Property inspections will start again following the government's decision to ease lockdown restrictions last week. This means valuations can be done, so the completion of Property Finance deals should be much more straightforward.
As a Commercial Finance Broker, this is good news for Buy-to-Let, Commercial Mortgage and Bridging Finance transactions. They will go ahead more quickly, and any blockages in the new business process will be removed.
It will mean a very different operating procedure for valuers.
Our understanding is they must visit a building that is empty at the time of the inspection. The lights must be left on and all internal doors must be unlocked. The entrance door can be left locked, but an arrangement must be made which enables the valuer to pick up the key and still observe social distancing (minimum 2 metres distance). He or she will do the inspection in PPE; hand sanitisation must be available before and after the visit. No communication is allowed with the surveyor, except by phone or email.
I'm sure these requirements will evolve further in the weeks ahead, and possibly they may become less stringent, but at least there are encouraging signs that Mortgages, Bridging and Development Finance will now start to operate effectively again for Property Investors.