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There is a confirmed route to remediation for all buildings over 11 metres in Wales, with ten major UK developers already lined up to complete fire safety works. Alongside new cladding valuation guidance expected from the Royal Institute of Chartered Surveyors (RICS), these plans demonstrate to valuers and lenders that essential work can be carried out at no cost to leaseholders.
A ban on new leasehold houses and limits on ground rent for new flats are contained in the long-promised and eagerly awaited Bill, and for existing leaseholders, selling should be made quicker and easier.
A public consultation has opened on proposals to cap ground rents in England and Wales as the UK Government begins its latest action to reform the sector. Legislation is already in place in the Ground Rent Act 2022 to ensure that new residential leases are restricted to a peppercorn ground rent, and this new proposal sets out options to extend this protection to existing leaseholders.
Five multi-occupancy building insurance providers have agreed to act on concerns about the value and transparency of commission and commission sharing practices. They have promised to help reduce costs and improve disclosure for residential leaseholders in buildings with fire safety issues.