LSL subsidiary surveying firm e.surv has launched a new ‘Remote Valuation’ service, stressing that this is different from, and better than, an automated valuation model.
It says it is is set to revolutionise the industry by offering mortgage lenders a quicker, more cost-effective and accurate digital alternative.
Remote Valuations carried out by e.surv are, it says, conducted by experienced valuers who have strong insight into local market conditions. Using e.surv’s iPad programme, valuers assess the same level of comparable data as they do for physical inspections to derive an accurate valuation without the need for physical inspections.
The bespoke software enables valuers to accurately identify properties using geographic coordinates, as well as automatically download boundary plans.
Valuers also have access to official data from the Land Registry and third party sources such as Rightmove and Google Maps.
The level of accuracy in e.surv’s Remote Valuation service means it is suitable to be used for both purchase and remortgage decisions, it is claimed.
The Remote Valuation service is fast to complete, making it far quicker than the four to five day turnaround involved in a physical inspection. However, valuers retain the right to recommend that a property receives a full physical valuation if they deem it necessary, for example if the building is of non-standard construction.
e.surv’s Remote Valuation service has been through a series of in-depth trials conducted with major UK lenders over the past year.
In 95% of completed cases, the Remote Valuation matched the physical inspection valuation. In cases where there was a difference between the physical valuation and e.surv’s Remote Valuation, the average variance was only 7%.
The business claims that the new offering is both faster and more accurate than other remote models.
LSL’s other businesses include estate agents Your Move, Reeds Rains, and flagship London brand Marsh & Parsons.