Landlords could be treated equally to other leaseholders with regard to replacing cladding after all, after Conservative peer Lord Naseby tabled an amendment to the Building Safety Bill.
As it stands individual landlords who are leaseholders renting out more than one property are excluded from proposals in the bill, which pledge that no leaseholder in a building over 11 metres in height will have to pay for the removal of dangerous cladding.
This development follows a parliamentary motion tabled by the Conservative MP, Sir Peter Bottomley which calls for buy-to-let landlords and owner-occupier leaseholders to be treated the same.
Peers will start to consider and debate amendments to the Building Safety Bill at Committee Stage starting on 21st February.
Ben Beadle, chief executive of the National Residential Landlords Association, said: “We warmly welcome Lord Naseby’s amendment and call on peers to support his proposal.
“It makes no sense for the government to treat landlord leaseholders so differently to owner-occupiers.
“Both groups have faced the same problems at the hands of developers, and therefore both should be treated equally.
“This amendment would go a long way to rectifying this unfairness.”
If landlords were expected to pay costs towards cladding removal it’s not only seen as unfair, it’s also thought that it would delay the remediation process.
It could also affect the value of properties in blocks with lots of investors.
Justin Bates, of Landmark Chambers barristers, told The Telegraph: “I think it will get more difficult to sell because the amends will impact banks’ willingness to lend against homes in blocks where some flats will benefit and some won’t.
“It is really, really going to slow this down.”