A lender will usually require a loan valuation prior to lending on a particular property purchase to ensure that the value of the asset meets the security and equity criteria stated in the loan contract. The lender will normally appoint a suitably qualified surveyor. In the case of a surveyor when they are a member of the Royal Institution of Chartered Surveyors (RICS), it is compulsory for the member to prepare the loan valuation in accordance with the RICS Appraisal and Valuation Manual. This publication sets out various practice statements and guidance notes that should be adopted by the surveyor to ensure consistency of approach and quality assurances for the lender.

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