Prospective landlords thinking of renting a pub may be interested to hear that the Royal Institute of Chartered Surveyors (RICS) has published guidance on rental valuations.
Drafted by a number of industry experts, the guidance comes as a response to MPs on the Business, Innovations and Skills Committee calling for a clarification of rent assessment processes.
While the advice is not legally binding, RICS suggests that if surveyors are sued for negligence, courts may take note if the defendant did not follow the guidance.
"In the opinion of RICS, members conforming to the practices recommended in this guidance note should have at least a partial defence to an allegation of negligence by virtue of having followed those practices," the organisation said.
"However, members have the responsibility of deciding when it is inappropriate to follow the guidance. If it is followed in an inappropriate case, the member will not be exonerated merely because the recommendations were found in an RICS guidance note."
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