We received instructions to prepare a reinstatement cost assessment of a period residential property in Kensington, London. The building was formally a single dwelling covering 5 floors which had been converted into 4 flats.
Our instruction was from a Property Management Company. They required the Reinstatement Cost Assessment for insurance purposes on behalf of their Client, the Freeholder.
To prepare the Reinstatement Cost Assessment we undertook an inspection to the building. During the inspection we measured the building and noted the construction, finishes and details of the property required to prepare the rebuild costs. This also included external areas covering both the hard and soft landscaping.
We calculated the areas of the property and using costs published by the RICS calculated the rebuild cost. The assessment also included the ancillary costs and relevant professional fees for the reconstruction of the property. The rebuild cost was set out in the Reinstatement Cost Assessment Report issued.
Tim Greenwood and Associates are experienced in preparing Reinstatement Cost Assessments. We have prepared Reinstatement Cost Assessments on a wide range of properties including residential and commercial buildings. The RICS recommend that reinstatement costs are reviewed every 3 years to ensure buildings are appropriately insured.
