The Royal Institution of Chartered Surveyors (RICS) has announced updated guidance on home valuations specifically for flats in multi-storey buildings with cladding. This new standard, effective from 1 November 2026, aims to streamline the valuation process by clarifying when an EWS1 form should be requested, which is vital for mortgage assessments.
TL;DR: Effective 1 November 2026, RICS will require EWS1 forms only when necessary for property valuations, impacting lenders and borrowers in multi-storey buildings with cladding.
What is the EWS1 form and why is it important for mortgages?
The EWS1 form is a document used in the valuation process of residential properties, particularly those with external cladding. It provides essential information regarding the safety and condition of a building’s external walls. Lenders often require this form to assess any potential risks associated with fire safety and to determine the property’s marketability. The updated guidance aims to reduce unnecessary requests for this form, thereby facilitating a smoother mortgage process.
How has the guidance changed regarding mortgage valuations?
The revised RICS standard specifies that an EWS1 form should only be requested if there is a clear reason for it during the valuation of properties in multi-storey, multi-occupancy buildings with cladding. This change is intended to alleviate the burden on property owners and lenders by minimizing excessive paperwork and focusing on properties where external wall issues could genuinely impact value or marketability.
What does this mean for landlords and borrowers seeking mortgages?
For landlords and borrowers, this updated guidance is significant as it clarifies the circumstances under which an EWS1 form is required. This could lead to faster mortgage approvals and less hassle, as unnecessary requests for the form will be reduced. Additionally, the guidance now allows for a fire risk appraisal summary to replace the EWS1 form in certain situations, provided it is conducted by a qualified professional and clearly states whether remedial works are necessary.
Who is affected by these changes in the mortgage process?
The changes primarily impact lenders, borrowers, and property owners of multi-storey buildings with cladding. Lenders will benefit from clearer criteria for when to request further information, while borrowers may experience a more efficient valuation process. This is particularly relevant in light of ongoing concerns regarding cladding safety and its implications for property value.
Frequently asked questions
What should I do if my property requires an EWS1 form?
If your property is in a multi-storey building with cladding and requires an EWS1 form, ensure that you engage a qualified professional to complete the form accurately. This will help facilitate the mortgage process.
How can I find out if my property is affected by these changes?
To determine if your property is affected, consult with your mortgage lender or a qualified surveyor who can provide guidance based on the updated RICS standards and your specific property circumstances.