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Important Update From Nationwide Building Society, On Their Latest Position With Valuations

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6th April 2020

Important Update From Nationwide Building Society, On Their Latest Position With Valuations

Valuations

We’re currently unable to carry out physical mortgage valuations due to the government’s current measures around coronavirus. Instead, we’re working urgently to carry out as many valuations as possible without having to visit the property via automated valuation models (AVMs) and remote desktop valuations.

 

Desktop Valuations

The property will be assessed to see if it’s suitable for a desktop valuation:

  • For cases received on or before 27 March, we anticipate this assessment will happen by 17 April. Cases received after this date we anticipate will be assessed within 3 weeks of application.
  • Areas which are currently impacted by high demand, and may therefore take longer to complete are London, Swindon, Bristol, Northampton and Cardiff.
  • Scotland valuations – For all purchases where a Scottish Home Report has been attached, the process remains unchanged. We’ll contact the relevant valuer to get a transcript of the Home Report. Should the valuer be unavailable and therefore unable to complete the transcript we’ll review and then determine whether we can undertake a desktop valuation to progress the application and we’ll advise your client accordingly. The process for remortgage applications is the same as above.

 

If we can assess a property for a desktop valuation, you’ll receive notification of the booking date – this will be the date the case is due to be assessed.

Once we’ve completed a desktop valuation, you’ll receive a notification as normal.

 

New Build

We can consider a desktop valuation on New Build properties where the development has been visited in the past 12 weeks and a UK Finance Disclosure Form is available. You can email us the UK Finance Disclosure Form quoting the case reference in ye subject line to Panel.Maintenance@nationwide.co.uk

 

When we must visit the property

Where a property isn’t suitable for a desktop assessment, we’ll put things on hold until government advice allows valuers out to conduct physical valuations. Your client will receive an email from us to confirm this.

This is not an exhaustive list but includes:

  • Certain blocks of flats– for example where an EWS1 fire safety report is needed.
  • New Build – where the development hasn’t been visited in the past 12 weeks, or a UK Finance Disclosure Form isn’t available.
  • Homebuyers valuations – If your client has requested a Homebuyers valuation, we’ll be unable to complete a valuation and the case will be placed on hold. If, after discussion with your client, you want to change to a mortgage valuation, please call us to request a Material Change. After changing, we can’t guarantee the property will be suitable for a desktop valuation and if your client decides to cancel the Homebuyer Report, we’ll be unable to reinstate it at a later date.
  • Northern Ireland valuations – All applications will currently be placed on hold as valuers are unable to carry out physical valuations. Your client will receive an email from us during the week commencing 6 April to confirm this.

 

Appeals

We’re unable to accept appeals on desktop valuations.