildings” and restore market confidence so that flat owners can buy, sell, or remortgage homes. Said.
Regarding the reasons behind the proposal, Jenrik said there has been “extreme risk aversion” in the housing market in recent years as a result of concerns about the cost of dressing replacement.
In his statement, Jenrik elaborated on the broader reforms, stating: “These actions are expected to significantly ease the challenges faced by the majority of lessors considering buying and selling high-rise apartments and prevent them from facing them. Unnecessary repairs. Huge invoice for work. “
This update was made when the House of Commons considered a building safety bill. The bill empowers new building safety regulators to prosecute developers who violate the rules and remove their assets from the market.
The law is part of a plan to tighten regulations on skyscrapers and avoid further tragedy, such as: Grenfell Tower A flame that killed 72 people in 2017.
Shadowhousing secretary Lucy Powell “insults” Jenrik by announcing details of the new announcement during his speech, given that lawmakers spent weeks preparing for the bill’s second reading debate. I accused him of dealing with it.
She states: “We support most of what’s in the bill. The bill will finally tighten regulations on skyscrapers, but that could go further.
“But there are serious concerns about what isn’t included in the bill. It abandons those lease owners who are already involved in the building’s safety crisis, and we have long promised cast iron legislation. We will look for all means to provide a guarantee. “
A statement released by End Our Cladding Scandal injects today’s shocking government announcement on EWS1 and the coveted common sense of how the safety of low- and mid-rise apartment buildings is treated. We carefully welcome the need. “
However, he added, “We have been here before,” and in November “MHCLG triumphantly announced that” no cladding “blocks do not require EWS1 certification.”
But the statement added, “It took only a few hours for the news that the UK finance and building-and-loan unions, which represent mortgage lenders, had not given approval to be shot down.” ..
They added: “As this government has spent years trying to pull wool into our eyes, this tries to prevent more and more conservative lawmakers from taking action on their style. I’m worried that it’s just another face-saving movement. Participants in the home by having the lessor take up the tab of collective failure in the state and industry. “
Additional reporting by PA
Cladding scandal: Houses up to 60 feet do not need a safety foam, the minister says
Source link Cladding scandal: Houses up to 60 feet do not need a safety foam, the minister says