VAS Panel, a comprehensive valuation panel management service, has launched QC+, an additional free audit service designed to provide in-depth reviews of property valuations exceeding £5m.
This innovative service is part of VAS Panel’s effort to strengthen its quality control procedures.
QC+ aims to provide an enhanced exploration of key factors that could impact the valuation, supplementing the company’s existing audit procedures which scrutinize over 100 core areas. A dedicated Chartered Surveyor from VAS Panel will conduct the QC+ audit, presenting the findings in a detailed report.
This report will serve as an additional risk management tool for lenders dealing with high-value properties and their associated complexities.
After the submission of the valuation, the same Chartered Surveyor will be available for a detailed discussion with the client.
As part of VAS Panel’s standard process, all reports will undergo its award-winning internal Quality Control process, following a red, amber, and green rating system to determine if the report requires further review. If so, the report will then proceed to the additional QC+ system.
David Morris, director, real estate credit risk for Shawbrook Bank, said: “We find the QC+ process very helpful as it adds an important layer of oversight to the valuation process on the larger transactions…The whole process combined adds up to a safer lending decision in the end.”
Philip Dabbs, director of property credit risk at Castle Trust Bank, added: “When we found out that VAS Panel had the QC+ service to support us with larger lending cases we jumped at the chance to use it. The separate valuation audit is a great extra layer of oversight that helps our underwriters and credit teams to get further comfort with the valuation report.”
Over the past six months, QC+ has been successfully trialled with several leading lenders and will now be integrated across all clients. VAS Panel, part of the VAS Valuation Group, comprises over 200 surveying firms around the UK, and its other division, VAS Assurance, delivers live and retrospective Valuation Auditing, Valuation Desktop+, Project Monitoring Audits and Loan Book Monitoring.
