The Royal Institute of Chartered Surveyors (RICS) in Scotland has advised its members that from 1 January 2016, best practice dictates they should no longer include a rental figure within the Generic Mortgage Valuation (GMV) section of the Home Report.
As TMW expects Panel Valuers to follow RICS best practice, from 26 January 2016 we'll no longer be able to accept valuation reports transcribed from the Home Report.
As a result of the RICS announcement, we'll be making the following changes to our valuation process on Scottish Buy to Let properties.
For new cases submitted from Tuesday 26 January 2016:
- TMW will instruct our own Mortgage Valuation Report on all cases and we'll use the valuation and rental figure from this report for lending purposes.
- A valuation fee will be payable by the customer.
- Transcribed valuation reports will no longer be acceptable for valuation purposes (even if the Home Report was carried out before 1 January 2016 and contains a rental figure).
- We'll no longer request a copy of the Home Report.
For cases submitted before Tuesday 26 January 2016:
We'll accept a transcribed valuation report where the Home Report was carried out before 1 January 2016 and contains a rental figure.
TMW Online and TMW MTE
We've provided a guide on how to submit valuation requests on TMW Online and TMW MTE from Tuesday 26 January.
You'll also find details of our valuation fees here.