Physical Valuations are Back!
After nearly two months of lockdown, putting a hold on thousands of mortgage applications and property sales, new Government guidelines published earlier this week look to allow property valuations, viewings and moves to restart from today. Managing Director, Steve Olejnik, explains what this means for property investors in England.
It's the news we've been waiting for! From today, surveyors in England are permitted to enter properties in order to carry out valuation inspections, which means that lenders can begin to clear the now extensive backlog of mortgage applications which have been on hold for the last two months. The advice still stands that remote valuations should be carried out where possible, to minimise the risk of infection. Furthermore, the guidance from RICS states that surveyors should give priority to empty properties, and only inspect those with residents where it is considered urgent.
The new Government guidelines set out what precautions need to be taken when working in other people's properties. These guidelines include:
- Where possible, 2m social distancing should be maintained
- Asking households to leave all internal doors open to minimise contact
- Communication with residents before any meetings to set out social distancing and hygiene measures to be followed
- No works should be carried out if either residents or inspectors have any Coronavirus symptoms, are isolating or shielding
Those with mortgage applications on hold shouldn't expect a sudden rush of completions; lenders and surveyors need to work out their own procedures and then begin prioritising and working through cases based on these guidelines.
Safety is still paramount at this point in order to keep the infection rate down, so it'll be a while yet before we see normal levels of service. None the less, this is a sure sign that the property market can begin the process of recovery, which is great news to investors, home-buyers and the larger economy.
If you'd like to discuss your current and/or future property investments with one of our expert team, please do not hesitate to contact us on 0345 345 6788 or email enquiry@mortgagesforbusiness.co.uk
13th May 2020
