The introduction of the Building Safety Act 2022 represents a significant overhaul of the building safety regulations in the UK and introduces new requirements for building owners and developers to assess and manage the risks associated with high-rise buildings. It is a positive step towards ensuring that the UK’s high-rise buildings are safe for residents and occupants.
However, we, like some other Firms, have taken a decision not to take any new instructions and act, at the moment, for clients selling or buying flats to which the new Building Safety Act 2022 may apply.
Government have accepted that the Act was poorly drafted and immediately needed to be rectified. This is work in progress.
The legislation is new and Lenders have continually attempted to amend their instructions to lawyers in a bid to minimise the liability and deflect this onto the conveyancer. As a result, how we must investigate and advise on leases is changing on a weekly basis. The time spent does not warrant the costs we would charge, for what is a small percentage of our transactions
We will continue to act for those flats that we have already been instructed on
We will continue to deal with Tyneside flats and those flats where the freehold is owned collectively by the tenants
We will continue to monitor the impact of this Act on the industry and review this regularly
Read more at HMRC bills.parliament.uk/bills/3021