RE: Cervian19 Jun 2021 22:18
Dear foolishlearner...my saga continues so happy to share all the fun stuff I have learnt recently...BCIS provides ( to RICS members and others) a range of rebuild costs for your borough..your property will then be assessed on where it falls within the quality of housing range. The BCIS provides monthly inflation updates. Demolition costs and professional fees are included in the BCIS data, VAT is exempt, as you are insuring for the hypothetical vaporisation of your property to zero...BCIS allows 14..5% of their assessment to be professional fees and demolition costs inc VAT. Basement and attic floors are calculated at 70% of assessed cost per m2.
If the footprint or enhancements of your property haven't changed, there is little reason to pay for a survey every 3 years...bizarrely RICS recommends this...could be because keeps their members busy?
and for hefonthefjords, given we had agreed the premium back in January which would run to MARCH 2022, being asked to accept this new price by RICS equivalents of YOPS in June stinks of cynical ex LMX trader trying to pull a fast one...perfect timing for excessive building inflation when COVID brakes are being lifted. FYI, our rebuild cost from desktop Charlie is £6800/m2..obv desktop is all metric. Funny thing desktop Charlie obv thinks I can't use internet ...will let you all know if/when I win!