As a result of the recent economic downturn and the increased numbers of potential negligence claims the RICS has responded by introducing the Valuation Registration Scheme (VRS). The scheme is designed to assure the client of the quality of the valuations provided to them and to provide a clearly identified designation for the best regulated and most highly qualified professionals in the field. The scheme became mandatory from the 30 April 2011 and applies to all surveyors carrying out lenders or private residential or commercial valuations and extends to valuations within Homebuyer Surveys or for accounting, probate or matrimonial purposes.
The Scheme is in its early stages but by using a Regulated Valuer the client will be able to ensure that they are receiving the best quality service and that the valuer knows what they are doing, both in terms of market knowledge and familiarity with the geographical area. The scheme is backed by all the major lenders which insist that valuations for lending purposes are only carried out by valuers registered under the scheme and consequently in order to qualify for PI Insurance a Valuer will need to be registered under the scheme.
Consequently when instructing or recommending a surveyor or a surveying company you should ensure that they are appropriately qualified under the scheme or you will not have the assurance that they are competent to carry out the valuation or that they have the appropriate PI cover in case of problems in the future.
For further advice contact us, all our valuers are registered under the scheme and would be pleased to provide more information about the scheme.
Tags residential valuations