Surveyors are being extremely cautious
Even where a valuation can be done, surveyors are being very cautious. Whilst they will be producing the usual figures for an open market valuation, 30 day, 90 day and 180 day sale, they may also add a revised figure to allow for the likelihood that prices will fall after the pandemic is over. Some surveyors have even taken to writing, ‘this valuation cannot be relied upon’, on their reports. This makes the report worthless to many bridging lenders, who aren’t prepared to lend on the basis of this type of valuation.
Social distancing causing problems with witnessing legal documents
There are currently problems with getting legal documents witnessed by a solicitor as most are now working from home and not seeing clients face to face.
Staffing shortages are affecting lenders too
Lenders have also been impacted by the requirement for staff to work from home wherever possible and have had to set up systems to allow staff to work remotely.
Staffing numbers have been hit by those needing to self-isolate, which has affected lenders’ abilities to deal with new cases.