Are there any minimum requirements for joining VAS Panel? VAS Panel Main signatories on reports must have at least 2 years’ post qualification experience. Any counter-signatories must have at least 5 years’ post qualification experience.
Can I discuss my valuation with the applicant or the broker? VAS Panel No, once a valuation is completed, VAS Panel will send the report to the lender directly. If there are any queries, the lender will ask for clarification via VAS Panel.
Do I invoice the applicant directly? VAS Panel No, VAS Panel will take payment of valuation fees prior to the valuation being carried out. This avoids the potential for disputes with applicants further down the line. Your invoice should be addressed to VAS Panel and submitted with your completed report.
Do you accept reports from AssocRICS qualified surveyors? VAS Panel 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.
Does it cost me anything to join VAS Panel? VAS Panel No, it doesn't cost our surveying firms anything to be part of our valuation panel.
How do I apply to join VAS Panel? VAS Panel Please apply via the following link on our website: https://vas-group.co.uk/vas-panel/working-with-us/
I can’t get hold of all of the relevant information that I need to complete my valuation. What should I do? VAS Panel Inform VAS Panel immediately. We can help obtain whatever information you require. If it will not be forthcoming, we can agree a mutually acceptable way forward with the lender.
Is there anything else which can occur post submission of my report? VAS Panel 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? VAS Panel 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? VAS Panel 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? VAS Panel 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 any amendments have been made? VAS Panel We will submit your report as final to the lender. You will also receive a notification by email that we have submitted your report.
What happens once my report is submitted? VAS Panel 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? VAS Panel If you cannot complete the report by the agreed date, please inform VAS Panel at the earliest opportunity. We can then manage the lender’s expectations and agree a new timescale.
What if I want to discuss the feedback with your team of Chartered Surveyors? VAS Panel Our team welcome a direct discussion with you in the event that any issues can be more quickly resolved by telephone.
What if the lender or the applicant is contesting my value? VAS Panel Occasionally, your valuation figures may be contested by the lender or applicant, particularly where the value falls below their expectations. We will always pass on the lender’s comments and any supporting information to you, and ask that you review their comments. The report is your own and ultimately you need to be happy with the reported values, the methodology and your advice. If you believe that you need to change your advice, you can submit an amended report.
When can I submit my fee invoice? VAS Panel You can submit your fee invoice to us as soon as you receive notification that we have submitted your report.
Who are these Chartered Surveyors? VAS Panel We have a team of 10 Chartered Surveyors, most of which are Registered Valuers, with a combined experience of over 250 years. They are experienced valuation surveyors in all property types and UK geographies, having worked at local, regional and global real estate consultancy practices.
Who do I send my completed reports to? VAS Panel All valuation reports should be submitted directly to VAS Panel, and not the broker, applicant or lender.
Who instructs the valuation? VAS Panel VAS Panel will instruct you directly once we receive confirmation from the lender that the instruction is proceeding. This includes our instruction letter, together with the lender’s own requirements and any additional requirements relevant to that particular instruction.
Why do you need to review my report? VAS Panel 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.