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Q & A
the qualifying leaseholder owned less than 3 dwellings within the UK , and this property was their main residence . They also pay a service charge . A ‘ qualifying lease ’ has full protection from all cladding costs .
If the property did not qualify for protection on 14 February 2022 , it can never become a qualifying lease . This must be reported to the mortgage lender at an early stage as some lenders will not proceed .
Here are the key responsibilities you ’ ll play to ensure your company ' s buildings meet the necessary safety standards and compliance set out in the Building Safety Act .
1 . People – hire someone to cover the red tape
2 . Money – wisely allocate the resources and plan ahead 3 . Reporting – regularly update stakeholders and regulators
4 . Technology – find technology to help you achieve the golden thread
In a future edition we shall look at the impact on investors if any at all .
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SA Real Estate Investor Magazine MAY / JUNE 2023 12