The Royal Institution of Chartered Surveyors (RICS) has recently issued proposed guidance for public consultation. The guidance aims to help homebuyers and leaseholders, profoundly impacted by delays in the homebuying market, caused by safety concerns over cladding, and the cost of remediation.
The guidance (Valuation of properties in multi-storey, multi-occupancy residential buildings with cladding) will help by setting out a consistent position for valuers carrying out mortgage valuations, on when EWS1 forms should be requested for buildings with cladding, before valuing a property, to avoid unnecessary delays.
Contributions to the consultation are welcome from all and a response form can be found here. The consultation closes on Monday 25 January. Although the guidance is intended for use by valuers and mortgage lenders, it will also provide clarity for leaseholders and others who are involved in properties with cladding. RICS is particularly keen to engage leaseholders, homebuyers and those that advise them (such as conveyancers).