RICS External Wall Assessment Guidance
Proposed new guidance on the use of the EWS1 form by building valuers.
Objectives of the consultation
RICS conducted a very short notice consultation on proposed new guidance on the valuation of multi-storey, multi-occupancy buildings with cladding. The draft guidance was aimed at valuers carrying out mortgage valuations on residential properties with cladding to provide consistency on whether they should request completion of an EWS1 form before proceeding.
The guidance proposed criteria defining the buildings for which it is less likely that expensive remediation work affecting value will be required. This would allow valuers to make a reasonable assumption about valuing properties in these buildings without requesting an EWS1 form from the building owners. The criteria had been developed based on existing government advice and discussions with the industry but we recognise that the guidance will significantly impact home buyers and sellers in affected properties.
RICS sought views and evidence from all of those who might be affected by the guidance including leaseholders, prospective buyers, mortgage lenders and professionals involved in valuing, selling and managing such properties, as well as those giving advice on fire risk and its remediation.
The consultation closed on 25 January 2021 and the finalised guidance is expected to be published in February 2021.