What steps is the Welsh Government taking to encourage developers to work faster on the remediation process to ensure leaseholders are able to sell or remortgage their homes sooner?
All the Developers who have signed the contract are obliged to produce quarterly progress reports to Welsh Ministers. Officials meet with Developers to scrutinise and challenge the information provided, including timescales, progress and any barriers to the completion of works.
I also engage directly with Managing Agents and Freeholders of buildings to remove any barriers to cooperation with developers. My officials regularly raise questions from leaseholders to developers where appropriate, and further use the correspondence we receive to challenge developers during the routine contract monitoring process.
The Royal Institution of Chartered Surveyors intend to announce the publication of new valuation guidance for properties in multi-storey, multi-occupancy residential buildings with cladding in December. The updated guidance will assist valuers and lenders in their decision making, in turn, this will reduce friction and delay for home buyers, sellers, and leaseholders wishing to re-mortgage their homes.