RICS Scotland Residential Property Professional Group Board

Residential Property
The RICS Scotland Residential Property Professional Group Board exists to promote, influence and advise on issues affecting chartered residential surveyors in Scotland.

RICS Scotland Residential Property Professional Group Board members have been busy working on particular areas of current interest for the profession and the current market needs on behalf of the membership. Below is a summary of some of these issues.

Scottish Government Lift Scheme: The Scottish Government initiated the LIFT Scheme in order to provide open market shared equity under the Low Cost Initiative for First Time Buyers (LIFT).  Since the commencement of Part 3 of the Housing (Scotland) Act 2006, the reporting of valuation depends on whether the house is existing or new housing. 

RICS had queried whether by allowing Scottish Ministers to rely upon either a Home Report or a Valuation report, the valuers liability is being increased from what it would be in a normal sale with only a purchaser and one lender providing loan finance. 

After receiving legal advice it had been agreed that rather than issue a transcript to the Scottish Government, when valuing a property in connection with the Scheme a general Letter of Reliance should be given by the valuer to the Scottish Ministers, and in each case to which it is to be applied, the identity of the property is acknowledged by its inclusion in a list which is appended to the Letter which should be signed and returned. 

In response the Scottish Government have produced a generic letter of reliance which they will send to each RICS Residential firm in Scotland who will need to complete and send back to Scottish Government, with a list of properties listed in a spreadsheet that had been surveyed under the terms of this scheme which would be circulated by Scottish Government on a quarterly basis to resolve the issue.  

Valuation and Sustainability Guidance Note: A Guidance Note on Valuation and Sustainability will be published in September/October 2011 which will include a Scottish section.

Residential Property Professional Group Board Members