1. I’ve submitted an application and have a valuation booked will this get completed?
a. All physical property valuations have now been paused due to government advice, if we are able to complete a non physical valuation then we will proceed with your application
2. I’ve submitted an application and don’t have a valuation booked will this get completed?
a. If we are able to complete a non physical valuation then we will proceed with your application. If we can’t obtain a non physical valuation, we’ll inform you of the next steps
3. I’ve paid for a valuation and it’s not being completed, can I have a refund?
a. In line with normal BAU process, if a customer would like to withdraw an application, the valuation fee will be refunded should the valuation not have taken place. Please ensure the customer is aware that this will lapse their application and should they want to progress again in the future a new application will need to be submitted.
4. What happens to my application?
a. If we are able to obtain a non physical valuation, the application will progress as normal. If we are unable to obtain a valuation, the application will be placed on hold until such time as we are able to obtain a valuation.
5. Why can’t you proceed without a valuation?
a. For all secured lending, an assessment of the property is required to ensure the property is secure to lend against. Without a valuation we can’t lend
6. When will you be able to complete a valuation on my property
a. If we are able to complete a non-physical valuation on your property then this should be completed within 2 days. In the event we cannot complete a non-physical valuation we will be in contact to inform you of the next steps
7. Will I lose my property now?
a. Your solicitor will be able to advise you where you are in the purchase process and advice.
8. I have an offer on my remortgage; will this be honoured, with the valuation that has been completed?
9. Can I choose a non-physical valuation over a physical valuation to progress?
a. We will where possible look to carry out a non physical valuation. However, it is the banks risk rules and criteria that determines the type of valuation that is within each product risk criteria.
10. What’s the position on PVQ’s on pipeline cases?
a. BAU processes surrounding valuations including PVQs for pipeline cases remain unchanged
11. What type of valuations are still available and why?
a. Automated and Physical Valuations have been stopped for New Mortgage applications. Desktop valuations are the only property assessment vehicle that we are using for these applications during this current period.
b. Valuation methods remain unchanged for our existing Mortgage customers, including AVM and HPI
12. Can I upgrade an existing valuation e.g. AVM to Desktop
a. We can upgrade a valuation from an AVM to desktop only. Physical valuations are not available to be requested
13. If a customer would like a home buyers report does the whole valuation get put on hold until a valuer can visit?
a. As long as a case meets desktop criteria, then that element will still complete. LGSS will then contact the customer to discuss the need for the HBR to go on hold and will then re contact them when this becomes available to complete.
14. If a customer wants a home-buyers or structural survey, do we charge them as per BAU process?
a. Yes, at present we are still offering comprehensive surveys to those customers who would like one, however we need to inform customers that there will be a delay as valuers are not completing physical inspections at present. LGSS will continue to contact customers who have requested a survey to discuss options.
15. When completing a mortgage application where we hope to complete a desk top valuation, what fee should the customer be charged?
a. At present, there are no changes to our fee scale. If there is an adjustment to fees, we will contact the customer to arrange a refund.
16. Do the customers have to pay for a valuation and does it need to show on the illustration/offer?
a. Yes, there is no change to fees. We are still progressing applications. All that is changing is for some customers who would normally need a physical valuation, their application will be placed on hold until we can either send valuers out again, or we find an alternative valuation method for them.
17. My customer wishes to cancel their application and receive a refund of fees. When will they receive the funds back into their account?
a. Refunds will be issued back onto the same card details that made the payment within 6 working days. If there are any issues refunding to that card the refund will then be made directly back to the customers bank account as per the details on the mortgage application form.
18. What is the process if the desktop valuation is lower than the property value?
a. We would use the figure provided by the desktop valuation and there is no process to appeal this. A re-mortgage desktop can be upgraded to a physical valuation (when they resume) but only if the customer confirms that they have had an extension or significant internal improvements. Examples of significant internal improvements would be anything that adds square footage to the property, for example a loft or garage conversion.
19. Can the customer see a copy of the desktop valuation?
a. No. A desktop valuation is for the Bank’s purposes only to enable us to confirm that the property is acceptable security for the mortgage.