Stephen Todd
Chief Commercial Officer of VAS Valuation Group
In recent years we have seen an increase in the trend of valuers being reluctant to accept valuations for lenders who have open-ended reliance clauses in their addressee requirements. Professional indemnity insurers are also increasingly requesting valuers to do this. Valuers want more control on who is specifically relying on their valuation reports, both now and in the future. Wording like success is entitled and anyone with an interest in the loan in the future is now considered undesirable by valuation companies. There is a sizable part of the VAS valuation panel who will not accept quotations for lenders who have open-ended reliance wording.