The Building Safety Act 2022 – financing existing buildings
The Building Safety Act 2022 ("BSA 2022") has been described as the biggest change in building safety in a generation. It places greater obligations on those responsible for certain tall buildings with residential elements than was previously the case and has the capacity to impact on more buildings than many people realise.
If a lender is funding the acquisition or refinance of an existing building, how does the lender know if the building is subject to BSA 2022? If the building is subject to BSA 2022, what does this mean for a lender?
In this article members of our banking, real estate and construction teams flag seven key points for lenders to be aware of when financing existing buildings which fall within BSA 2022's new tall buildings regime.
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