WOBO thanks IFSEC GLOBAL for the update.
An agreement between the Government and 35 major developers will see £5 billion committed from industry towards addressing the building safety scandal, the Department for Levelling Up, Housing and Communities (DLUHC) has announced.
£2 billion of this has been committed directly from the 35 developers to fix their own buildings, while the remaining £3 billion will come from an extension to the Building Safety Levy, which the department says will “force industry to pay and protect innocent leaseholders”.
Under the new agreement, which will become legally enforceable, the homebuilders have pledged to fix all buildings over 11 metres that they have played a role in developing in the last 30 years.
For the companies yet to make the pledge, the Secretary of State has also confirmed there is little time left for them to sign up, and that those who continue to refuse will face consequences if they fail to do so.
As set out in January, a new government scheme will also see industry pay to fix buildings where those responsible cannot be identified or forced to in law. This follows previous confirmation that plans for a 30-year loan scheme paid for by leaseholders would be scrapped.
The new scheme will be funded through an extension to the Building Safety Levy that will be chargeable on all new residential buildings in England. This is expected to raise up to an additional estimated £3 billion over 10 years from developers. Read more….