The Government announced that it is extending leaseholder protections to buy-to-let investors to protect landlords with small portfolios from building safety costs.
Buy-to-let landlords were originally excluded from the cladding relief funds, however, it has now been extended to leaseholders who own up to three properties. Landlords will also receive protection from safety costs on their main residence, regardless of how many additional properties they own. Combined, these measures can save landlords thousands of pounds. One landlord even stated he saved £50,000.
The Government’s amendments to the Building Safety Bill also included updated information on the cap on non-cladding-related costs. Previously, the bill stated that landlords would not have to pay for cladding-related costs, but would have to pay up to £10,000 (£15,000 in London) for non-cladding work. The updated guidance states that leaseholders with properties worth up to £175,000 (or £325,000 in London) will now pay nothing towards non-cladding costs.
While these changes are a step in the right direction, some landlords have stated that it’s not enough and that “The Government is basing its decisions on a wholly misleading belief that all private landlords are wealthy property tycoons.”
We’ll let you know if there are any updates.
“Richard Anthony case study – Terry Lewis – Jaques Samuel Pianos Widely considered to be London’s leading piano retailer, Jaques Samuel Pianos has grown considerably from its humble beginnings in the front room of Mr Samuel’s home in Notting Hill. They are now internationally recognised and have provided pianos for high-profile clients like Queen and […]”
Terry Lewis – Jaques Samuel Pianos
“Richard Anthony: ‘a super-star firm’ MT Finance is a property finance lender, specialising in bridging loans and auction finance. They assist numerous property professionals, business owners, and individuals with their finance requirements and specialise in short-term asset-based lending. Founder and Director, Tomer Aboody, knew that as an asset-based lender, the business would require an expert […]”
Tomer Aboody – MT Finance
“A family fairground success story The Botton family have been running a traditional fairground, arcade and amusement park in the heart of Skegness since taking over the Pleasure Beach in 1965. Jim, the Director of the company, took over from his father and now heads day-to-day activities and administration. He said: “The Pleasure Beach is […]”
Jim Botton – Pleasure Beach (Skegness)