Top property management operators MetroPM today welcomed a new valuation process issued by the Royal Institution of Chartered Surveyors (RICS) over valuing high-rise properties with cladding.
The industry-wide guidance is titled ‘Valuation of properties in multi-storey, multi-occupancy residential buildings with cladding’, and follows consultation with valuers, leaseholders, lenders, fire safety experts and government.
Matthew Arnold, managing director of MetroPM, explained that the paper had been agreed with the Building Societies Association and UK Finance and will clarify which types of properties will or will not require additional inspections due to concerns about fire safety.
Mr Arnold said: “We welcome this guidance which will help to create clarity and consistency about when a valuer is not required to request further investigation of cladding before valuing a property in a building of multiple occupation.
“Importantly, it makes it clear that where a valuer or lender can establish that the building owner has met the advice in the consolidated advice note, an EWS1 form should not be required.
“An EWS1 form would also not be required for a building that is over 18 metres that has a valid building control certificate in place.”
Mr Arnold said that MetroPM, which has offices in Birmingham and Cheltenham, is currently dealing with blocks where cladding needs to be removed and so would find the advice “extremely useful”.
He explained that the guidance details that an EWS1 form will only be required for the following:
Buildings over six storeys with cladding or curtain wall glazing, or vertically stacked balconies made from or connected by combustible materials (such as timber).
Buildings of five or six storeys where there is significant cladding (covering approximately a quarter of the building or more), or there are ACM, MCM or HPL panels on the building, or there are vertically stacked balconies made from or connected by combustible materials.
Buildings of four storeys or less, if there are ACM, MCM or HPL panels on the building.
Mr Arnold added: “This guidance details exactly when an EWS1 form will be required for valuations, and this will help to simplify the process, enabling more people to buy and sell homes and re-mortgage in high-rise buildings.”