Real Estate Talking Points: The Building Safety Act 2022’s new gateway regime for the construction of higher risk buildings in England: What do lenders need to know?
The long-awaited regulations in respect of the Building Safety Act 2022, which introduce new steps for (a) the construction of new “higher risk buildings” and (b) the carrying out of works to existing “higher risk buildings”, are now – following the enactment of the latest package of secondary legislation – in force as of 1 October 2023.
The regulations introduce a new “gateway regime”; in essence, this requires the approval of the Building Safety Regulator to be obtained at three “gateway stages” with the aim of ensuring that due consideration is given to building safety risks at each stage.
In our latest Talking Point, Alex Gandhi and Alexandra Davies explore the requirements of each “gateway” and discuss some of the practical issues lenders should consider when financing the development of a new higher risk building.
