Valuation Reports 

A Valuation Report carried out by an approved independent or Local Authority Valuer, will be provided as part of the loan application process. The Valuation Report will be based on the current valuation of the property and the end of works value (after the works are completed in compliance with the building regulations). In the event the Local Authority has reservations around the valuation(s) provided, it should obtain an independent valuation, at its own expense. The valuation should be completed on a Valuation Report such as the indicative template form set out in Local Authority Purchase and Renovation Loan Valuation Report_May 2023.pdf (purchaseandrenovationloan.ie)

The Valuation Report must:

•  be completed in full, with no unanswered questions.
•   be signed and dated with the Valuer firm’s stamp imprinted thereon. No amended valuation amounts, either by overwriting or by the use of correction fluid, will be accepted.
•  not contain significant disclaimers or concerns about the condition/saleability of the security property. Valuation/survey fees are payable by the applicant(s) to the firm of Valuers who undertake the valuation.

Stage 1  Documentation

The Stage 1 process for the Local Authority Purchase and Renovation loan for VPRG-eligible home requires a Registered Construction Professional (RCP) to complete both the Stage 1 Building Survey & Scope of Works Report and the Stage 1 Cost Plan.

* A Registered Construction Professional has the same meaning as defined in the Regulation of Providers of Building Works and Miscellaneous Provisions Act 2022 – “registered construction professional” means a person whose name is entered in the register for quantity surveyors or register for building surveyors established under Part 3, 4 or 5 respectively of the Building Control Act 2007 or whose name is entered in the register kept by the Institution of Engineers of Ireland under  section 7 of The Institution of Civil Engineers of Ireland (Charter Amendment) Act 1969.

Stage 1 Building Survey & Scope of Works Report:

This is a comprehensive document that requires the RCP to undertake a condition survey of the building and provide an assessment of each building element and the associated sub elements. The RCP is also responsible for providing a scope of works for each building element and associated sub elements. The scope of works is to be sufficient to bring the building back to a habitable condition in accordance with building regulations

The Stage 1 Cost Plan is completed after the production of the Building Survey and Scope of Works document. The hard costs for the existing building and any new build are to be detailed separately.

Stage 2  Documentation

Stage 2- If your project meets the Local Authority Purchase and Renovation Loan lending criteria and you have the funding to meet the estimated project costs, you will proceed to Stage 2.

You will be required to complete the Stage 2 Scope of Works and Cost Plan.

If after the Local Authority reviews the Stage 2 documents and the project meets the schemes lending criteria an Approval in Principle may be issued.

Guidance on the completion of these documents is available here: Application Form | Local Authority Purchase and Renovation Loan