Where it has not been possible to carry out an internal property inspection in the current ongoing Covid19 pandemic, Copping Joyce Surveyors have been providing clients with Desktop Valuation reports.
We have been asked by many Lenders and Clients how Desktop Valuations work and are they suitable for loan security? The answer is yes. A Desktop Valuation is still RICS Red Book compliant.
However, there are restrictions on this and we have been assessing each asset on a case by case basis prior to accepting an instruction considering the complexity of each property valuation. The information that we would require prior to undertaking a Desktop Valuation includes, but is not limited to, floor plans, previous reports and measurements, photographic records, video footage, marketing particulars, and any planning records.
Over 95% of our Desktop Valuations are subject to an internal measured survey and inspection within a fixed period of time from instruction which enables us to verify/ amend the initial Desktop Valuation. We feel this reduces the lenders’ risk and provides an additional level of comfort. The extra 0-5% of Desktop Valuations may be situations where we have previously valued the property and have sufficient information to rely on.