Don’t extend your lease if that puts you on the hook for building safety bills (this applies to non-highrises, too)

New housing minister Lee Rowley has problems with the Building Safety Act

Another flaw in the Building Safety Act 2022 has stalled – perhaps killed off – a large part of the lease extension business, potentially involving hundreds of millions of pounds.

This is because a lease extended after 14 February 2022 won’t be protected from building safety bills covered by the new law.

Qualifying leases issued before 14 February 2022 receive certain protections under the Building Safety Act, but those issued after this date don’t.

Continue reading Don’t extend your lease if that puts you on the hook for building safety bills (this applies to non-highrises, too) at Leasehold Knowledge Partnership.

FCA finds ‘significant shortcomings’ in leasehold insurance. While Michael Gove urges it to look further

Do you think leasehold insurance costs are fair? No? Surprising that. The FCA wants to hear from leaseholders as part of its consultation to ensure that this market is opened up:

https://www.fca.org.uk/publications/consultation-papers/cp23-8-multi-occupancy-building-insurance

The Financial Conduct Authority – following robust prodding from Michael Gove and years of pushing by LKP and its patron Sir Peter Bottomley – has found “significant shortcomings” in the leasehold insurance racket.

Michael Gove has told the FCA:

“I was, in all candour, outraged by your findings.

Continue reading FCA finds ‘significant shortcomings’ in leasehold insurance. While Michael Gove urges it to look further at Leasehold Knowledge Partnership.

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