Our approach to property valuations has changed
In light of the recent changes to lockdown measures in England, Wales and Scotland, we have been working with our valuation provider to re-introduce physical valuations where it is safe to do so.
Our approach to valuations.
Our number one priority is the health and safety of clients and the valuers who visit their homes. As part of the booking process, our valuation provider will carry out a risk assessment to check that it is safe to visit a property and that clients are happy to have a valuer in their home. Valuers will follow the Government guidance, wear the appropriate PPE throughout the valuation and take a number of precautions to minimise additional risk.
A physical valuation will not necessarily be appropriate or possible for everyone - including if people in the property are shielding, high risk or isolating. We’ll be giving you the ability to select the client’s preference for a desktop or physical valuation. Our dual approach will help to provide an option for the vast majority.
Managing the pipeline.
We’re re-introducing physical valuations in England, Wales and Scotland, for pipeline cases where a desktop valuation was not possible due to property suitability at outset or where we were unable to obtain a valuation figure. We’ll contact you if you have cases in this category.
- For these cases, we’ll be honouring interest rates at the time of the application as long as the physical valuation is instructed by 5 June.
- Where a client wishes to proceed, we will re-instruct a physical valuation. You will not need to re-apply.
- The client will be contacted by our valuation provider to check that a physical valuation will be
- We will follow the normal offer process following the valuation.
New and other pipeline applications.
We will be able to instruct physical valuations for other pipeline and new applications from 1 June. If you have a client that is particularly vulnerable, financially distressed or needs to be considered urgently, please let us know.
You can continue to submit applications via ApplyOnline. This now includes the ability to select the client’s preference for a desktop or physical valuation. Please note this is only a preference and the actual valuation method will depend on our valuation provider’s risk assessment.
We will no longer need you to reduce the property value by 5%. You should enter the estimate of the client’s property as normal.
When we calculate the amount we can lend, this will be based on 100% of the value following a physical valuation and 95% following a desktop valuation.
For more information, download our Guide to desktop valuations PDF size: 251KB