Valuation policy and fees

Fees
Specialist security valuation fees
Valuation policy
Transcribed valuations
Houses in Multiple Occupation
Other information
Valuation appeals

Valuation fees

Purchase Price or Valuation (whichever is higher) Standard Valuation fee Standard Valuation fee including Homebuyers Report
(includes VAT where due)
Up to £100,000
£205
£290
£100,001 - £150,000
£240
£385
£150,001 - £200,000
£280
£470
£200,001 - £300,000
£340
£570
£300,001 - £400,000
£405
£670
£400,001 - £500,000
£465
£780
£500,001 - £600,000
£515
£795
£600,001 - £700,000
£575
£855
£700,001 - £800,000
£630
£950
£800,001 - £900,000
£670
£1,005
£900,001 - £1,000,000
£725
£1,090
£1,000,001 - £1,250,000
£950
By Arrangement
£1,250,001 - £1,500,000
£1,050
By Arrangement
£1,500,001 - £1,750,000
£1,160
By Arrangement
£1,750,001 - £2,000,000
£1,275
By Arrangement
Over £2,000,000
By Arrangement
By Arrangement


Specialist Security valuation fees

Purchase Price or Valuation
(whichever is higher)
Standard Valuation
fee
Up to £200,000
£435
£200,001 - £300,000
£670
£300,001 - £400,000
£790
£400,001 - £500,000
£850
£500,001 - £600,000
£1,025
£600,001 - £700,000
£1,125
£700,001 - £800,000
£1,250
£800,001 - £900,000
£1,350
£900,001 - £1,000,000
£1,495
£1,000,001 - £1,250,000
£1,845
£1,250,001 - £1,500,000
£2,100
Over £1,500,000
By Arrangement


Valuation policy

Where a valuation for mortgage purposes is subcontracted to a panel of chartered surveyors, we make the same charge for the mortgage valuation or Homebuyers survey and valuation in accordance with the above table as we do when using a staff valuer. The difference between the table charge and that which the company pays the panel valuer covers The Mortgage Works' administration costs.

  • Re-valuation fees for further advances - 50% of the valuation fee rounded down to the nearest pound.
  • Further advance applications for Houses in Multiple Occupation require payment of the full specialist security valuation fee
  • Re-inspection fee - £100. TMW reserves the right to conduct an additional inspection of the property. For example, to ensure the completion of a new build property originally valued off plans.

Valuation reports are valid for a period of 3 months. Please be aware that a mortgage offer must be issued prior to the valuation report expiring.


Transcribed valuations

As of 26th January 2016, TMW no longer accepts transcriptions for valuation purposes on Scottish Buy to Let Applications. We will instruct our own Mortgage Valuation Report on all cases as a valuation fee will be payable by the customer.

You can read our communication, which gives further details on why we made these changes.


House in Multiple Occupation

Houses in Multiple Occupation require a Specialist Security valuation.


Other information

  • The valuer will be instructed by TMW to determine the suitability of the security.
  • In the case of BTL applications, we will apply the lower of passing rent or estimated rental value as given by the valuer.
  • Estimated rental value will be based on market rent for the property in the locality.
  • If the valuation has been carried out and the property has been found to be of unsuitable security or the application does not proceed, the valuation fee will not be refunded.

Valuation appeals

If you or your client wish to appeal the valuation figure, it’s important you contact us before you submit the appeal. This means we can discuss the specific circumstances of the case and let you know the information we need to consider the appeal fully. The following is not an exhaustive list, but as a minimum this will include:

  • Two (preferably three) suitable comparable sales - each must be comparable by type, size and location, and include information such as date of sale and selling agent details.
  • Supporting commentary - clearly explaining why the valuation is considered incorrect.

Important information regarding appeals:

  • Please contact us before you submit the appeal so we can discuss the information required. Any appeals received with missing information, or which don’t meet the necessary requirements eg unsuitable comparables, are likely to be dismissed.
  • Valuations can only be appealed within 7 working days of you or your applicant being made aware of the valuation outcome.
  • We’ll respond to the appeal within 7 working days. The response will be the full and final outcome and the valuation can’t be appealed again.