When a property inspection reveals major building defects, the valuation process comes to a halt until the cost of repairs is determined. The report states that valuers are not experts in detecting building issues, particularly those that are structural and not visually apparent, and they are also not experts in assessing the cost of repairs.
The repair figure is where most of the delay sits, as it can take a significant amount of time to find a builder or Quantity Surveyor who can assess the repair costs, especially when the damage is structural and significant. A building report typically takes 3-5 days to complete, while a builder or Quantity Surveyor’s costing for major structural works can take 2-8 weeks.
The cost of repairs can have a material effect on the property value, so the valuation process must be paused while a building report and rectification costs are sourced to quantify the extent of the damage. In cases where the defects are minor, valuers can make an allowance for simple repairs within the valuation and carry on to completion.
However, major defects are different, as structural issues that aren’t visible during an inspection, and the cost of fixing them, sit outside a valuer’s expertise. When such issues arise, the valuation process is paused, and expert advice is sought.
A Faster Route to Reliable Costings
Rectification costs can come from a builder or a Quantity Surveyor, and in family law matters where the issues are significant or contested, an independent Quantity Surveyor’s costing is often preferred due to its objectivity and detail. To cut the wait at each stage, a valuer may draw on multiple sources of expertise, including building reports from a reputable building inspection company, Quantity Surveying from an in-house team, and desktop cost assessments from a national firm specializing in project estimating and cost consulting.
Having established national relationships with efficient reputable firms and the Acumentis QS team in-house makes a real difference. Costing work linked to a paused valuation can be prioritised within the business and partner suppliers. Internally, the building report and property details go straight from valuer to Quantity Surveyor, so no third party needs re-briefing, and questions about scope are settled internally rather than through rounds of emails. Lawyers keep one point of contact from instruction to final valuation.
If a client has raised significant building issues or suspects there may be some, it’s essential to inform the valuer when instructing, so they can advise on the best course of action and resume the valuation as soon as possible.
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