A reinstatement valuation relates to the costs of demolition and rebuilding your property, and is most commonly undertaken for the purpose of arranging insurance cover / Building Insurance.
Sometimes clients have been known to in error have the open market value of their property listed as reinstatement value which inflates the value applied and sees them responsible for higher premiums in terms of building insurance than should be the case, and would be, had they sought professional advice and had the reinstatement value correctly appraised.
Alternatively clients will have had the reinstatement value continue as it was historically for many years which means that should the unthinkable happen and they ever be required to make a claim against their building insurance they are underinsured and not adequately covered for the costs that then have to be incurred.
It is highly recommended by the insurance industry that your property is revalued every 3 years which we support and we would certainly recommend not leaving it for longer than 5 years.
The cost is valued by reference to the size of the building and the indices provided by the BCIS Building Cost Information service of the RICS.
There are also a range of factors that can impact on the reinstatement value and costs such as whether the property contains Asbestos,; whether it is a detached building or located in a terrace and whether it is a listed building, to name a few. There is also the impact of location with regional differences in building costs, and the age and design of the property will have a part to play.
All of the above we hope act a s a guide and explain why it is important to seek professional advice when reviewing the reinstatement value of your property.
Saul Gerrard Surveyors also have good working relationships with:
Specialist Surveyors who focus on Party Wall disputes & Awards; Interim and Terminal Schedules of Dilapidations; Condition surveys and Schedules of Works; as well as the production of land registry compliant lease plans.
A number of Estate Agents in both the residential and commercial field, as well as Residential Managing Agents of single Flats and Blocks of Flats.
Architects specialising in obtaining planning for more simple extensions and reconfiguration projects to those that specialise in larger blocks and estate developments
Architects that specialise in Building control and producing working drawings for more simple extensions and reconfiguration projects to those that specialise in larger blocks and estate developments.
Engineers that review building works and structural calculation load bearing analysis of beams.
Finally we work with specialist Solicitors that are experts in conveyancing, lease extension and enfranchisement matters, probate and inheritance tax planning as well as family law.