Today RICS, the BSA and UK Finance published a new industry-wide process for use in the valuation of high rise properties.
This must be a huge relief to those home owners stuck in a limbo where valuers have been unable to provide a valuation due to the uncertainty around the suitability of external cladding systems. The new External Wall Fire Review process will require a fire safety assessment to be conducted by a suitably qualified and competent professional. This should give the required assurance for lenders and valuers. The Review has been developed through extensive consultation with a wide range of stakeholders including fire engineers, lenders, valuers, and other cross industry representatives. Only one assessment will be needed for each building and this will be valid for five years.
And special credit must go to Fiona Haggett of Barclays Bank who, through BlueBox Partners has contributed to the valuation content of both the Diploma in Residential Surveying and Valuation and the Certificate in Residential Valuation. Her vision and tenacity has helped make this happen.