Commenting on the announcement on cladding by the Secretary of State for DLUHC, The Right Hon Michael Gove MP, Paul Broadhead, Head of Mortgage and Housing Policy at the BSA said:
“Today’s announcement is a positive step in the resolution of this long running and complex issue of building safety which is taking its toll on flat owners across the country. We particularly welcome the confirmation from Government that leaseholders will not have to pay for cladding remediation in buildings above 11 metres, with the costs falling on the developers that built these properties.
“Questions do remain, for example who will pay if cladding does need to be removed from a building under 11 metres, but today’s statement gives us greater confidence that these issues will be tackled by the Government.
“Lenders have and will continue to take a proportionate approach to the use of the EWS1 which the data shows is not required for 92% of mortgage valuations on flats.”
Notes to Editors:
- EWS1 data published today by DLUHC (Q2 and Q3 2021) can be found here
- The press release from DLUHC can be found here
- The letter sent by the Rt Hon Michael Gove, Secretary of State at DLUHC to the Residential Property Developer Industry can be found here