Firstly, when considering appointing or recommending a Valuer, the valuation fee or a pre-existing relationship should not always be the determining factors!

You should be asking:

Is the Valuer properly qualified and do they have sufficient experience?

All Chartered Surveyors issuing formal valuation advice must be RICS Registered Valuers

Does the Valuer hold the necessary Professional Indemnity Insurance?

Typically, the level of cover available should be equal to, or greater than the value of the asset

Does the Valuer have the necessary local knowledge to value the property?

When valuing an asset for secured lending purposes, Lenders typically apply the following rules in terms of proximity of the valuer’s office to the asset being valued:

• Residential – within a 25-mile radius(10-miles within the M25)
• Commercial, standard – within a 25 to 35-mile radius
• Commercial, licensed & leisure – within a 50-mile radius
• Rural – within a 100-mile radius

Whilst only a guide, if Banks and other Lenders adopt this, there is a good reason why.

Does the Valuer have a robust track record of valuing the asset class?

Does the Valuer have a clean claims history?

Whilst claims against a Valuer’s Professional Indemnity Insurance do not necessarily indicate recklessness, a clean claims history is considered by many a good indicator that the practice undertakes valuations with due care and attention and to the appropriate standard.

Has the Valuer experience in providing Expert Witness valuations?

Does the Valuer regularly undertake valuation work?

Valuers who do not undertake valuation work on a regular basis may not be as up to date with current valuation requirements as those who do.

Is the Valuer on any Bank panels?

Bank panels are considered by many the premium standard due to the extensive due diligence to which a valuer is subjected prior to panel appointment.

Does the Valuer's report comply with the standards set out in the RICS Red Book?