Frequently asked questions

This information should be used as a general guide only.

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General questions

No. Lloyds Banking Group require experienced, RICS (Royal Institution of Chartered Surveyors) Qualified Surveyors to consider all the factors that may affect the suitability of a property for mortgage and whether or not it is readily saleable. Factors may include property construction, type, location, uses and environmental issues. Each case will be assessed on its own merits.

Some property types such as houseboats, mobile homes and timeshares are specifically excluded.

Generally not, unless the property has been repaired to a scheme that is approved by Lloyds Banking Group. Flats/maisonettes which are designated defective PRC type are not acceptable to Lloyds Banking Group.
No. However, Lloyds Banking Group will accept a ‘retrospective repair certificate’ confirming the repair has been undertaken to the standards laid down in the PRC Homes Repair Scheme or those accepted by Lloyds Banking Group. The certificate must be in a format with the wording required by Lloyds Banking Group and prepared by a suitably qualified, experienced professional.
Yes, subject to inspection and design. Each case is considered on its own merits.
It is the general policy for Lloyds Banking Groups brands to consider every property on its individual merits. We do not impose any size restrictions and no property is rejected solely on the grounds of size. A property must however meet the minimum criteria of being habitable, readily saleable and structurally sound.

There are no specific restrictions although some commercial uses may have a detrimental effect on saleability and every case is viewed on its own merits. The following guidance may be helpful:

  • - Any residential security must have a suitable access, which must not be through a business premises.
  • - Caution must be exercised where the title of the residential property has been separated from a larger title that includes commercial activity, particularly when this has been done specifically for the purpose of the proposed mortgage. This can sometimes lead to an unusual residential property that may suit the proposed applicants but would be more difficult to sell on the open market. The residential security must meet the general principles regarding saleability.
  • - The property must be self contained, with its own private facilities and separate services.
Every case is viewed on its own merits, subject to construction and saleability. Certain types e.g. large panel systems (LPS) have specific requirements and you should refer to your lender.
For leasehold properties to be acceptable, there must be a minimum of 70 years unexpired on the term of the lease at the time of the mortgage application.
Lloyds Banking Group will not usually lend on blocks of leasehold flats where photo voltaic cells have been fitted, but there are some exceptions. Houses with leased solar panels are acceptable for lending providing the agreed lease is acceptable to Lloyds Banking Group. This will be confirmed through the conveyancer or by checking the Lloyds Banking Group approved list. The valuer must be satisfied that the photo voltaic cells or solar panels have no impact on the structural integrity of the property and will be taken in to account when assessing value and saleability.

Scottish properties

Yes, subject to inspection, each on its own merits and subjective assessment against lending criteria, comments and valuation.
Yes, subject to inspection, each on its own merits and subjective assessment against lending criteria, comments and valuation.
No.
No. Following changes introduced by the Royal Institution of Chartered Surveyors (Scotland) in early 2016, best practice advice is now that a rental valuation should not be provided in the Generic Mortgage Valuation Report attached to the Home Report.
Yes, in the main although this is subject to demand and saleability.
No.
The Home Report must have been completed by an approved Lloyds Banking Group Panel Firm with the appropriate postcode authorisation. The report must have the correct property address and the inspection date must be no more than 12 weeks from the date of the original report. All will be subject to inspection, subjective assessment against lending criteria and suitability.
No.

Valuation reports and surveys

There is an appeals process and your lender can provide you with details. Fees free products cannot be appealed. Please speak to your mortgage advisor or broker.
These are for guidance purposes only and depending on other factors such as property type and size they may vary. For a Level 1 Valuation it will take approximately 30-40 minutes. A Level 2 Survey and Valuation will take approximately 90 minutes to 2 hours, and for a Level 3 Building Survey it can take a few hours to complete.
You will need to speak to the relevant lender in relation to all fee queries.
If the valuation is a Level 1 Valuation, Level 2 Survey and Valuation, or a Level 3 Building Survey then access will be required to the property and arrangements will be made directly with the occupier or agent.
The process for Level 3 Building Surveys varies depending on the Lloyds Banking Group lender. Please discuss your requirements directly with the lender, who will be able to give you guidance.

