01/07/2020: Physical Valuations - Leicester
What’s Happening
In response to the high rates of COVID-19 infection in the community, the UK Government has confirmed an extended localised lockdown in Leicester for at least two weeks from today, 30 June 2020.
This means that all physical Valuations already “booked” and “to be booked” beyond this date will move into a hold position until Government guidelines are updated enabling physical valuations to begin again.
What you need to know:
Measures will apply to both the City of Leicester and, "the surrounding conurbation including, for example, Oadby, Birstall and Glenfield". The following areas in Blaby District are affected by the restrictions:
• Braunstone Town (including Fosse Park)
• Glenfield
• Glen Parva
• Leicester Forest East (East of the M1)
• Thorpe Astley.
In Charnwood, the lockdown applies in:
• Birstall
• Thurmaston.
We await more detailed information from the UK Government on impacted areas
What you need to do:
For any new applications , we will attempt an alternative Non-physical valuation on the property in the first instance, however, where this is not possible your customer’s application will be placed on hold and our valuation partners will be in contact with you when restrictions are lifted.
For your clients applications who were already booked in for a physical valuation our valuation partners will be in contact with you to confirm the application is on hold.
23/06/2020: Resuming Physical Valuations - Scotland and Wales
Following updated guidelines we are pleased to confirm we have recommenced physical valuations.
This applies to:
· Residential and Buy to Let applications
· Properties in where the occupier allows access
· Properties where the valuer confirms the property is safe to enter
This does not apply to:
· Properties where the occupier does not allow access
· Properties where the valuer confirms it is not safe to enter.
If the application relates to a property in Scotland, please note that our process for Transcript valuations remains unaffected and the Home Report must have been completed within the last 90 days if you are intending to rely on a Transcript.
For England please refer to the previous guidance issued on 15th May. For Northern Ireland refer to the previous guidance issued on 15th June.
Where we are not able to complete a property valuation in person, the customer’s application will be placed on hold.
We will continue to work closely with all of our valuers and will be working at pace to progress all applications, prioritising those which are currently on hold subject to a physical valuation.
16/06/2020: Resuming Physical Valuations - Northern Ireland
Following updated guidelines from the Northern Ireland Assembly, we are pleased to confirm we are recommencing physical valuations as of Monday 15th June.
This is for both Residential and Buy to Let applications for all building types in Northern Ireland where the occupier is comfortable to allow access, and the valuer confirms the property is safe to enter in line with the most up to date guidelines. We will be in touch with you as this situation changes in the other regions in the UK.
We will continue to work closely with all of our valuers and will be working at pace to progress all applications, prioritising those which are currently on hold subject to a valuation.
15/05/2020: Resuming Physical Valuations - England
Following updated guidelines from the UK Government, we are pleased to confirm we are recommencing standard valuations as of Monday 18th May.
This applies to:
· Residential and Buy to Let applications
· Properties in England only where the occupier allows access
· Properties where the valuer confirms the property is safe to enter
This does not apply to:
· Properties located in Northern Ireland, Scotland, and Wales
· Properties where the occupier does not allow access
· Properties where the valuer does not confirm it is safe to enter
· Applications where a Homebuyer’s Report or Building Survey has been requested
We will provide further updates as this changes in the other regions in the UK.
Where we are not able to complete a property valuation in person, the customers application will be placed on hold.
We will continue to work closely with all of our valuers and will be working at pace to progress all applications, prioritising those which are currently on hold subject to a valuation.
13/05/2020:
To align with Covid-19 guidelines set out by the UK Government all physical property valuations and surveys were suspended on 24th March. We have worked since then with valuers to ensure we can safely support as many customers as possible. On Tuesday 12th May Government guidelines were updated with the intention to allow physical inspections of properties in England in line with social distancing guidelines. At this time there are no changes for properties in Northern Ireland, Scotland and Wales
We are currently working with our valuation partners to develop our approach to this updated guidance so that our valuers can undertake physical inspection of properties, safely for the valuer and the home owner.
06/05/2020: Update on AVM and Desktop Valuations
Click here to access our helpful guide on valuations!
24/04/2020 – Valuations Update - Northern Ireland
To support customers in Northern Ireland, where previously the only type of valuation available was a physical valuation, we have agreed to temporarily accept a remote desktop valuation so that we can continue to meet customer needs.
For more details on Desktops Valuation please see our update dated 02/04/2020 below.
02/04/2020 Update:
We are working closely with our surveying partners to identify and develop alternative methods of providing valuations, without having to visit the property.
We have launched a Desktop Valuation model through Legal & General Surveying Services (LGSS) for use when physical and automated valuations are not possible.
What you need to know;
· A desktop valuation is typically carried out within 2 working days of instruction
· Collections of standard valuation fees will continue where applicable and any adjustment in cost will be refunded to the customer
· Desktop valuations will be attempted for residential properties, up to £2,999,999 in value, in England, Scotland & Wales.
· Buy to let, New Build, Flats, properties over £3m in value and all properties in Northern Ireland are not eligible for a Desktop Valuation
· Current volatile market conditions are likely to be reflected in the valuation amount
· It is not possible to appeal a Desktop Valuation and the Post Valuation Query process (PVQ) does not apply
· Where a physical valuation is the only option, applications will continue to be assessed by an underwriter and a decision provided, subject to valuation.
· We will not be able to provide a formal mortgage offer until receipt of valuation
· HPI valuations will continue to be available for applicable existing business cases at this time