VAS Panel has launched a service that provides an additional audit overview of valuations for properties believed to be worth more than £5m.
Called ‘QC+’, the service, which is delivered by one of VAS’s dedicated chartered surveyors, builds on the company’s existing audit procedures which review over 100 core areas and is free of charge.
QC+ delves into the key variables which can impact the valuation, outputting a report that presents the findings to clients and so provides an added risk management tool for lenders on larger value properties and their inherent complexities.
A chartered surveyor will also be available to talk through the valuation in greater depth with the client once it has been submitted.
All reports go through VAS Panel’s internal quality control process which follow a red, amber and green rating systems to determine if the report needs further reviewing by one of its auditors. It then moves into the additional QC+ system.
QC+ has been trialled through several leading lenders over the last six months and will now be incorporated across all clients.
Shawbrook Bank real estate credit risk director David Morris explains that he finds the QC+ process helpful as it adds an important layer of oversight to the valuation process on the larger transactions.
“Normally the properties we value for loans over £5m are more complex and having VAS Panel provide us a separate audit on the valuation and access to talk to both the auditor and valuer is very useful. The whole process combined adds up to a safer lending decision in the end.”
Castle Trust Bank director of property credit risk Philip Dabbs takes a similar line: “We really value VAS Panel’s valuation knowledge and advice, and this is never more important than when you are looking at the larger transactions. These are normally more complex and need a much higher degree of underwriting”.
