Q1 I want to arrange a re-valuation for my clients, how do I do this?
You should key a KFI on any available rate, do not convert application.
You should then contact the Intermediary Refinancing Helpdesk (between 9am-5pm Mon to Fri) and provide the following information:
- Estimated property value
- Daytime contact number for clients
- Your email address
- Product required
We will then advise you of the two different re-valuation options that are available. Once you have confirmed the option your clients require, we will contact them directly to arrange payment.
Q2 What are the options that are available?
Clients can now select either an internal appraisal, as per current policy, or an external appraisal.
Q3 What is an external appraisal?
An external appraisal is a visual inspection of the front of a property or block (flats) and provides a valuation of the property. The inspection is from the nearest accessible public highway sufficient to record type, age, construction appearance and location factors.
Q4 What is the cost for an external appraisal compared to the internal appraisal?
A flat fee of £70 will apply for all external appraisals. There is no change to the existing sliding fee scale for internal appraisals.
Q5 Can you send me an email which will provide details of the different options available to my clients?
Yes, we will issue an email outlining the options available to your client and also send you a letter which you can send to your clients to confirm their chosen option.
Q6 Are there circumstances when an external appraisal would not be suitable or could not be completed?
There are a number of reasons why an external appraisal may not be appropriate. These include:
- Internal improvements have been completed to property e.g. new kitchen that needs to be assessed as part of the valuation
- Visible structural defects where further investigation is required
- Insufficient access to property – e.g. gated community
Q7 What happens if the valuer visits the property but is unable to complete an external appraisal?
We will advise the reason why we have been unable to complete an external appraisal. Clients then have the option to either request an internal appraisal or to select a product based on the current indexed valuation of the property.
If the client opts for an internal appraisal, the fee for the inspection will be reduced by £70 to compensate for the fee already paid for the external appraisal. If the client decides not to proceed with an internal appraisal, we will refund the £70 fee.
Q8 What if my clients wish to request an internal appraisal following the external appraisal which has been paid for and completed?
Clients can request an internal appraisal; however they will be charged the full internal appraisal fee. It is therefore important that your clients are fully aware of the different options available so that they can decide which option is best for them.
Q9 What happens if the rate is withdrawn before the valuer completes the inspection?
We will honour the rate by applying the same rules that apply for internal appraisals.