High demand for property valuations has impacted valuers’ availability, but some administrative shortcuts should help the process.
- Get clients to provide as many contacts details as possible, including mobile and/or landline numbers and email their address so the valuer can easily reach them. Offer the contact details for both applicants to give valuers a better chance of getting hold of them;
- Check the client’s contact details are correct when submitting an application. Avoiding incorrect phone numbers will avoid the extra step of chasing lenders for the right information;
- Check with the lender how quickly they instruct valuations. Some lenders are better than others and aim to do this within 24 hours of receiving a mortgage application, meaning your client can expect a call from the valuer within 48 hours;
- Suggest that your client makes alternative arrangements if they are unable to let the valuer review their home during standard working hours. This could be as simple as leaving a key with their estate agent or a neighbour, or asking a friend or relative to let the valuer into the home;
- Ask clients to let you know if they are going on holiday so the valuer can prioritise other properties while they are away.
Accord also noted that some lenders use an Automated Valuation Model (AVM) which gives instant property assessments without the need for a valuer to visit the property.
AVMs take into account a number of factors such as the value of similar properties, historical house price movements to calculate a property’s likely value at a specific point in time, although some may still require a physical valuation.
David Robinson, national intermediary sales manager at Accord, (pictured) said: “There are no hard and fast rules on how long a property valuation or survey takes to complete. It varies on a number of factors, including region, the level of demand for mortgages, and the type of survey.
“There have been some incidents of valuations taking longer than usually expected over the last month, which is understandably frustrating for brokers and their clients. This is typical at this time of the year, with home movers jetting off on their holidays leaving valuers unable to access a property.
“Christmas is another time when delays can occur due to people being away from their home for extended periods of time. To help with the current slowdown and ahead of the festive season, by encouraging clients to follow our suggested steps brokers could help to reduce any potential delays.”