The RICS Valuer Registration Scheme is being implemented to raise valuation standards, monitor output, improve quality, provide protection to the public by demonstrating robust self-regulation and mitigate the risks of statutory intervention.
Even the most experienced Chartered Surveyor will not be able to undertake loan security valuations for Banks or Building Societies, or a private valuation for purchase or a valuation for Probate unless they are registered under the Scheme by 30th April 2011.
Mel Kettle, client service director at Gateway believes that this could have significant ramifications for the lending industry.
He said:
“This new scheme seems to have crept up on some in the industry which is why it is vital that lenders and surveyor firms are aware of their responsibilities. A number of lenders are already asking us to provide evidence that all of our surveyors have the necessary accreditation and we are happy to provide this.
"However, with the implementation date so close, we would encourage all lenders to quiz their suppliers now to ensure that accreditation has been achieved.
“After the 1 May, should it be discovered that a valuation has been provided by a non-registered surveyor it could be argued that a lender should not accept it and both cost and time will be wasted as another valuation is instructed to ensure that it carries PI cover.
"At a time when there is a huge desire for the mortgage sector to increase lending and get more people on the housing ladder, this could introduce frustrating and unnecessary delays."
