Following RICS’ guidance today announcing the removal of the need for material uncertainty clauses (MUC) for residential valuations, JLL’s and Savills’ valuation teams have released a joint statement expressing their decision to remove MUCs from reports and reflecting on RICS’ recommendations.
The guidance by the Royal Institution of Chartered Surveyors impacts the vast majority of residential valuations as it specifies ‘residential property and land’, with reference to specific use classes. However, it remains open to individual valuers to deploy the clause in exceptional circumstances, if they consider it necessary in relation to the particular asset or assets being valued and in the light of local market conditions.
Download the joint statement below:
