Video Transcript

Most chartered surveyors are MRICS qualified, which is effectively the standard level of qualification for members. Members can apply to become a fellow of the RICS if they contributed significantly to the profession over the course of their career. It used to be effectively on a time-serve basis, so many of the older surveyors are RFRICS qualified, but that criteria was changed by the RICS a few years ago. All lenders accept valuations from members or fellows of the RICS, but in recent times the average age of a chartered surveyor has increased significantly, and there was a skill shortage in the profession. So to combat this, the RICS introduced the ASSOC RICS qualification, which is more of a vocational route into the profession. The The pathway is focused on people who have taken a defined degree course and go straight into surveying as their chosen career from university. This creates some barriers to entry into the profession for people perhaps looking to switch careers later on from another industry.

Whilst high street mortgage lenders will accept valuations from ASSOC RICS surveyors, many commercial lenders won’t.

As I said, the ASSOC RICS route is a more vocational route to membership. The problem with it is that whilst high street mortgage lenders will accept valuations from ASSOC RICS surveyors, many commercial lenders won’t, and there’s someone being reluctant to allow it, but the chances are if you buy a house or you remortgage your own house, the valuation is probably going to be undertaken by an ASSOC RICS surveyor. Now we’re working hard with our lenders to explain the advantages of allowing ASSOC RICS valuers to undertake their valuations. It gives lenders access to a larger number of surveyors, which will in turn improve turnaround times for getting reports back to them, and it’ll also be highly likely to reduce the cost of evaluation for their applicant. To all intents and purposes, there’ll be no difference in the valuation, whether it’s undertaken by an MRICS surveyor, an FRICS surveyor, or an ASSOC RICS surveyor. All reports are subject to the same quality control, and they’re all governed by the same RICS regulatory requirements.