Do you accept reports from AssocRICS qualified surveyors? Not at present. Our Bank and Lender clients require all valuations to be completed by MRICS or FRICS qualified surveyors only, however we do review this with our clients periodically.
Do you have your own report template, or can we use our firm’s own report template? For residential short form or ‘tick box’ valuations, we do have our own report template that has been approved by our lender clients. For all other valuation types, firms report using their own, free text, RICS compliant report templates.
Is there anything else which can occur post submission of my report? As you will be very well aware, Report on Titles are mostly prepared later on in the deal execution process and mostly after your report has been submitted. Either ourselves, the lender or their solicitor will send you the Report on Title and request that you confirm that nothing therein impacts your reported values. In addition, some deals take longer to execute than others so lenders may often request that you extend your reliance.
What does this quality assurance check entail? We check your report to ensure compliance with the lender’s instruction letter, the Red Book, as well as the quality of the overall advice expected by the lender.
What happens if the lender has any questions about my report? Often, lenders will have their own question(s) regarding your report. Such question(s) may relate to some of your assumptions, the valuation approach, the value, or some additional points they may want to include in the report. Sometimes lenders will ask question(s) that we are able to answer ourselves, and we will always try to answer any question(s) where possible. If we are not able to answer the question(s), then we will be in contact with you via email and request your support in answering the lenders question(s) in a timely manner.
What happens if you have questions or queries about my report? Following our quality assurance checks, we will send you an email describing the items which we believe need amending or require further attention in your report. We ask that you undertake any amendments or address any matters needing further attention and return the amended report as soon as possible so we may submit the report in line with the agreed submission deadline.
What happens once my report is submitted? Once we receive your report, it will be sent to one of our team of Chartered Surveyors for review.
What if I can’t complete the report in the agreed timescale? If you cannot complete the report by the agreed date, please inform VAS at the earliest opportunity. We can then manage the lender’s expectations and agree a new timescale.
Who do I send my completed reports to? All valuation reports should be submitted directly to VAS, and not the broker, applicant or lender.
Why do you need to review my report? Ahead of your report being submitted to the lender, our quality assurance process simply checks the report to ensure it is fit for purpose and can be a relied upon by the lender. We also want to minimise any post valuation questions from the lender. You also benefit from not only your own risk assurance process, but from our own quality assurance process which can only be beneficial to you.