Since we started undertaking Valuations for Target as part of the Help To Buy scheme, there has been a policy that Valuations are valid for a period of three months. After this we have always carried out a desk-top reassessment in order that the Valuation could be extended for a further period of three months. Because this involves extra work and redrafting the original Valuation Report, we normally charge a small additional fee to cover our costs, this is usually 50% of the original Valuation fee.
There has recently been a change of policy on the part of Target and our understanding is that carrying out a desk-top reassessment is only possible within two weeks of the three month anniversary of the original Valuation. Otherwise a new inspection of the property is required and a new report. Because this involves almost the same amount of time as the original Valuation, we have to charge another fee.
We do not wish to charge clients a second time for work already carried out especially as it is unlikely that the property will have changed. It is strongly recommended that clients press for matters to be concluded within three months of the original Valuation and if not, please contact us as soon as possible for a desk-top reassessment. Again, we do not wish for clients to be disadvantaged by having to pay twice for the same service.