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In response to our concern that leaseholders are receiving nil valuations, the Department told us...
Recommendation
In response to our concern that leaseholders are receiving nil valuations, the Department told us that this is an “industry issue” but it is engaging with lenders and involving the Treasury on this.63 UK Finance wrote to us to say that it has been working with the sector to resolve valuation issues of high-rise buildings, which includes the creation of a sector-wide database of completed EWS1 forms.64 The government has committed to providing necessary funding for this.65 The Department told us that the process is not intended to be used for all properties, i.e. those under 18 metres. It told us that it and RICS are working to clarify the role and purpose of the form.66
Government Response
A response document is linked to this report, dated 18 November 2020. Response attribution to this conclusion has not been verified. Read the response document.
Source
Committee
Public Accounts Committee
Report
Sixteenth Report - Progress in remediating dangerous cladding
16 Sep 2020
HC 406
Addressee Bodies
HM Treasury
Timeline
Recommendation age
6.0 yrs
Report published
16 Sep 2020