Hot Topics Flashcards
What is the most recent guidance note for cladding?
Valuation of Properties in Multi-storey, Multi-occupancy Residential Buildings with Cladding 1st Edition 2021.
Effective from April 2021.
What are the 3 main cladding systems of concern?
Aluminium Composite Material (ACM)
High Pressure Laminate (HPL)
Metal Composite Material (MCM)
What is Curtain Wall Glazing?
External wall cladding made of glass infill panels, with or without spandrel panels.
Spandrel Panel – Factory produced prefab panel used as a dividing wall or in place of a gable block wall. Usually of OSB board and plasterboard construction.
What is the criteria for when an EWS1 form should be required?
Follow the Decision Tree
Mainly looking for:
i. Properties of 6 storeys with cladding
ii. Properties over 4 storeys with cladding over 25%
iii. Properties over 4 storeys with stacked balconies (combustible)
What are the new Indemnity Insurance Requirements for 2022 and when were they introduced?
Effective from April 2022
For larger companies with a turnover in excess of £10mil, there is no maximum limit of uninsured excess.
What is uninsured excess?
The amount due to be paid before any indemnity is granted
(Think of it as a fee due before you can claim).
What does Indemnity mean?
A type of insurance compensation paid for damage or loss
Or can refer to an exemption from liability for damages
(think of a property going down in value, we aren’t responsible for that).
Who sets the minimum and maximum levels of indemnity insurance?
The RICS
When were the updated Rules of Conduct implemented?
a. 2nd February 2022
What are the main changes to the new Rules of Conduct?
b. Change of wording of individual behaviours
c. Addition of encouragement of diversity and inclusion to Rule 4
What are the 5 Rules of Conduct?
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise
Members and firms must provide good-quality and diligent service
Members and firms must treat others with respect and encourage diversity and inclusion
Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession
What impact has the cost of living crisis had on your area of surveying?
Rising interest rates have resulted in the Bank of England increasing the base interest rate which has in-turn raised the cost of borrowing which directly impacts peoples ability to buy homes.
What impact has the conflict in Ukraine had on the UK property industry?
The increase in the cost of Russian gas and oil has directly impacted energy prices which has trickled down into the cost of commodities including steel, aggregates, timber, plastics etc. This has increased building costs.
How would you identify Japanese Knotweed?
a. Mature leaves are heart shaped with a flat end, like a shield
b. Young leaves are rolled back with deep red veins.
c. The stems are bamboo-like with obvious rings and purple speckles
d. Leaves shoot out alternatively in a zig-zag type pattern
e. Flowers bloom in late summer and are cream-white in colour and appear in spike clusters
f. In spring new shoots are asparagus like
What is the most recent guidance regarding JK?
a. Japanese Knotweed and Residential Property 1st Edition 2022
b. Effective 23 March 2022
Why can Japanese Knotweed be expensive to manage?
The Environmental Protection Act 1990 designates JK removal as “controlled waste” whereby only licensed organisations may remove it and it must be taken to a licensed waste facility.
Contaminated soil can cause issues with adding extensions, garden works etc
