Rating Manual Volume 2

Rating Manual - Volume 2 - Section 5 : Material Change of Circumstances

Section 5: Material Change of Circumstances

For Mode or Category see paragraph 9.2 below

1. Statutory Provisions and Regulations

2. Validity - Relevant Criteria

3. Consideration of Validity on Receipt of a Proposal

4. Scope of Proposal

5. Material Day

6. Effective dates.

7. The definition of Material Change of Circumstances

8. Background

9. The mentioned matters

10. Locality

11. Summary – what is or is not a MCC?

12. Valuation issues arising from a material change of circumstances

Section 5: Practice Note 1

Guidance on particular events and whether they constitute a Material Change of Circumstances

Section 5 : Appendix 1

1. Introduction

2. The Decision

3. Summary of Practical Implications

4. Basis of Valuation

5. Physical Limb of the rebus sic stantibus rule

Conclusion on the physical limb

6. Use Limb of the rebus sic stantibus rule

Unoccupied properties

Conclusion on the use limb

7. Rebus sic stantibus and the evidence

Rental evidence and the effect of other uses in the real-world market

Rents on a new letting

Rents on review or lease renewal

Non-rented properties

Conclusion on rebus sic stantibus and the evidence

8. Conclusion