Sunday, 01 August 2021

Call for borrowers to get clarity on cladding

THE Royal Institution of Chartered Surveyors is urging mortgage providers to formally adopt its guidance on cladding external wall systems, which was updated in the wake of the Grenfell Tower disaster.

A RICS spokesman said: “The guidance was published to provide a clear framework for when an EWS assessment should be requested by a valuer for mortgage valuation purposes. While a number of lenders have agreed to follow the guidance, we would urge all lenders to adopt this guidance formally.

“This will give clarity to consumers and will reduce the number of occasions when a valuer requests an EWS assessment where our guidance says it is not necessary.”