When a property inspection uncovers major defects, the valuation process halts until the repair costs are quantified. Valuers, not experts in building issues, rely on external professionals to assess these costs, particularly for structural damage.
The delay often lies in securing a builder or Quantity Surveyor to provide cost estimates, which can take 2-8 weeks compared to the 3-5 days typically required for a building report. These rectification costs significantly impact the property’s value, necessitating a pause in the valuation process.
The Challenge of Major Defects
While valuers can account for minor repairs, major structural issues require specialized expertise. When such defects are identified, the valuation process is paused, and external advice is sought. This is particularly key in family law matters, where an independent Quantity Surveyor’s detailed and objective costing is often preferred.
The traditional reliance on builders for cost estimates can lead to prolonged waits, as they may have limited availability. This delay can be detrimental in time-sensitive family law cases, where property valuations are a critical component.
Streamlining the Process
To expedite the valuation process, a new approach leverages three sources of expertise: building inspection companies, in-house Quantity Surveying teams, and desktop cost assessment firms. By establishing relationships with reputable firms and utilizing in-house resources, the process becomes more efficient.
In this streamlined model, building reports and property details are directly transferred from valuers to Quantity Surveyors, eliminating the need for third-party re-briefing. This internal collaboration reduces the time spent on clarifying scopes and minimizes email correspondence. As a result, lawyers benefit from a single point of contact throughout the entire process.
Reducing Wait Times for Cost Estimates
Desktop cost assessments, provided by a national firm specializing in project estimating, are prepared from expert building reports without requiring a property visit. This approach eliminates the wait for builders to provide quotes, ensuring the valuation process continues without interruption.
Practical Implications
For legal professionals, early communication about potential building issues is key. By informing valuers at the outset, they can recommend the most suitable building report and costing options, ensuring a swift resumption of the valuation process. This proactive approach minimizes delays and provides a more efficient service to clients handling family law matters.
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