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Lenders will use AVMs where physical surveys not possible during lockdown

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  • 03/11/2020
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Lenders will use AVMs where physical surveys not possible during lockdown
TAB and Together have pledged to use desktop and automated valuation models (AVMs) where physical valuations are not possible during England’s second lockdown.

 

The government has confirmed surveyors will be allowed to continue entering properties during the lockdown providing they adhere to social distancing and other restrictions.

However, in the event that more surveyors are unable to enter properties due to residents isolating or for other reasons, the lenders said they will be able to continue conducting valuations.

In the first lockdown earlier this year TAB used AVM or desktop valuation reports for suitable residential properties with these audited by TAB and its partners on a same-day turnaround.

“TAB will reinstate this method for the next four weeks and, as the situation develops, we will continue to monitor this closely and respond appropriately and communicate transparently with everyone,” it said.

Founder and CEO Duncan Kreeger added: “We are very aware that these government guidelines – while necessary from a public health perspective – can cause people huge stress and anxiety and we are committed to providing a seamless experience for our customers.”

Meanwhile, Together said: “Valuations will be subject to Covid-secure safety protocols, and we will be able to use desktop modelling and automatic valuations, when needed.

“We will also be able to use our in-house legal team to make sure applications can be processed as quickly as possible.”

Its personal finance CEO Pete Ball added: “We are committed to making our customers’ ambitions a reality by continuing to provide a normal service throughout the second lockdown.”

 

Capital market restrictions

Last week, Specialist Lending Solutions revealed that a working group from the sector was attempting to reach an agreement for lenders funded through the capital markets and securitisations to be able to undertake remote valuations in some circumstances.

However, Fleet Mortgages and Keystone Property Finance confirmed there was no chance of this happening during the current period.

 

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