Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Leaseholder Remediation Bill Faces Second Reading in House of Lords
The Leaseholder Remediation (Building Safety) Bill is set for its second reading in the House of Lords. The Private Member’s Bill, introduced by Baroness Pinnock, aims to address gaps in the Building Safety Act 2022 and further protect leaseholders from the costs of historical building safety failures.
The Bill seeks to extend protections to leaseholders in buildings under 11 metres in height, which are not fully covered by the current Building Safety Act. According to government figures, there are between 5,900 and 7,400 residential buildings in England that have or had unsafe cladding.
Key measures in the Bill include making it a duty for freeholders and building owners to complete building safety works within set timeframes. If action is not taken, leaseholders would be able to force the completion of these works. The Bill is separate from the government’s recent draft Commonhold and Leasehold Reform Bill, which proposes capping ground rent for existing leaseholders.
The legislative process for the Leaseholder Remediation Bill is at an early stage. The Bill must pass through several readings and review stages in both the House of Lords and the House of Commons before it can become law. Only a small proportion of Private Member’s Bills become legislation.
For letting agents and inventory clerks, the progress of this Bill may impact responsibilities and timelines for building safety works in leasehold properties, particularly those under 11 metres in height.
Source: Mortgage Strategy