Launching a menu of options for Remote Valuations

Arnold & Baldwin has launched a range of remote valuation options for lenders, in conjunction with Property Risk Inspection Ltd, enabling them to lend more confidently at higher LTVs, on larger loan sizes, and on complex buy to let mortgages, including HMOs.

The chartered surveyor has introduced a menu of different approaches available to lenders to remotely value a property, providing 80% coverage of all properties in England.

The first option is a traditional desktop valuation by a RICS registered valuer. This includes Ordnance Survey map validation, general insurance qualification, flood risk assessment, subsidence risk, and collation of online datasets to establish the market valuation.

Where there is insufficient data to rely on the desktop valuation, perhaps because the property has been recently refurbished or extended, and access is not possible as the occupant is self-isolating, the vendor can take geotagged, time restricted photos of the key property components and upload them straight to the surveyor to strengthen the remote valuation using the Property Risk Inspection “MyHomePhotos” application.

As a further step to manage risk and provide added confidence, Arnold & Baldwin can send a Property Risk data gatherer to take additional external photos and measurements, providing street views, and assessment of land and outbuildings for more unusual properties.

Arnold & Baldwin is also able to arrange a physical internal inspection at a later date to validate the original valuation where lenders require this as part of their funding lines.
Joe Arnold, Managing Director of Arnold & Baldwin, says:

“Like all businesses, we have needed to adapt and evolve very quickly in recent weeks. Physical property inspections are still possible in some situations and RICS will soon be announcing guidelines to facilitate a safe way for more inspections to be carried out, more frequently.

“Realistically, however, remote valuations are going to be an integral part of the market for quite some time and so we have introduced a menu of options for lenders that addresses some of the limitations of remotely valuing a property.

“Lot of feedback suggests that properties fail a traditional desktop valuation because there isn’t enough data, and so we have identified ways that use technology, creativity and expertise, to provide the extra information that’s required.

“Traditional desktop valuations can exclude significant parts of the market. For example, there are often restrictive parameters on loan size, which can leave high value clients without any options. Similarly, many non-bank specialist lenders have restrictions on the use of remote valuations as part of their funding lines. We believe that our solution addresses many of these issues and would welcome a conversation with any lender that wants to discuss how working with Arnold & Baldwin can enable them to grow their lending in the coming months.”

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CLARE MCSHANE

Professional, efficient surveyors. Get the job done in a timely manner, had our survey back within 5 days of inspection. All team members I spoke with (Tiffany and Billy) were really lovely. Highly recommend. :)

RICARDO OLIVEIRA

I have only just started working with Stephen and he has already demonstrated the high levels of customer attention and dedication that this company has. The first impression he has caused is such that made me write this review. I have no doubt that the continuous service will be of same level. Looking forward to working further with Stephen. Well done!

Steve Kenny

Lease extension - I found Daniel Grove very professional and had an excellent understanding of all aspects relating to this transaction. Advice was invaluable, and it was nice to come across someone who did exactly what they said they were going to do. Would not hesitate in recommending the firm and Daniel to anyone who has a lease to extend.

Petros Kyrkilis

Amazing job and fully professional treatment. The surveyor went above and beyond to check for everything, when he could have easily claim lack of access. In addition he was more than happy to answer questions over the phone and be there to explain the steps.

Lynn Wilson

Within 48 hours I received my detailed report from Joe Arnold which enabled me to see the property as it was and not through rose-tinted glasses! The report highlighted areas where money might need to be spent and provided guidance on questions for my solicitor - just what I needed. Overall, the survey enabled me to re-assess my offer and in this respect was invaluable. Thank you for a friendly and professional service.

Mark Roberts

100% choose this company. As first time buyers we had a mortgage valuation which said the house was fine. The Arnold & Baldwin survey found over £30,000 of problems. Holes in the roof with daylight visible, damp, woodworm, broken sash windows and poor electrics. This company helped us renegotiate and save a fortune.

Joebun

Arnold & Baldwin came recommended and I’ve got to say they were brilliant - not just in identifying issues with the property I was looking at but in the way they kept me informed and up to date (ie picking up the phone instead of just posting / emailing communications with you). After dealing with estate agents for so long, it’s nice to have someone who is genuinely on your side.

Kamal Rahman

From my initial interaction with the firm I found them to be prompt, courteous and helpful. I received a detailed Homebuyers report within a week of instructing and was given the opportunity to talk it through with the attending surveyour. Overall excellent service all round, would certainly recommend this firm.

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