28 January 2021
The NHF has responded to a Royal Institution of Chartered Surveyors’ (RICS) consultation on its draft UK Guidance Note on the valuation of properties in multi-storey, multi-occupancy residential buildings with cladding.
We welcome RICS’ work to provide consistency in the valuation of flats, particularly due to the impact on leaseholders and homebuyers caused by delays due to safety concerns and the costs of remediation. The changes to the proposed guidance are a step in the right direction in potentially reducing the number of properties that could be subject to an External Wall System (EWS1) form. In practice, however, we believe lenders’ policies on requesting an EWS1 form will ultimately determine the outcome of how any new guidance is applied.Read our full response