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From 31 October 2024, Part 5 of the Building Safety Act 2022 will be updated to clarify landlords’ responsibilities for remediation, to make remediation orders more effective, and to provide more detail about who can be required to contribute to the cost of remediation works. The UK Government is committed to enacting the legislation and has indicated that work to formulate further regulations is in progress.
The Ministry for Housing, Communities and Local Government (MHCLG) has responded to recommendations made by the Competition and Markets Authority (CMA) based on their year-long investigation of residential construction in England, Scotland, and Wales. Ministers agree that reform is essential to ensure the market delivers homes that the country needs and have committed to creating a long-term housing strategy with the buy-in of local authorities, developers, landowners and investors.
The Leasehold and Freehold Reform Act 2024 makes a number of changes which will affect long term homeownership for leaseholds and homeowners on managed estates. Key changes within the Act include restricting the granting of new long residential leases for houses.
One in five properties in England (4.98 million) and one in six in Wales (235,000) are leasehold. The Leasehold and Freehold Reform Act 2024 follows the Leasehold Reform (Ground Rent) Act 2022 and makes a number of changes which will affect long term homeownership for leaseholds and homeowners on managed estates.