TSB: RICS cladding guidance will create greater valuer consistency

TSB has welcomed the updated RICS cladding guidance as it believes it will create greater consistency across the valuer industry.

TSB is the latest lender to confirm that it will be abiding by the Royal Institute of Chartered Surveyors (RICS) updated cladding guidance.

RICS' updated guidance on cladding follows consultation with valuers, lease-holders, lenders, fire safety experts and government, last month.

A spokesperson for TSB, said: “TSB’s requirements will not change as we are in line with RICS guidance already.

“However, we are supportive of the new guidelines as it will mean greater consistency across the valuer industry.”

The guidance, which was implemented on 5 April, clarifies what types of properties will, and will not, require additional inspections due to concerns about fire safety.

The EWS process, and resulting form, is a set way for a building owner to confirm that an external wall system on residential buildings has been assessed for safety by a suitable expert, in line with government guidance.

It is currently estimated that there are two million mortgage prisoners in the UK as a result of the cladding crisis.

As well as this, there are 600,000 currently living in high-rise buildings with dangerous cladding.

Both Lloyds and Santander have already confirmed they are following the guidance.