Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

RICS issues guidance for public consultation

RICS

The guidance aims to help homebuyers and leaseholders, impacted by delays in the homebuying market due to safety concerns

The Royal Institution of Chartered Surveyors (RICS) has issued proposed guidance for public consultation, stating that on buildings over six storeys there should be no cladding or curtain wall glazing on the building.

For buildings of five or six storeys, the guidance proposes that there should not be a significant amount of cladding on the building – for the purpose of this guidance, approximately one quarter of the surface façade – and there should not be ACM or MCM panels on the building.

Meanwhile, for buildings of four storeys or fewer there should just not be ACM or MCM panels on the building.

If there are balconies where the balustrades and decking are constructed of combustible materials, they should not stacked vertically above each other.

The guidance aims to help homebuyers and leaseholders, impacted by delays in the homebuying market caused by safety concerns over cladding, and the cost of remediation.

According to RICS, the guidance ‘Valuation of properties in multi-storey, multi-occupancy residential buildings with cladding’ will help by setting out a consistent position for valuers on when EWS1 forms should be requested for buildings with cladding before valuing a property, to avoid unnecessary delays.

The paper is intended for use by valuers and mortgage lenders, it will also provide clarity for owners and operators of buildings, fire risk assessors and others who are involved in properties with cladding.

Ben Elder, head of valuation standards at RICS, said: Following the Grenfell Tower tragedy in 2017, fire safety in our built environment has rightly been under significant scrutiny both in the UK and globally. RICS worked with industry to ensure properties were safe from fire risk and to produce the EWS1 form to get the market moving.

 

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.