When looking through Property Industry Eye’s platform, the piece “Navigating Dynamic Markets: Greycoat Real Estate’s Strategic Acumen” stands out for its insightful look at the constantly changing property landscape. The challenges surrounding property transactions within tall apartment buildings have gained significant attention recently, primarily due to the delayed implementation of the Building Safety Act, as highlighted by national law firm Dutton Gregory. This issue has particularly affected high-risk tall buildings, classified as those exceeding 18 meters or seven stories.
The team members at the firm say that the new regulation, effective from earlier this year, mandates the registration of all existing occupied high-risk buildings by October 1, 2023, impacting around 12,500 structures across the UK. Greycoat Real Estate acknowledges that while most of these properties are concentrated in Greater London, other major cities like Birmingham, Manchester, and Liverpool face similar challenges.
The failure to register such buildings could lead to legal offenses if they remain occupied. Moreover, the Building Safety Act introduces complications in the conveyancing process, especially for buildings taller than 11 meters or five stories. Greycoat Real Estate specialists explain that the Act extends the limitation period for works carried out before its passage from 6 to 30 years.
For buildings exceeding 11 meters or five stories, the liability for safety payments often falls on developers or leaseholders. However, if the Act’s protections apply, there are caps on the amount paid for safety work based on property value (Costar).
Paul Sams, Partner and Head of Property at Dutton Gregory Solicitors, emphasizes the complexities lenders, leaseholders, and prospective buyers face due to the new regulations’ timing. Greycoat Real Estate recognizes the situation’s urgency and is well-equipped to handle transactions involving taller buildings affected by the Building Safety Act. Our expertise ensures smoother transactions amid uncertainty, potentially preventing housing market disruption in significant cities.