Xit2 launches early pay for surveyors

Property and mortgage outsourcing specialist Xit2 is launching a special liquidity scheme designed to pay surveyors faster once they have carried out instructions.

The Early Pay Scheme is being rolled out following a series of successful trials.

Surveyors who sign-up for the scheme will be paid by Xit2 for valuation
work carried out on behalf of lenders, instructing brokers, and
packagers – avoiding the need to wait for those instructing sources to
pay.

From research carried out by Xit2, easing the cash flow burden of
surveyors was seen as a significant help in dealing with current credit
crisis.

Under the terms of the new Early Pay scheme surveyors will get
paid after 10 working days of the month following the valuation being
completed.

Mark Blackwell, sales director of Xit2, says: “In a market like this,
surveyors face two problems. Firstly, they need to be certain they’ll
receive valuation fees they’re owed. In a market where ‘cash is king’,
surveyors need to know they will be paid.

“Our role here is to pass on those payments due to each surveyor. But the biggest single problem they face is speed of payment. A lot of surveyors need the money sooner to support their cash flows – which are currently stretched to breaking point.

“But lenders and packagers can take up to 60 working days to pay
up. Early Pay gives surveyors the cash quickly, come-what-may. It’s an
interim measure designed to help surveyors through these challenging
times.”