Updated plans on high-rise safety designed to reassure lenders

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.

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The first comprehensive solution in the UK

The Welsh Government commitment to funding remediation applies to all residential buildings of 11 metres or over in height and is not restricted to buildings with cladding.

It is hoped that the updated RICS guidance will reduce friction and delay for home buyers, sellers, and leaseholders wishing to re-mortgage their homes, by helping valuers and lenders in their decision making.

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09 Nov 2023
Prominent brokers pledge to lower leaseholder premiums

Legal help for property owners

Climate Change Minister Julie James stated that the Welsh Government would make independent legal advice available for leaseholders and that more details will follow in early 2024.

Tighter controls on supervision

From April 2024, the Welsh Government will restrict the oversight of new high-risk buildings to local authority building control, introducing a new class system for registered building inspectors.

This is to make sure only individuals who have the relevant skills, knowledge, and experience necessary are advising decision-makers.

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27 Nov 2023
Leasehold and Freehold Bill starts progress through UK Parliament

Orphan buildings

Privately-owned buildings where the developer is unknown or has ceased trading will get continued support from the Orphan Building Scheme. The Welsh Government has identified an initial cohort of 31 buildings, with 131 expected to benefit from the fund in total.