Bridging Loans News:-Dame Judith Hackitt, who conducted the building regulations review post the Grenfell fire disaster, is to advise the government on establishing a new building safety regulator.
Housing secretary, Robert Jenrick, said he was grateful Dame Judith, an engineer and former chair of the UK Health and Safety Executive, had agreed to take on the role.
“Her expertise will be essential to forming a strong regulator with teeth to ensure all residents are safe, and feel safe, in their homes both now and in the future,” he said.
The regulator will oversee the design and management of buildings, with a strong focus on ensuring the new regime for higher-risk buildings is enforced effectively and robustly. It will also have the power to apply criminal sanctions to building owners who do not follow the rules.
Tougher safety regs attractive to lenders
Bridging Loans by HZA:- Brokers Hank Zarihs Associates said a more rigorous safety regime was something commercial development finance lenders would support. The brokerage added lenders wanted to be sure they were only offering construction loans and property development funding to builders producing risk-free homes.
The government’s proposed new legislation will ensure building owners and developers put residents’ safety first. This will involve clearer accountability for those responsible for the safety of high-rise buildings, a stronger voice for residents and strengthening enforcements and sanctions to deter non-compliance.
The government is proposing developers of new build homes must also sign up to the new homes ombudsman service giving buyers redress if their properties are faulty. The scheme would cover the first two years following a house purchase with builders liable for defects.
Dame Judith published her Independent Review of Building Regulations and Fire Safety in May with the government publishing its consultation paper, Building a Safer Future in June. The government has said it’s committed to taking forward all of Dame Judith’s recommendations and is currently analysing consultation feedback.