Building Safety Act 2022 - A "qualifying leaseholder" if more than 3 properties in UK?

mertywerty

Hi - the Building Safety Act 2022 came out in the past few months aimed at protecting leaseholders from being charged the costs fire safety / recladding costs by the freeholder. 

https://www.gov.uk/guidance/building-safety-leaseholder-protections-guidance-for-leaseholders  

There is a good online checker to see if you qualify: https://www.gov.uk/check-building-safety-costs 

One of the criteria to qualifying is "Do you own more than 3 residential properties in the UK?"

Does anyone know if this includes properties held in a Ltd company of which you are one of the significant shareholders? 

Many thanks

Alderbank

The Land Registry is the definitive source for who owns what.
If the LR has you down as the owner of a property, you own it.
If it says the property is owned by xyz.ltd you don't.

Kirkmain

Hi thought I'll resurrect this thread about the Building Safety Act 2022 rather that start a new thread.

The Act states that owners are not covered if they own more than 3 residential properties on the 14th Feb 2022. Now clearly this is an arbituary date

What if since that date you have sold or given away property so you now have fewer than 3 residential properties? Do I become covered? Or do I still  fall under as someone who owned 3+ on 14th Feb 2022.

Is there due to be a new date set when they reasses who owns what and therefore who is entitled to state coverge for remedial building work? Who is best to ask? A coveyancing solicitor? my MP?

Kirkmain

Alderbank said:

The Land Registry is the definitive source for who owns what.
If the LR has you down as the owner of a property, you own it.
If it says the property is owned by xyz.ltd you don't.

Actually this is not true. I recently looked up my late grandparents house and the LR had them still down as owners, impressive given my grandfather passed 40 years ago

silvercar

Kirkmain said:

Alderbank said:

The Land Registry is the definitive source for who owns what.
If the LR has you down as the owner of a property, you own it.
If it says the property is owned by xyz.ltd you don't.

Actually this is not true. I recently looked up my late grandparents house and the LR had them still down as owners, impressive given my grandfather passed 40 years ago

That’s because no one in the family has bothered to update the land registry and/ or there are delays registering proper ownership at the moment. Only other reason would be if a solicitor didn’t complete their work properly.

silvercar

mertywerty said:

Hi - the Building Safety Act 2022 came out in the past few months aimed at protecting leaseholders from being charged the costs fire safety / recladding costs by the freeholder. 

https://www.gov.uk/guidance/building-safety-leaseholder-protections-guidance-for-leaseholders  

There is a good online checker to see if you qualify: https://www.gov.uk/check-building-safety-costs 

One of the criteria to qualifying is "Do you own more than 3 residential properties in the UK?"

Does anyone know if this includes properties held in a Ltd company of which you are one of the significant shareholders? 

Many thanks

The limited company can hold up to 3 properties, you can also personally hold 3 properties as you and the limited company are separate legal entities.

Kirkmain

silvercar said:

mertywerty said:

Hi - the Building Safety Act 2022 came out in the past few months aimed at protecting leaseholders from being charged the costs fire safety / recladding costs by the freeholder. 

https://www.gov.uk/guidance/building-safety-leaseholder-protections-guidance-for-leaseholders  

There is a good online checker to see if you qualify: https://www.gov.uk/check-building-safety-costs 

One of the criteria to qualifying is "Do you own more than 3 residential properties in the UK?"

Does anyone know if this includes properties held in a Ltd company of which you are one of the significant shareholders? 

Many thanks

The limited company can hold up to 3 properties, you can also personally hold 3 properties as you and the limited company are separate legal entities.

Ok but if since Feb 14 '22 you have sold and gifted properties so I now only own 3, am I still not covered under the BSA 2022?

user1977

Kirkmain said:

silvercar said:

mertywerty said:

Hi - the Building Safety Act 2022 came out in the past few months aimed at protecting leaseholders from being charged the costs fire safety / recladding costs by the freeholder. 

https://www.gov.uk/guidance/building-safety-leaseholder-protections-guidance-for-leaseholders  

There is a good online checker to see if you qualify: https://www.gov.uk/check-building-safety-costs 

One of the criteria to qualifying is "Do you own more than 3 residential properties in the UK?"

