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Hot Topic Highlight - May 2018



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Property Elite’s sole aim is to build better property professionals - supporting your career every step of the way, whether you are an AssocRICS or RICS APC candidate or a MRICS or FRICS Chartered Surveyor simply seeking engaging CPD.


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What is today's blog about?


This week, we are going to explore some current hot topics within the property market. We think it's essential to know about these if you are sitting your RICS APC final assessment this Spring.


You can also listen to our CPD podcast on Anchor for more free AssocRICS and RICS APC training and support.


1. RICS Guidance Note: The valuation of assets in the commercial renewable energy sector UK (1st Edition)


The RICS have published a new guidance note relating to the valuation of commercial renewable energy installations in the UK. This highlights the key factors affecting valuation and the potential approaches that could be used. It also addresses market issues, challenges and how to deal with uncertainty. 


2. RICS Guidance Note: Strategic facility management framework global (1st Edition)


RICS and IFMA have collaborated to publish new guidance to ensure a coherent and consistent approach to strategic FM service provision. This includes strategic planning, implementation, development and projects and ensures compliance with existing ISO Standards.


3. RICS Guidance Note: Surveyors and lawyers involved in tenancy renewals under PACT


New guidance has been published by RICS on Professional Arbitration on Court Terms (PACT), which is an Alternative Dispute Resolution (ADR) procedure used for lease renewals. 


It provides guidance on the following:

  • Why PACT can be more time and cost effective than full Court proceedings

  • When PACT can be used and for what disputed issues, e.g. rent and lease term

  • How PACT can be used either pre or post-issuance of Court proceedings

  • How a third party can be appointed and whether they should act as an Arbitrator or Independent Expert

  • Other issues such as the valuation date, procedural issues, nature of the Award/Determination, costs, reaction orders, appeals and interim rent


4. GDPR


GDPR comes into force on 25 May 2018. Make sure you check out our blog archive for further details of how to comply. 


5. Consultation on the NPPF and PPG


RICS are seeking consultation responses on the proposed Government changes to the National Planning Policy Framework (NPPF) and Planning Practice Guidance (PPG). Key areas focussed upon are viability, housing delivery, green-belt protection and developer contributions.


6. New HMO regulations


The Government have put forward measures to tackle space standards and overcrowding in the Private Rented Sector (PRS). These are likely to apply to new licence applications from October, with an 18 month grace period for existing properties which fall within the scope of the new measures. Fines up to £30,000 will apply for non-compliance.


7. Regulation of residential professionals


The Government have introduced new measures to improve the residential conveyancing process:

  • Ensuring estate agents are professionally qualified

  • Disclosure of referral fees

  • Voluntary reservation agreements to ensure sales complete in a timely manner

  • 10 day timeline for local authority searches

  • Managing agents and freeholders should provide lease information at a set fee and within an agreed timescale

  • Improving the quality and efficiency of enforcement via the National Trading Standards Estate Agency Team


Proposals have also been put forward to regulate letting and managing agents:

  • Creation of an independent regulator and code of practice

  • Requirement for professional qualification

  • Simpler process for leaseholders to challenge fees and service charges


8. RICS research on PDRs and housing quality


RICS have published new research on how Permitted Development Rights (PDRs) are affecting housing quality in the UK. This relates to changes made in 2005, 2010, 2013 and 2015. 


RICS concludes with a number of recommendations to tackle the problem; ensuring that CIL applies to all new residential development, reintroducing Government regulation or introducing safeguards into the prior approvals process and developers more carefully considering the impact of schemes on communities and quality of life.


How can we help?

  • Head to our blog archive to access even more free CPD and AssocRICS and RICS APC training and support.

  • Download your free AssocRICS and RICS APC resources, including e-books and revision quizzes.

  • Find out more about our bespoke AssocRICS and RICS APC training and support, before booking your free 15 minute consultation and signing up for your services online.

  • Not sure about signing up? Make sure you read what our recent successful candidates have to say in our Testimonials.


Stay tuned for our next blog post to help build a better you


N.b. Nothing in this article constitutes legal or financial advice.