Frequently asked questions
What is the new Kensington Property Valuation?
Our new non-physical valuation solution involves a combination of Desktop and AVM (Automated Valuation Model), and uses our own property experts and market data to determine an appropriate valuation.
What is a Desktop valuation, and what is an AVM?
Our desktop valuations will be performed by RICS qualified surveyors using publicly available data, online tools and specific local knowledge to value the property. An AVM is a tool that uses mathematical modelling combined with databases of existing properties and transactions to calculate property values. We will be using Hometrack for the AVM, as used by many other mortgage lenders.
Why use both a Desktop valuation and an AVM?
Using both data sources, alongside our own data and property experts, we can have more scope as a lender to offer a fair valuation to the customer in these unprecedented times.
What types of mortgages will the Kensington Property Valuation apply to?
The new solution will apply to residential purchase and remortgage cases, as well Buy to Let remortgages.
Why are Buy-to-Let purchase mortgages not included?
As our new valuation solution will require evidence of an Assured Shorthold Tenancy we are currently unable to accept applications for Buy to Let purchase mortgages at this time.
Will the Kensington Property Valuation apply to all types of properties?
We are unable to accept applications for properties that require a physical valuation like New Builds whilst we are using our alternative valuation solution. You can find a full list of all property exclusions here.
Will there be a change in the mortgage application process?
No, there will be no change to your application submission journey.
How long will valuations take using the Kensington Property Valuation?
We don’t anticipate any change to the usual Application to Offer lead times.
What happens if my client disagrees with the Kensington Property Valuation?
The valuation we present will be final and non-negotiable.
Will the Kensington Property Valuation cover all aspects of a property?
There may be circumstances where a solicitor brings something to our attention that would previously have been noted during a physical valuation. For example, an extension that would have required planning permission, contaminated land or to establish the right of way for a property. All relevant information will be detailed in the mortgage offer conditions however, in cases where something comes to light after we have made an offer it may be necessary for us to either amend or withdraw it.