Developers to Help Pay for Cladding Remediation

It has been confirmed that 49 Developers have signed the Government’s pledge committing to rectify critical life safety defects in buildings, 11m or higher, they constructed over the last 30 years.

Developers will also be contributing to an extension of the Building Safety Fund by way of the Developer Levy being imposed on all new builds.  This levy is expected to raise over £2Bn over the next 10 years.  This is a big step forward and will be welcome news for Leaseholders in buildings below 18m which, to date, have had no route to remediation; other than self funding.

Shortly, a legally binding contract confirming this pledge will be issued to Developers.

You can see a full list of those that have made the pledge here