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.
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