Valuations

A valuation report may be required if you redeem your loan or want to borrow more money on your mortgage.

If you have been asked to provide a valuation report, this needs to be carried out by a surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS), rather than an estate agent’s valuation.

They will visit your home and look at what similar properties have sold for to work out the market value of your home.

Why do I need a valuation?

When you bought your home, the loan was provided by government funds. In order to protect this public investment, we need a valuation from a professional surveyor.

As your loan was granted as a percentage of your property’s value, this helps both you and us make sure the value is correct when we are working out how much your loan is worth.

What does my valuation report need to show?

The surveyor firms on our panel, as listed below, provide reports which include all the information we need. If you are using a different surveyor, please ensure that the report contains:

  • The open market valuation figure
  • At least three comparable properties which have sold recently
  • The surveyor’s name and RICS number

How long is my valuation valid for?

Your valuation will be valid for three months. If you don’t manage to complete your transaction within this time, we will need a new valuation – but this can often be cheaper than paying the same cost as your previous valuation.

Most firms will offer a desktop review where they consider how the market has moved since your valuation without visiting your home again. These are typically cheaper than getting a new valuation and can extend the report to be valid for another three months.

Who can I use to get a valuation report?

You can use any surveyor who is registered with the Royal Institution of Chartered Surveyors (RICS). If you need help finding a local RICS registered surveyor, have a look at our panel:

Connells Surveyors

£200 (for Radian customers), national UK coverage

01525 215602
www.connellsgroup.co.uk

Countrywide

Fee scale based on property value:
£0 -£100,000 = £180
£100,001 – £150,000 = £210
£150,001 – £200,000 = £240
£200,001 – £250,000 = £270
£250,001 – £300,000 = £300
National UK coverage

01908 961288
Ccs-input@cwsurveyors.co.uk
www.countrywide.co.uk

Allied Surveyors

Fee scale based on property value:
£0 – £150,000 = £190.00
£150,001 – £250,000 = £225
£250,001 – £325,000 = £275
National UK coverage

0333 666 7777
client.services@alliedsurveyors.com
www.alliedsurveyors.com

CMF Property Consultants
Valuation fee of £250 + VAT

01256 880798
christine@cmfproperty.com

If you have any feedback relating to surveyors, please do not hesitate to contact the officer dealing with your transaction or our designated Customer Service team on 0800 145 6663.

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