FAQ - Valuation
Is there any fraud cover provided by the policy?
The simple answer is yes, fraud cover is provided under the valuation policy, to the extent that the fraud relates to the original valuation of the property.
In the event of a claim, who decides on the valuer to be used to determine the actual market value of the property?
An independent valuer will be appointed in the event of a claim and this can be agreed between us prior to commencement of cover. If you prefer, more than one valuer or a panel of valuers can be selected.
Can the policy cover loans in excess of £500,000?
We know lenders normally stipulate that a full valuation is carried out for loans in excess of £500,000 and therefore we do not offer cover above this limit.
Does the policy cover loans introduced by Mortgage Brokers?
Quite simply, yes, although where loans have been introduced by a Mortgage Broker, we may require additional conditions and these will form part of the initial underwriting process of the risk. Lenders often operate differently.
Can the Terms & Conditions of the policy be changed to fit in with our procedures including use of Automated Valuation Models (AVMs)?
We will always try to be flexible to accommodate any changes that you require to reflect your own procedures and the way you use AVMs. If you have specific requests, please raise these at the proposal stage for our consideration.
What type of valuations can be covered under the policy?
The policy covers any one, or combination, of:
- Automated valuations
- Drive-by valuations
- Traditional valuations
We may also be prepared to cover internal desktop valuations where you use information from your own database of property.
Are there any restrictions on where the properties to be valued are located (i.e. geographical limits)?
Our policy covers valuations carried out on properties situated anywhere in the UK or Channel Islands.
Do you offer any other products for lenders?
Yes, please click here for our full range of policies.