M
Member
Speaking in the House of Lords on 14 October 2024
Debate
Crown Estate Bill [HL]Contribution
There are wider implications from all of this. Following the Building Safety Act post Grenfell, many freeholders could go bankrupt. Without going into the details of that Act, it produced what was called a waterfall of liabilities, with the sub-contractors and developers in the frame first, then in some cases the Government, then freeholders and then leaseholders. But remediation costs can be substantial, and many freeholders could go bankrupt; those blocks will then fall into escheat and, in addition to all the problems those leaseholders have of living in an unsafe block, they will then find themselves deprived of their rights.
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