The price transparency move is the first in the specialist finance market
VAS Panel, a valuation panel management service provider, has backed the specialist finance market by launching a new guaranteed fee scale for valuations of standard residential properties with an estimated value of up to £2 million.
The price transparency move, a first in the specialist finance market, offers short form templates from £265 for single houses, single flats, and single buy-to-lets in England, assuming market rent and rental comparables are provided. The property must be in mortgageable condition with a kitchen and bathroom.
The benefits of a guaranteed fee scale for lenders and brokers include instant instructions with no waiting for quotes, consistent and transparent pricing for applicants, and a shortened timescale of the valuation process, which in turn speeds-up time-to-cash.
VAS Panel, part of the VAS Valuation Group, said it would provide the service through its full valuation panel management system, comprising of over 500 plus residential valuers across the country to ensure the most relevant companies are instructed based on location, deal type, and value.
To instantly instruct, lenders simply have to state this requirement on VAS Panel’s quotation form along with the fee provided to their client in the additional comments box on the quotation form.
“I have no doubts, for the specialist finance industry, this is a real game-changer,” commented Stephen Todd (pictured), chief commercial officer and co-founder at the VAS Valuation Group.
“VAS Panel has always had a fee scale. However, this had to be treated as a guide as we did not know which valuers would accept specialist finance work, that is until now.
“A guaranteed service can only be delivered with the right quality and spread of first-class residential valuers, which we now possess, and an in-house quality control system that ensures every report meets our highest requirements. Both of these, we have achieved.”
Todd added that as approximately 50% of their quotes and instructions are classified as residential properties, this was a huge move for them.
“More importantly for lenders, brokers, and their clients, it offers a guaranteed price at the start of the valuations process, while also delivering faster reports and ultimately a quicker drawdown,” he said.
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