Video Transcript

The short answer to this is that they are a lot more work. Short form reports are designed mainly for straightforward vanilla residential properties, so they’re pretty straightforward to complete. They tend to follow the lender’s own template and they ask fairly simple generic questions like how many bedrooms does the property have, is it a flat or a semi-detached house, that type of thing. Long form reports or red book reports are often referred to, follow the value zone in the the template and have to cover the minimum requirements of the red book. Lenders also ask for a lot of additional information in long form reports that isn’t in short forms. It tends to turn to much more detail and cover other issues like planning, flood risk, statutory inquiries and generally require much more input and commentary from the valuer.

Short form reports can be completed relatively quickly, it can take hours or a day or two to complete a long form report.

Long form reports can be used for residential valuations but more often than not they’re used for the valuation of more complex properties like industrial units, commercial investments and development sites. These valuations often require much more time-consuming research and it can be more challenging to find the comparable evidence for commercial properties or development sites. Long form reports also have to include things like site and location plans, copies of the valuation calculations which aren’t included in short forms. So short form reports can be completed relatively quickly, it can take hours or a day or two to complete a long form report because much more detail goes into writing the report and a much higher level of detail is required.