High Mortgage Rates, Cost of Living Crisis, and Building Safety Act Challenges

The Paper trials: Conveyancing and the Building Safety Act article written by By Maria Shahid and pubblished the 16th February 2024 addresses the impact of high mortgage rates and the cost of living crisis on the residential conveyancing market, which has seen a significant drop in activity since the peak during the stamp duty holiday. According to Search Acumen, conveyancing transactions have decreased by 25% compared to a year ago.

Additionally, the article discusses the implications of the Building Safety Act 2022 (BSA), introduced in response to the Grenfell Tower fire to improve building safety and protect residents from the costs of safety defect corrections. The BSA places financial responsibility primarily on developers and contractors, leading to complications for conveyancers who must navigate the unclear aspects of the legislation, particularly in providing assurances to lenders.

Read the full article published in the Law Gazette.