National Property Valuation Company
July 2011
Aztec Property Valuers Limited is a fully national valuation company operating throughout England, Wales and Scotland. We undertake valuations on commercial and residential properties as well as investment and development opportunities.
First Class Customer Service
The commercial lending market can be a tricky business to get right but here at Aztec Property Valuers we understand the complexities involved in the whole lending process from initial enquiry through to loan completion. As valuers we are ultimately working on behalf of the lender to offer quality professional advice to ensure that the mortgage application is appropriately underwritten.
We believe in building strong relationships with our lender and broker clients to facilitate the loan being processed in a timely manner. Our approach to open and clear communication throughout the whole process can assist in the overall mortgage completion process.
Types of Property
We work with brokers, introducers, lenders, solicitors, property agents and many private clients to produce good quality valuation reports on all types of properties including:
Commercial Property
- shops
- industrial units
- warehouses
- factories
- pubs
- development sites
- equestrian centres
- nurseries
- holiday / caravan parks
- hotels and guest houses
Residential
- all types of residential properties including buy to lets and investment portfolios
Development Sites
- residential and commercial builds
Best Bridging Valuer of the Year 2011
We believe that we offer a highly professional and quality valuation reporting service - and many of our clients agree as we are very proud to have been nominated for Best Bridging Valuer of the Year 2011 (winner to be announced later this summer).
Contact us
We are delighted to be members of the NACFB and would love to hear from fellow members.
So, if you have yet to instruct Aztec Property Valuers to undertake a valuation for you – whether it is commercial, residential or development, then why not give us a call.
We are fully national and operate to exceptionally high levels of service to ensure you receive professional and high quality valuation reports.
We would love to hear from you when you next need a valuation.
Communication is key to success
June 2011
Almost 3 years after the phrase ‘credit crunch’ hit the headlines, the property market is at last starting to show real signs of growth. In a recent survey more than 50% of mortgage intermediaries anticipated writing more business over the next few months – more than double for the same period last year. This is a clear sign that both confidence and optimism is finding its way back into the property mortgage market.
In order to maximise on this upturn in the market, everyone involved in the mortgage process needs to be at the top of their game. Here at Aztec Property Valuers we believe that the key to success is building good relationships with brokers and lenders alike.
It is often quoted that the key to a good relationship starts and ends with good communication. To create a good and effective relationship in the mortgage market everyone involved in the transaction needs to be clear and open with each other right the way through the process.
The process of successfully completing a mortgage relies on a number of experts at different stages to undertake their part of the transaction in a timely and professional manner. It therefore follows that the clearer the instructions and requirements at each stage the more likelihood there is of the mortgage being completed smoothly.
As valuers, we are ultimately working on behalf of the lender to offer quality professional advice to ensure that the mortgage application is appropriately underwritten. In the Bridging market brokers often require reports to be produced quickly to facilitate the loan being processed in a timely manner. By developing good working relationships the whole process can work more effectively.
I believe that there are some fundamental areas where good communication will assist in obtaining the best valuation advice, in a fast and professional manner;
1. Basic Information
The broker needs to gather accurate data from their client and ensure that this is forwarded to the valuer at the outset of the instruction – for example, full contact details to enable the valuer to book an appointment.
2. Property Details
Forward as much information as possible regarding the subject property. Realistic estimated values and/or purchase price will help the valuer.
3. Tenure, Statutory Consents, Planning and Title Plans
As much information as possible regarding tenure, planning consents. building regulation approvals and statutory consents will obviously assist and expedite the production of the report as the valuer has the information at the outset. Some brokers also provide us with Land Registry Title Plans – this assists the valuer in confirming the area valued but more importantly can eliminate the need for the mortgage underwriter to contact the valuer requesting this information and perhaps delaying the mortgage completion.
In return for the above the broker should then expect the highest possible service from the valuer and a professional and quality valuation report.
Good, clear communication between valuers and lenders can also improve the level of service and assist in the overall mortgage completion process. The lender and/or their solicitors often raise queries during the underwriting process. By having a strong relationship with the valuer these queries can be responded to quickly and efficiently.
Aztec Property Valuers strongly believes in open communication and in building good relationships with all clients – brokers, introducers, lenders, solicitors, property agents and so on.
Michelle Greenlee, Operations Director at Aztec Property Valuers says ‘…We understand that speed is important to a number of our clients, especially in the Bridging market where brokers are operating in a very competitive environment. Clients generated from websites, adverts, mailshots and databases are likely to look for another broker if speed of service does not meet their expectations. We therefore always try to accommodate urgent cases for our brokers…’
So, if you have yet to instruct Aztec Property Valuers to undertake a valuation for you – whether it is commercial, residential or development, then why not give us a call. We are fully national and operate the same quality service throughout England, Wales and Scotland.
We would love to hear from you.
Gill Hall
Managing Director
Instructing a Valuation
April 2011
In the current uncertain economic times in which we are all trying to operate I have heard it said that valuers are undervaluing properties which can hinder the mortgage application process.
The valuation can be the critical part of the lending process and it is therefore important for everyone involved to understand the basics.
The first thing to remember is that the valuer is acting for the lender and in essence is acting as their ‘eyes and ears’ when inspecting the property and producing a valuation report. The valuation is required to ensure that the loan monies are fully secured for the length of the loan and will be fully recoverable in the event of default by the borrower. It is therefore critical that the valuation is correct and can be relied upon by the lender.
