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UK Finance and the Building Societies Association (BSA) have responded individually to the Royal Institution of Chartered Surveyors (RICS) consultation entitled Valuation of properties in multi-storey, multi occupation residential buildings with cladding.
We anticipate that RICS will receive multiple responses from a wide range of interested parties and therefore we cannot pre-judge the content of the final valuer guidance. However, the key comments we have made in our consultation responses follow:
Many, but not all, lenders were supportive of the guidance proposed by RICS and the principle of a risk matrix approach to the use of the EWS1 form. However, those who were supportive would need to see the following actions before they could be in a position to rely on such guidance:
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