Colleys are the surveyor of choice for Lloyds Banking Group and wherever possible, will carry out the valuation instruction. However where Colleys do not have coverage or to ensure we meet the needs of our customers, the instruction may be panelled to a member of the Banks’ Valuation Panel who are administered by Colleys.

Both Colleys and the valuation panel follow the same lender guidance provided by Lloyds Banking Group and are audited by Colleys on a regular basis. The broker or the applicant has no control over the distribution of instructions on behalf of Lloyds Banking Group.

Terms of Engagement are issued in order to reflect accurately the scope of the service to be provided so that customers are in a position to fully understand what service the firm is providing to them. As such, your report cannot be released to you until the Terms of Engagement have been read, signed and returned.

No, the surveyor will have all the information they need.
No, as long as there is a person over the age of 18 that can let the surveyor in. Alternatively the surveyor can collect the key from a neighbour or estate agent for example.
For Level 1 Valuation inspections access is generally not needed, although there may be occasions when the surveyor will want to have access to complete their investigations. Access will always be required for the Level 2 Survey and Valuation and Level 3 Building Survey.
Colleys surveyors are unable to release valuation reports directly to solicitors. If the applicant requires a copy by post, fax or email then they must request it directly from Colleys. Please be aware that we cannot send reports to solicitors or any other third party at the applicant's request. We can only issue the report directly to the applicant.
Colleys are only able to discuss valuation instructions with an applicant named on the case. The named applicant can authorise us to discuss the case with another party by calling and setting up a specific agreed security password.
As per the lender's criteria, an insurance figure is generally not provided on your report. You can obtain an insurance figure independently by visiting the Association of British Insurers (ABI) website. The ABI website has a residential rebuilding cost calculator. You will be required to register with the website but can then log in and obtain a rebuilding/insurance figure for free.

Our reports are provided in accordance with the RICS Valuation – Professional Standards. When preparing reports, valuers compare evidence of recent sales in order to provide an opinion of value at a specific point in time. Ideally comparables include properties within the immediate locality offering similar accommodation and style to that of the subject property. However, comparable evidence need not be identical and it is sometimes the case that no direct comparable evidence is available. In such cases the valuer will use their experience to adjust for any variances in matters such as size, condition and specific location or geographical appeal. Valuers consider a wide range of comparable evidence and their research is thorough.

Details of properties currently on the market and valuations provided by estate agents do not relate to realised sale values. Also estate agent marketing appraisals are prepared for a different purpose than mortgage valuation or survey reports. Such information cannot be considered in lieu of comparable sales evidence.

All emails containing sensitive and confidential information are sent using the Symantec secure email encryption service. The initial email will contain a link which takes you to the Symantec service so you can register as a new user, including creating your own password. Follow the on-screen instructions to login to an online mailbox containing our initial confidential email. Symantec is not compatible with mobile devices therefore a desktop or laptop computer will be required to open the email.

Symantec user guide (PDF, opens in a new window)

A fee is not charged if the surveyor does not either visit the property or accept the instruction.

If the surveyor visits the property and finds it unsuitable they will complete a Level 1 Property Risk Assessment for the lender and confirm that they cannot give a valuation figure. They will point out that the property is unsuitable for lending and provide the reason. The valuation fee is payable in these circumstances.

Level 1 Valuations are based on a limited inspection of the property highlighting only those items that are deemed to have a material impact on value. It is prepared in order for the lender to make an assessment of their loan to you. It is not a survey of condition and is not designed to list individual property defects.

Level 2 Survey and Valuations and Level 3 Building Surveys report on specific condition matters to the extent outlined in the individual Terms of Engagement.

Occasionally serious or potentially serious defects are found. The surveyor may not be able to provide a valuation without further investigation so a Specialist Report is requested. Serious defects warranting further investigation may include dry rot, structural movement, trees and drains but this is not an exhaustive list. Colleys are not associated with any specialist firms.
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Colleys is the valuation and surveying service of Bank of Scotland plc, part of Lloyds Banking Group.
Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.