The valuation is really undertaken in 2 parts – the actual inspection of the property and then the preparation of the report.
Inspection: The valuer will inspect the property to ascertain the type of construction, property size, layout age and condition and will also consider the location, demand and desirability – as Kirsty and Phil know it is all about location location location! During this process the valuer will undertake a full and comprehensive measured site survey and will also take a number of photographs to evidence in the report – but which importantly help the mortgage underwriter see the property and get a clear picture of what they are being asked to lend against.
Report Preparation: The real work however starts when the valuer leaves site and returns to his office to prepare his report. By using his local knowledge of the area he will research comparable evidence by looking at what has sold in the area and consider demand for that particular type of property (whether residential, commercial, development opportunity or simply as an investment BTL). This is the part of the process where much of the confusion lies. Applicants often state that their property is worth a certain figure but in reality when comparing it to what has actually sold in the area rather than just relying on asking prices or hope value this may not be the case. The valuer’s professional expertise enables him to compare various properties and give a value for the subject property. There may be many variables to take into account when looking at comparable properties such as size, condition, floor area, aspect – does it have a nice view in a sought after position or is it next to an eye sore and a busy main road! Here the valuer will need to make allowance for each of the many variables as well as taking into account the date the comparable properties sold and comparing that with the current market before assessing the value.
Another very important factor in the current market is the restricted availability of mortgage funds which to a valuer is a very significant material factor impacting on valuations – as if funds are not available for that type of property then market demand is reduced as a consequence resulting in lower values.
The valuer will value the property in accordance with the RICS Red Book requirements which state that it is being valued on the open market with enough time for marketing etc. However, this is often not the case for Bridging Lenders who need a restrictive sale figure – usually allowing for a 90 day marketing period.
I think it needs stressing how tight a 90 day marketing period actually is – this means that the property needs to be marketed and sold in under 3 months – a stiff challenge and will often require the property to be sold at the next available auction if this is to be realistically achieved. The valuation will therefore reflect this limited marketing period.
So what can you do when instructing a valuation to help get it right?
Give as much information regarding the property as possible
- Provide Title Plans if you have them
- Provide lease information – or have the applicant make them available
- Ensure the valuer has full access to the whole property (particularly important with flats, HMO’s etc)
If everyone works together in the instruction process, gathering of information and preparation of the report, then sensible and realistic valuations can be produced in a timely manner with all the required information provided up front without the need for queries and lengthy correspondence.
Indulge Yourself
March 2011
Indulge yourself and win a gorgeous Chocolate Easter Egg filled with luxury Champagne Truffles.
Easter is coming and you could win a delicious chocolate Easter Egg filled with beautiful Champagne Truffles.
Entries will run until Friday 8 April.
For every valuation you instruct to us we will enter you into our raffle. The more times you instruct us the more chances you have to win.
We have now expanded our team of valuers to provide even better national coverage and offer a full residential valuation service in addition to our comprehensive commercial and development valuation reporting.
So start instructing your valuations now and you could have a lovely indulgent Easter.
Instructing a property valuation with us is easy – simply call the office on 01275 879 160 or fax us 01275 873 189 or use our contact form.
The Drawbridge 72 hour loan from Aztec Property Valuer’s perspective
February 2011
Undertaking property valuations for the bridging sector can be a very demanding and tricky business.
Bridging loans are often driven by speed and the applicant’s urgent need for fast funding. Valuers therefore need to be responsive to tight deadlines whilst producing accurate and professional reports which Lenders are confident to rely on for their underwriting and loan approval process.
Drawbridge Finance was asked to arrange a loan secured against 6 commercial properties in London but everything had to be completed within 72 hours.
Late on Monday evening, Drawbridge asked Aztec Property Valuers to undertake the valuations but advised that the loan was required in 3 days and that all 6 commercial properties would need to be inspected with valuation figures available the next day!
Steve Wright, Chief Executive of Aztec Property Valuers, said: “This was a very demanding request with a virtually impossible deadline but here at Aztec we do our very best to support our lender and broker clients and so we pulled out all the stops to see if we could assist."
After various phone calls back and forth between Aztec and the acting broker – Chris Fairfax at Positive Lending – sufficient information had been gathered to proceed. The valuers diaries were cleared and work was re-allocated to free up time to get these reports done.
By now it was nearly 8 pm but access had been arranged for all 6 properties and everything was set for the inspections to proceed the next day.
Michelle Greenlee, Operations Director at Aztec Property Valuers, said: “Our valuers basically dropped everything to work on these valuations which were then prioritised by our administration team to get them typed and ready. The reports were reviewed and mandated by Steve Wright, our Chief Executive and finally emailed through to Drawbridge in record time. This is a great example of our team all pulling together to get the reports ready."
Aztec Property Valuers has a highly professional commercial and residential property valuation team and could therefore assist in this instance.
This case highlights what can be achieved when everyone involved works together. This case is unusual in its very fast completion but clearly demonstrates that communication is the key to success. In this example we have all the sectors communicating with each other and advising progress and status. The lender, broker and valuer were all aware of the importance of speed in this case and kept each other advised of the key stages and progress throughout.
Here at Aztec we are always ready to accept a challenge and this really was a demanding timescale but it just goes to show what can be achieved with the right attitude and willingness to succeed.
The enthusiasm of the teams at Drawbridge and Positive Lending really helped pull this deal together and we were very pleased to be asked to play a part in providing the valuation reports on which the deal could be underwritten.
