Advice has surfaced from Accord Mortgages on how brokers can reduce house sales delays caused by property valuation set-backs during autumn.
Recently, brokers have witnessed a longer turnaround time thanks to an increased demand for property valuations - which is significantly reducing the availability of valuers'.
Because of this, Accord has provided some tips for brokers and their clients to reduce the risk of a house purchase or sale being held up.
· Ensure that moving clients provide as many contact details as possible, including email addresses and mobile and/or landline numbers.
· Go over the clients contact details and check they are accurate when submitting an application. Delays are sometimes caused by incorrect phone numbers, meaning valuers have to chase the lender for the correct information.
· If a client is unable to let the valuer review their home during standard working hours, recommend alternative arrangements, such as leaving a key with their estate agent or neighbour, or asking a friend or relative to let the valuer into their home.
· Check with the lender how quickly they instruct valuations. Many lenders will instruct a property valuation as soon as possible. However, some lenders take longer.
· Ask clients to inform you if they have any holidays planned so the valuer can prioritise other properties whilst they are away.
David Robinson, national intermediary sales manager at Accord, said: “There are no hard and fast rules on how long a property valuation or survey takes to complete. It varies on a number of factors, including region, the level of demand for mortgages, and the type of survey.”
“There have been some incidents of valuations taking longer than usually expected over the last month, which is understandably frustrating for brokers and their clients,” he added. “This is typical at this time of the year, with home movers jetting off on their holidays leaving valuers unable to access a property.”