Submitted on Tuesday 7th April 2020
Rejected on Tuesday 9th June 2020
Current status: Rejected
Rejection code: irrelevant (see below for details)
During Lockdown, Indemnify desktop mortgage valuations for lenders and surveyors
Provide and indemnity guarantee for basic mortgage surveys so that valuers are protected and higher Loan to Value Lending can resume
Currently, the higher loan to value mortgage market has all but frozen as lenders withdraw from the market and put mortgages on hold. All due to the fact that valuations cannot be conducted where the equity in the property is low and an inspection is required. If surveyors were indemnified to complete these valuations remotely via video call and online indices it would allow the market to get moving again.
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The Government e-Petitions Team gave the following reason:
The Government is not responsible for setting the terms for property valuations. These will be determined by lenders and other parties to a property transaction, not the Government or House of Commons.
Similarly, the Government is not responsible for providing indemnity to private businesses. This would be a matter for individual surveyors or companies providing valuation services.
You can find out more about coronavirus and how you can protect yourself and others here:
www.gov.uk/coronavirus
www.nhs.uk/conditions/coronavirus-covid-19/
The Government has also created an online service to help you find out what you can do if you’re struggling because of coronavirus: www.gov.uk/find-coronavirus-support
You can read NHS tips to help if you are worried about coronavirus here: www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips
You can read impartial analysis of the Government response to coronavirus and policy developments here: commonslibrary.parliament.uk/coronavirus/
You may also be interested to know that because of the large number of petitions that have been started in relation to coronavirus, the Petitions Committee has been questioning the Government about its response to the coronavirus outbreak.
Find out more: committees.parliament.uk/work/192/the-governments-response-to-coronavirus/
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