The act will protect many leaseholders from unfair bills to remove unsafe cladding on their buildings.

Those responsible for historical safety defects, and those who own buildings will instead be required to fund essential repairs.

A new Building Safety Regulator – overseen by the Health & Safety Executive – will enforce a new, more stringent regulatory regime on the safety and performanceof high rise buildings while a National Regulator for Construction Products will implement stronger standards on construction manufacturers in the UK.

The regulator will be part of the Office for Product Safety and Standards and will conduct market surveillance to spot and remove unsafe materials faster, as well as confront poor practice by taking action against those that break the rules.

Levelling Up Secretary Michael Gove said: “Today marks a major turning point for building safety in this country, as we introduce a tough new regime to make homes safe and help rid the sector of bad practice once and for all.

“Hundreds of thousands of innocent leaseholders now have the legal protection they rightly deserve, freeing them from a financial burden they should never have faced.

“I’m pleased that most of the largest developers have agreed to play their part in solving this.

“But there is more to do – we are focusing intensively on work with lenders to unlock the mortgage market and empower leaseholders to take their next step on the property ladder, and we will remain vigilant if anyone fails to act on the pledges they have made.”

For full details click here.