Residential property expert, Centrick, has become one of the first in the region to secure remuneration as part of the government’s cladding £1billion building safety fund. Receiving £400k on behalf of its client – a 227 unit development in Birmingham – the money negotiated by Centrick will cover the costs of replacing the building’s cladding to updated safety specifications, as well as recovering legal, professional and survey fees for the leaseholders.
The money secured will be put directly into replacing the external façade on the building with Euroclass-A rated materials, in a process that involved removing the current render and insultation, and installing non-combustible alternatives. What’s more, it will also see £15k recouped and returned to the building’s service charge account, reducing any overall deficit incurred.
In negotiating the funding, residential property expert Centrick has saved around £3,200 per unit for the building’s leaseholders and has ensured that they will incur no additional charges to obtain their ESW1.
This work will commence in the coming weeks, with a view to complete in early February – more than a month ahead of the government’s starting deadline of 31 March. This timely means that an EWS1 will be eligible for all leaseholders by the end of March, therefore unlocking their ability to re-mortgage, sell, and obtain reduced insurance premiums.
“This is a huge step for the region in the ongoing effort to ensure that all buildings are brought up to the new safety standards under the latest government advice, and we are proud to be amongst the first to be successful in securing it. The team here at Centrick has been tireless in its determination to receive fair remuneration for the leaseholders of this development, as well as our other clients, and we’re so pleased to be able to have achieved this for them today.”
Since the fund opened back in July, Centrick’s team has lobbied on behalf of its 27 eligible clients across the Midlands for a share of the pot. Having submitted its first application within one hour of the registration opening, the residential property expert Centrick has spent the moments following further negotiating on behalf of the building’s leaseholders, landlords and tenants; all while continuing to consult with fire engineers, contractors and surveyors to ensure all documentation was in place while the registration process went ahead.
“It’s been a long and arduous process and the £1billion pledged by the government is only going to stretch so far. The building safety fund is awarded on a ‘first-come first-served’ basis, and whilst we are pleased to report that Centrick began submitting all applications within a week of it opening, meaning we’re expecting to see more funding for our clients before the end of December, for many leaseholders across the country, this limited spend will leave them without compensation.
“Centrick will continue to work closely with Homes England on our proactive approach, making sure the legal checks and application documents are lined up for all eligible buildings under our remit well in advance of approval; all while continuing to lobby to ensure remuneration is achieved for all,” concluded Phil.
For more information on Centrick visit: https://centrick.co.uk/