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RMC / RTM directors threaten mass resignation if ‘building safety directors’ are imposed

By Sebastian O'Kelly on Dec 09, 2022 06:10 pm
RMC / RTM directors threaten mass resignation if ‘building safety directors’ are imposed

Civil servants in the building safety team of DLUHC were informed bluntly this afternoon by directors of residents management companies and right to manage companies that they would resign rather than accept the role of building safety director imposed upon them.

The initiative, which appears to have surprised the leasehold team of officials, is to ensure that there is an identifiable, responsible person for building safety. But it is not a requirement for freeholder owned sites, and it is estimated that it will cost another £70,000 cost to leaseholders.

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As the tide turns on UK property, any sympathy for this baby boomer investor: ‘I own three cladding flats and two other investment properties. I am considering bankruptcy …’

By Sebastian O'Kelly on Dec 08, 2022 05:45 pm
As the tide turns on UK property, any sympathy for this baby boomer investor: ‘I own three cladding flats and two other investment properties. I am considering bankruptcy …’

Of all those caught up in the cladding and building safety scandal, few (apart from freeholders) excite less sympathy than investors in multiple flats: more than three investment properties of any type and you pay for the remediation yourself.

This is the government’s view: if you are an owner occupier or small scale buy-to-letter, we will help you out; if you own multiple assets then, sorry, but you have to pay yourself.

That’s tough, because they are paying for other people’s mistakes.

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