Does anyone know if this includes properties held in a Ltd company of which you are one of the significant shareholders? 

Many thanks

The limited company can hold up to 3 properties, you can also personally hold 3 properties as you and the limited company are separate legal entities.

Ok but if since Feb 14 '22 you have sold and gifted properties so I now only own 3, am I still not covered under the BSA 2022?

Yes, it's a snapshot of the position on that date:

(2)A lease is a “qualifying lease” if—

...(d) at the beginning of 14 February 2022 (“the qualifying time”)—

(i) the dwelling was a relevant tenant’s only or principal home,

(ii) a relevant tenant did not own any other dwelling in the United Kingdom, or

(iii) a relevant tenant owned no more than two dwellings in the United Kingdom apart from their interest under the lease.

(https://www.legislation.gov.uk/ukpga/2022/30/section/119/enacted )

Kirkmain

user1977 said:

Kirkmain said:

silvercar said:

mertywerty said:

Hi - the Building Safety Act 2022 came out in the past few months aimed at protecting leaseholders from being charged the costs fire safety / recladding costs by the freeholder. 

https://www.gov.uk/guidance/building-safety-leaseholder-protections-guidance-for-leaseholders  

There is a good online checker to see if you qualify: https://www.gov.uk/check-building-safety-costs 

One of the criteria to qualifying is "Do you own more than 3 residential properties in the UK?"

Does anyone know if this includes properties held in a Ltd company of which you are one of the significant shareholders? 

Many thanks

The limited company can hold up to 3 properties, you can also personally hold 3 properties as you and the limited company are separate legal entities.

Ok but if since Feb 14 '22 you have sold and gifted properties so I now only own 3, am I still not covered under the BSA 2022?

Yes, it's a snapshot of the position on that date:

(2)A lease is a “qualifying lease” if—

...(d) at the beginning of 14 February 2022 (“the qualifying time”)—

(i) the dwelling was a relevant tenant’s only or principal home,

(ii) a relevant tenant did not own any other dwelling in the United Kingdom, or

(iii) a relevant tenant owned no more than two dwellings in the United Kingdom apart from their interest under the lease.

(https://www.legislation.gov.uk/ukpga/2022/30/section/119/enacted )

Is this qualifying date due to be revisited?

user1977

Kirkmain said:

user1977 said:

Kirkmain said:

silvercar said:

mertywerty said:

Hi - the Building Safety Act 2022 came out in the past few months aimed at protecting leaseholders from being charged the costs fire safety / recladding costs by the freeholder. 

https://www.gov.uk/guidance/building-safety-leaseholder-protections-guidance-for-leaseholders  

There is a good online checker to see if you qualify: https://www.gov.uk/check-building-safety-costs 

One of the criteria to qualifying is "Do you own more than 3 residential properties in the UK?"

Does anyone know if this includes properties held in a Ltd company of which you are one of the significant shareholders? 

Many thanks

The limited company can hold up to 3 properties, you can also personally hold 3 properties as you and the limited company are separate legal entities.

Ok but if since Feb 14 '22 you have sold and gifted properties so I now only own 3, am I still not covered under the BSA 2022?

Yes, it's a snapshot of the position on that date:

(2)A lease is a “qualifying lease” if—

...(d) at the beginning of 14 February 2022 (“the qualifying time”)—

(i) the dwelling was a relevant tenant’s only or principal home,

(ii) a relevant tenant did not own any other dwelling in the United Kingdom, or

(iii) a relevant tenant owned no more than two dwellings in the United Kingdom apart from their interest under the lease.

(https://www.legislation.gov.uk/ukpga/2022/30/section/119/enacted )

Is this qualifying date due to be revisited?

I doubt it. Has anybody suggested it might?

The explanatory notes are here: https://www.gov.uk/guidance/qualifying-date-qualifying-lease-and-extent