After the Grenfell Tower Fire incident, one issue that has arisen is whether it is reasonable (and if so, to what extent) for the mortgage finance industry to have an expectation that valuers and others in the property chain identify “problem” cladding (whatever that may mean). Partner Matthew Curll, was asked to speak at the Australian Property Industry Conference about the incident.
There it was discussed how cladding is a generic description of many compositions, appearances and application and cannot easily be defined or necessarily identified. It would appear from government and industry information to date that the primary material that is the focus of the cladding issue is Aluminium Composite Cladding. Matthew goes on to say that: “the industry needs to work together to settle upon what they think are reasonable expectations as valuers in relation to identifying cladding and reporting it to banks and other financiers”. We understand that the API is currently looking closely at this issue.
To view Matthew’s video in full, please click here.