The RICS is to launch a new forum looking into the role played by chartered surveyors in pubco valuations.
Meetings will be held throughout August to give interested parties an opportunity to present their views to the RICS.
They will also be used to investigate how the RICS can assist in the calculation of rents between pub tenants and pubcos.
Nicholas Cheffings, a partner at Lovells, will chair the forum to explore issues, such as:
? the role of chartered surveyors acting for landlords and tenants at arbitration;
? whether better disclosure of rent calculations at rent review would lead to more accurate and cost-effective settlements;
? whether there would be greater transparency in the sector if chartered surveyors had full access to business trading data;
? whether access to fuller comparable information would help the rent setting process;
? whether the profits method basis of valuation causes differentiation and/or disadvantage to any particular party to a rent review;
? whether the pub sector has any unique characteristics that should be reflected in rental valuation and rent review conduct; and
? whether all sides of the industry would support a low-cost, alternative dispute resolution process.
David Rusholme, director of valuation at the RICS, said: “Chartered valuation surveyors have strict codes of conduct to which they have adhere to if they are to practice under the RICS name.
“We need to examine how surveyors operate in the unique circumstances involved in valuing public houses.
“In particular, we need to explore how our guidance stands up to scrutiny in difficult trading conditions.
“As such it is right that we take this opportunity to consult with all interested parties to explore what can be done by chartered surveyors to ensure clarity and transparency in this sector.”
