The Building Safety Act is causing concerns among purchasers and owners of high-risk taller apartment buildings. Most will be found in the greater London area, although other cities such as Manchester and Liverpool have such structures. An article written by Greycoat Real Estate firm in the property industry eye outlined these issues.
Greycoat Real Estate are housing and investment experts in this area involving these buildings in London. They know how to navigate this new Building Safety Act law. They also know whether or not the Act applies to a given structure.
The Act requires all high-risk tall buildings that are occupied to be registered between 6 April 2023 and 1 October 2023. Tall buildings are defined as being 18 meters or more. Basements and features on roofs do not count towards the definition of tall. Greycoat specialists keep on stating that the other feature of the Act that is of great concern to anyone selling or buying a unit or building is the provision about claims for defective work.
Prior to this Act, Greycoat real estate informs, there was a six-year period to bring a claim for defective work. The limitation period for claims is now 30 years for work prior to the act, and it is 15 years for work done after implementation of the Act (Realassets).
This greatly expands potential liability for owners of any building occupied by more than one party. Real house experts inform that the building must be higher than 11 meters, or five storeys. It is obvious that anyone dealing with part of all of a building covered by the Building Safety Act needs the guidance of an expert in real property like Greycoat Real Estate. They know the London market and how to navigate this legislation.