reinstatement valuation · 2013. 7. 26. · “bcis, the rics' building cost information...

Marketing by:

www.1stAssociated.co.uk

0800 298 5424

REINSTATEMENT VALUATION

Fareham,

Hampshire PO15

FOR

Ms W

Prepared by:

INDEPENDENT CHARTERED SURVEYORS

Independent Chartered Surveyors

——— Marketing by: ———


0800 298 5424

2

CONTENTS

INTRODUCTION AND INSTRUCTION

SYNOPSIS

CONSTRUCTION SUMMARY

EXECUTIVE SUMMARY

INSPECTION

SURVEY FINDINGS

SUMMARY UPON REFLECTION

APPENDICES

LIMITATIONS




0800 298 5424

3




0800 298 5424

4

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




0800 298 5424

5

Location Plans




0800 298 5424

6




0800 298 5424

7

SUMMARY OF CONSTRUCTION




0800 298 5424

8

EXTERNAL PHOTOGRAPHS




0800 298 5424

9

ACCOMMODATION AND FACILITIES




0800 298 5424

10

INTERNAL PHOTOGRAPHS

Here are a selection of internal photos of the property and they indicate the general

standard and size of the rooms.




0800 298 5424

11




0800 298 5424

12

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.




0800 298 5424

13

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).




0800 298 5424

14

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.




0800 298 5424

15

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.




0800 298 5424

16

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.




0800 298 5424

17

APPENDICES

1. BCIS Website

2. RICS Guidance




0800 298 5424

18

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.”




0800 298 5424

19

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.




0800 298 5424

20

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.

reinstatement valuation · 2013. 7. 26. · “bcis, the rics' building cost information...

Documents