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1
Q

What fundamental review is the RICS currently conducting

A

Review of investment valuations. Review considers

  • Valuation methodology,
  • Property risk analysis,
  • Independence and objectivity
  • Measuring market confidence
2
Q

What changes has the RICS made to its structure

A

RICS new governing council which has a number of independent members from outside of the profession who provide assurance on the production and enforcement of RICS standards

3
Q

What recent changes have occured to PII

A

From May 1st 2021 insurers are not permitted without specific dispensation to exclude fire safety claims on a property 4 storeys or less and fire safety coverage must be provided as a minimum on an aggregate, defence cost inclusive basis

4
Q

What recent guidance has the RICS issued on liability and what were the main takeaways?

A

RICS Guidance Note: Risk, liability and insurance

Top Tips:

  • Use of liability caps in order to manage risk
  • Clearly state if third party reliance applies to a case
  • A good set of terms of engagement which outlines what the client can expect from the surveyor and the extent of their work
  • Correct level of PII cover is acquired
5
Q

What recent changes have there been to leasehold reform?

A

Government residential leasehold reform

  • Right to extend leasehold of flats and houses by 999 with a ground rent of £0
  • New set calculation rates will replace payment of marriage value
  • Retirement home ground rents at £0
  • Agreed restrictions on future development to avoid paying development value
6
Q

What has occured in regards to cladding?

A

Cladding EWS1 Form:

  • When conducting a valuation for lending purposes, consideration of an EWS1 form will need to be made
  • An EWS1 form (external wall survey) is a fire risk assessment/ appraisal of a building
  • There are certain requierments for an EWS1 form to be required, these typically consists of balconies with flammable material, cladding which is flammable and the number of storeys of a premises.
7
Q

What is an EWS1 form

A

This is a fire risk assessment form which is conducted by a qualified professional to ensure that a prudent valuation can be conducted for lending purposes.