reinstatement valuation · 2013. 7. 26. · “bcis, the rics' building cost information...
TRANSCRIPT
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REINSTATEMENT VALUATION
Fareham,
Hampshire PO15
FOR
Ms W
Prepared by:
INDEPENDENT CHARTERED SURVEYORS
Independent Chartered Surveyors
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CONTENTS
INTRODUCTION AND INSTRUCTION
SYNOPSIS
CONSTRUCTION SUMMARY
EXECUTIVE SUMMARY
INSPECTION
SURVEY FINDINGS
SUMMARY UPON REFLECTION
APPENDICES
LIMITATIONS
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Independent Chartered Surveyors
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INTRODUCTION AND INSTRUCTION
We have been instructed by Ms W to prepare a building reinstatement
value.
We have carried out a visual inspection of the property.
The weather was warm with some showers at the time of the
inspection.
We are Independent Chartered Building Surveyors. We are registered
with the Royal Institution of Chartered Surveyors and are members of
the Independent Surveyors Association,
The work has been carried out as per our standard Terms and
Conditions of Contract which have been emailed to you as part of the
confirmation of our instructions. If you would like further clarification
please do not hesitate to contact us.
SYNOPSIS
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Location Plans
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SUMMARY OF CONSTRUCTION
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EXTERNAL PHOTOGRAPHS
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ACCOMMODATION AND FACILITIES
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INTERNAL PHOTOGRAPHS
Here are a selection of internal photos of the property and they indicate the general
standard and size of the rooms.
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EXECUTIVE SUMMARY
We have used the Building Cost Information Service (BCIS) data as a
basis for looking at the re-build value of this property.
INSPECTION
Our inspection has been specifically related to the reinstatement value
of the property.
Visual Inspection
We have viewed all rooms and will hold photos of these on file for six
months.
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SURVEY FINDINGS
BCIS Information
Whilst we have utilised the BCIS info we are also aware that above is not
applicable above four storeys and we need to adjust it, which we duly have,
and demolition above four storeys can be expensive. We have adjusted it for
the prestige nature of property and its location.
Re-Build Calculation
We have used this as a basis for calculation.
We would estimate a reinstatement value of £XXX,000 (XXX pounds).
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SUMMARY UPON REFLECTION
The Summary Upon Reflection is a second summary so to speak,
which is carried out when we are doing the second or third draft a few
days after the initial survey when we have had time to reflect upon our
thoughts on the property. We would add the following in this
instance:
If you would like any further advice on any of the issues discussed or
indeed any that have not been discussed! Please do not hesitate to
contact us on 0800 298 5424.
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LIMITATIONS
Our limitations are as the agreed Terms and Conditions of
Engagement.
CONDITIONS OF ENGAGEMENT
The report has been prepared in accordance with our Conditions of
Engagement and should be regarded as a comment on the overall
condition of the property and the quality of its structure and not as an
inventory of every single defect. It relates to those parts of the
property that were reasonably and safely accessible at the time of the
inspection, but you should be aware that defects can subsequently
develop particularly if you do not follow the recommendations.
ENGLISH LAW
We would remind you that this report should not be published or
reproduced in any way without the surveyor’s expressed permission
and is governed by English Law and any dispute arising there from
shall be adjudicated upon only by the English Courts.
SOLE USE
This report is for the sole use of the named Client and is confidential to
the Client and his professional advisors. Any other persons rely on the
Report at their own risk.
INSPECTION LIMITED
We have only looked at things in reference to the re-build valuation.
We have been in the roof space but have not lifted any floors.
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TERMS AND CONDITIONS
Our computer system sends two copies of our Terms and Conditions to
the email address given to us when booking the survey; one has the
terms attached and the other has links to the Terms and Conditions on
our website (for a limited time). If you have not received these please
phone your contact immediately.
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APPENDICES
1. BCIS Website
2. RICS Guidance
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3. BCIS Website
More information about the BCIS from their website BCIS.co.uk.
Taken from their website page as follows:
“BCIS, the RICS' Building Cost Information Service, is the leading provider of cost
information to the construction industry and anyone else who needs comprehensive,
accurate and independent data.
For the past 45 years, we have been collecting, collating, analysing, modelling and
interpreting cost information. Today, we make that information easily accessible through
our online applications, data licensing and publications.
At BCIS, we offer more than just information services - we provide consultancy and
research support to clients from both the public and private sector.
The reputation of BCIS' independent cost information is unrivalled. Our subscribers see
our information as business critical. They stay with us year after year and are regularly
joined by new users. Our data is used by consultants, clients and contractors to produce
specific estimates for option appraisals, early cost advice, cost planning, reinstatement
costs, benchmarking, whole life costing, facilities and maintenance budgeting. What's
more, we're increasingly being called on by government bodies and private developers to
deliver bespoke research and consultancy projects.”
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RICS Guidance
The Royal Institution of Chartered Surveyors publish Guidance Notes and
other literature that provide advice on aspects of the profession and
recommend procedures that meet high standards of professional
competence. They are an invaluable source of information which
surveyors and other professional advisers are encouraged to be familiar
with. Also, in deciding on allegations of professional negligence, the
Courts are likely to take account of the contents of any relevant
Guidance Notes published by the RICS. The most up-to-date versions of
the documents are available from http://www.isurv.co.uk/.
Guidance Notes relevant to insurance reinstatement cost assessment
include:
1. Guide to Carrying Out Reinstatement Assessment. RICS (1999).
Provides guidance on the manner in which assessments should be
approached for building insurance purposes and details the process of
collecting data, processing and submitting the assessment.
2. Reinstatement Cost Assessment and Insurance Claims, RICS (2nd
Edition 1995). A guide on the factors to be considered when assessing
the reinstatement cost of a building and the insurance claims procedure.
3. Property Insurance: Some Points to Consider in Relation to the
Proper Cover of Risk. RICS (4th Edition, 1995). A basic guide to property
insurance with information on the types of insurance, professional fees, and
risk management.
4. Introductory Guidance to Insurance Under Building Contracts. RICS
(2nd Edition, 1995). Considers the types of risks on building contracts,
insurance provisions in standard forms of contracts, and the financial
responsibilities and liabilities of parties.
5. The Insurance of Managed Property: Commercial Property Guidance
Note. RICS (1995). A guide on the aspects of insurance applicable to the
landlord and tenant situation.
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6. Building Surveys of Residential Property. RICS (2004). Provides
advice to surveyors carrying out building surveys of private residential
property, from taking instruction to preparing the report.
7. RICS Appraisal and Valuation Manual: The Red Book. RICS. A
comprehensive manual which covers almost all valuations for all purposes.
Contains Practice Statements and Guidance Notes.
8. Fire Damage Reinstatement: An Information Paper. RICS (1997).
Highlights the peripheral matters which arise and aspects which need to be
given consideration, over and above, construction matters when dealing with
fire damage repairs.
9. Insuring your Historic Building: Houses and Commercial Buildings.
English Heritage, RICS (March 1994). Provides valuable advice on all issues
involved in the insurance and insurance valuation of historic buildings.
10. Code of Measuring Practice. RICS (6th Edition 2007). Provides
succinct definitions and guidance for the measurement of buildings and land.