The RICS is commissioning an independent inquiry into surveying problems after reports said that sales were falling through because of delays in getting mortgage valuations.
Banks, lenders, and the RICS itself will be among those giving evidence to the independently chaired inquiry.
RICS global residential director Peter Bolton King said: “The RICS has been engaged with a number of lenders, panel managers and the Council of Mortgage Lenders on these issues. We will continue these discussions in parallel to the work of the independent commission.”
Earlier, the RICS refuted claims that the delays were due to a shortage in surveyors, saying that the real problem was that they were not being paid enough to do valuation work – and also stood a risk of being sued for wrong valuations, which could affect their insurance premiums.
The RICS says there are currently some 8,500 residential valuers.
Comments
Isn't the average age of RICS membership now ~72 years?
That young whippersnapper PBK, needs to get recruiting - fast!
The conveyor belt keeps rolling...
It's not the surveyors, it's the bloody banks!
HSBC & NatWest (RBS trash) are a disgrace.
As soon as any lender goes to the top of the mortgage product league tables, it takes 5/6 weeks to get a surveyor out.
Survey companies responsible for mortgage valuations pay surveyors peanuts, so they leave causing a shortage of valuers...result delayed surveys.
100% agree Ac.
The cause is obvious.
Panel Firms.
The cost of a homebuyers report has barely changed in the last 20 years - which means that in real terms, the price has gone down.
At the same time there is always one if not two panel firms between the lender and the surveyor - each one taking their cut out of it and essentially doing nothing at all.
A surveyor friend of mine says that the cash he gets paid for each job now is the same as in the 1980's. To put that into context, a litre of petrol cost less than 35p!
I had to wait 3 weeks and 4 weeks on 2 separate valuation sales.
This is way too long.
But Id rather have the local surveyor come in as the sale will go thru and property will value up.
While a surveyor brought in far away never knows and from my experience down values the property or gets scared and says un-mortgagable.
Knowledge: Past valuations from last few weeks, 2 on same property, out of towner valuer says cannot value. In town valuer, sends report back at asking price.
So... these buyers who allegedly couldn't get their surveys done on 27 Acacia Avenue were presumably offering on another property...
...to what - come up against the same problem again?
Does anyone think in joined-up writing before they release these 'stories'??