Reinstatement value

[aguhiyori]

We need to know the reinstatement value of the house that we're buying so that we can organise buildings insurance. Annoyingly, our surveyor didn't provide an estimate in his (otherwise really detailed) report and says that an estimate will require an additional fee. Our lender only did a desktop valuation of the property so they haven't drawn up their own separate estimate for the reinstatement cost.

Surveyors round here are all booked up so that there's a wait time of weeks and we really don't want to delay the transaction if we can help it. Our solicitor is firmly against asking the vendors to tell us what reinstatement value their current insurance covers.

I've performed an estimate using the BCIS Calculator online but is that good enough for insurers? In the interests of not delaying the transaction I'm wondering whether we should use that as the basis for our insurance and then get a surveyor to do a more detailed estimate after we've completed so that we can adjust our insurance if necessary.

If not, is there anything else that we can do, or do we just need to somehow find the extra cash for our original surveyor and hope that he can provide an estimate quickly?

Anyone?

There BCIS estimate is fine, that’s what we’ve always used. Most insurance quote websites link to it I’ve found.

You don’t need a surveyor. I’m general, if you’ve got a new house, the reinstatement value will be less than your purchase price (as you already own the land). If you’ve got an only house on land with constraints, it will be higher. The BCIS estimate is fine.

Loads of typos but you get the gist.

My rebuilding costs are capped at a million. Really comprehensive cover for contents and buildings £144 a year. Saves me having to work it out every year.

Thanks everyone. FTB here so am a bit paranoid!

The house isn't a newbuild - it's a fairly ordinary 19th-century London terraced house with a small garden, nothing unusual. Not sure why our solicitor is advising against using the vendors' current estimate - maybe they're just being paranoid about risk - but I'd feel more comfortable having my own independent estimate anyway. But it sounds like the BCIS estimate is probably good enough for most people's needs and should be accepted by insurers without question. So that's useful to know!

@rosesarered321 who is your insurance with? That sounds like a very no-stress policy!

My reinstatement value was mentioned in my mortgage offer I believe.

Direct line, their more comprehensive policy. It was an introductory discount, we're in an outer London Borough.
I always go for a blanket rebuilding cost it saves worrying about calculating rebuilding costs,

@rosesarered321 thanks, I'll check that out.

@pilates I've heard that that's normal but our offer (Natwest) didn't include a reinstatement value and when we queried that they told us it was because they'd only done a desktop valuation. So we need to get one another way. Sounds like a policy based on the BCIS estimate is the way to go, or possibly the Directline policy mentioned by rosesarered321.