The RICS stands for the Royal Institution of Chartered Surveyors.
Qualified members of the RICS may use the title ‘Chartered Surveyor’ and use the designation MRICS, or FRICS if they have progressed to become a Fellow.
Chartered Surveyors don’t all wear yellow hard hats and hi-vis jackets! In fact, many are more at home in pinstripe suits. There are a variety of specialist disciplines open to a Chartered Surveyor including Land Surveyor, Quantity Surveyor, Building Surveyors and General Practice / Valuation Surveyors.
Valuation Surveyors are the mortgage lenders usual port of call when commissioning a mortgage valuation although for structural surveys you will need a building surveyor. Professional valuers are normally members of the RICS Valuer Registration Scheme (VRS) which requires an annual assessment and compliance with RICS ‘Red Book’ guidelines.
Chartered Surveyors are required to maintain a set level of PI Cover (Professional Indemnity Insurance) which will be useful if they make a negligent report which you rely on and subsequently lose money as a result.
It’s worth noting that anyone can call themselves a surveyor, so checking for the designation MRICS or FRICS is important when commissioning a chartered surveyor to act on your behalf. Also, make sure that they are approved by the lender you are using. This normally means that they are on a ‘panel’ of valuers approved by the bank.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
Decorating Tips for Selling Your Property
8 days ago
Selling up? It’s important to make your house as appealing as possible to potential buyers. Good decorating can help with first impressions, and increase the perceived value of your property.
20 Budget-Friendly Activities
27 days ago
With the cost of living affecting so many of us, we have made a list of budget-friendly activities and ideas for you.
Moving and Packing Tips for a Stress-Free Move
21 Jul 2023
Moving soon? It's never too early to get organised! Be prepared and avoid unwanted stress by checking out our list of tips to get you ready for moving day.
What is the UK Inflation Rate?
27 Jun 2023
Inflation simply put, is the increase in the price of something over time. The Office for National Statistics (ONS) tracks the prices of hundreds of everyday items and these items are updated to reflect shopping trends.
Debt Consolidation into a Mortgage
20 Jun 2023
We are often asked if it's good advice to consolidate “unsecured” debt (credit cards and loans etc) into your mortgage, the answer is, sometimes.
Parking Rules Explained
16 Jun 2023
When you’re looking to buy a home, and you own a car, you ideally want to know the rules on parking in the area. Parking rules can be confusing, even for the most experienced of drivers! This is why we have written this blog to help you.
Sources of Deposit to Buy a Property
6 Jun 2023
There are several potential sources you can consider when it comes to getting together a deposit to buy a property. Providing proof of the source of your deposit is a key requirement in the application process and will need to be given to both the lender and the solicitor.
What is a Mortgage Prisoner?
26 May 2023
Mortgage Prisoners are people who are unable to switch mortgages to a better deal, despite being up-to-date with their mortgage payments.
More information
Trusted by
