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
Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break
The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.
Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.
Increase in zero-deposit mortgages in 2024
22 days ago
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.
Average savings by age in the UK
23 days ago
Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
More information
Trusted by
