Process
Valuation
A RICS surveyor's professional opinion of property value, instructed by the lender as part of the bridging underwriting process.
Bridging valuations come in three flavours: AVM (algorithmic, free, instant), desktop (surveyor reviews comparables remotely, ~£300-£500), or full RICS Red Book (physical inspection, ~£500-£1,500+). The lender chooses based on property type, loan size, and risk profile.
On standard residential cases the lender often goes straight to AVM or desktop. On commercial, HMO, multi-unit, or anything non-standard, a full Red Book inspection is typically required.
The valuation is paid for by the borrower and is non-refundable if the deal doesn't complete. Always factor it into the upfront cost calculation alongside legal fees.