VAS Panel, the leading valuation service provider, has launched a new initiative in the specialist finance sector to ensure transparency in pricing with a guaranteed fee scale for standard residential property valuations.
The move, considered an industry first, applies to properties with an estimated value of up to £2,000,000.
Under the new initiative, the company offers short-form templates starting at £265 (excluding VAT) for single houses, single flats, and single buy-to-lets across England. The property should be in mortgageable condition with fitted kitchen and bathroom facilities, and the market rent and rental comparables should be provided.
The benefits of this guaranteed fee scale extend to lenders and brokers by offering instantaneous instructions without the need for waiting for quotes. It also provides consistent and transparent pricing for applicants, which is anticipated to reduce the timescale of the valuation process, thereby expediting the time-to-cash.
VAS Panel aims to deliver this service through its comprehensive valuation panel management system, which comprises over 500 residential valuers nationwide. This large network ensures that the most appropriate companies are instructed based on the location, deal type, and value.
Lenders wishing to instantly instruct simply need to state their requirements on VAS Panel’s quotation form, along with the fee provided to their client, in the additional comments box.
Stephen Todd, chief commercial officer and co-founder of VAS Panel, hailed the initiative as a significant step forward for the specialist finance industry.
“VAS Panel has always had a fee scale, but it was treated as a guide as we did not know which valuers would accept specialist finance work. However, that’s changed now,” he said.
“A guaranteed service can only be provided with an extensive network of first-rate residential valuers, which we now have. In addition, we have implemented an in-house quality control system to ensure every report meets our stringent standards,” Todd continued.
According to Todd, approximately half of their quotes and instructions are classified as residential properties, making this a significant move for VAS Panel.
The guaranteed fee scale offers lenders, brokers, and their clients a fixed price at the start of the valuation process, ensuring faster reports and ultimately quicker drawdown.
