The RICS property guide to flooding explains the specific protection and adaption measures, that a prudent executor should take. This applies particularly to instances where there are delays in winding up an estate, and they find themselves acting as curator.
RICS recommends taking expert advice to ensure any pre-emptive work, or post-flooding repairs are carried out as an engineer recommends. And moreover that the work achieves its specified goals, and is satisfactory in all regards.
Why the RICS Property Guide to Flooding Matters
The risk of flooding is increasing throughout England, as global warming moves relentlessly forward. An executor has ample warning of this phenomenon, and they could be remiss by not taking proactive steps.
A licensed assessor in good standing with Royal Institution of Chartered Surveyors (RICS) should have all necessary experience in arranging proactive and remedial work. The RICS property guide to flooding acts as their benchmark. It guides deceased estate executors, and property owners alike on these vital aspects.
- Assessing flooding risks attached to a subject property.
- Investigating flood damage, recommending remedial work.
- Managing all aspects of insurance-related reports and claims
- Arranging and overseeing implementation of recommendations.
Essential Steps after Flooding Occurs
Do not assume the property you are curating escaped damage. Always lodge a claims report before the window of opportunity closes. The RICS property guide to flooding recommends contacting your insurer, or insurance broker for advice. And then following their advice to the letter.
The insurer will send their own loss adjuster to investigate the incident. Our best advice is to leave them to get on with it, and only speak if they ask questions. However, you should take back the lead after they determine the cause of any loss, and confirm whether the insurance policy covers it.
First RICS Steps to Recovering Flooded Property
Some important decisions await you once the loss adjuster has been and gone. Do you allow them to manage the claim on your behalf? Or would you prefer a truly independent RICS valuator to represent your interests? Avery Associates has a panel of these people active throughout the South of England. Call free phone 0800 567 7769 for solid advice.
The RICS property guide to flooding points out quite correctly that flood-damage repairs should add resilience to prevent a repetition of the incident. The current Flood Re scheme includes an amount of resilient repair up to a value of £10,000. And this is over and above the cost of like-for-like reinstatement of actual flood damage.
RICS Property Guide to Flooding Critically Important
This is a very important aspect to your virtual ‘flood defences’. A property at risk from flooding (or with a flood history) is generally worth less on the open market than one without that profile. This can in turn impact on the overall value of a deceased estate, and the inheritance tax if any.
Our RICS valuators are adept at interpreting the above in practical terms. This sets their clients at a distinct advantage, compared to those who rely on estate agents for advice. Here are some aspects you may like to consider at this stage:
- A property at flood risk is potentially worth less, because (a) damage may make it partly, or completely uninhabitable, or (b) building insurance cover may be hard to obtain.
- That’s why a RICS property valuator must always consider this aspect. Moreover, they need to factor in location, situation, type of construction, and existing flood defences.
- Property owners and custodians ought not to rely entirely on their local councils. They also have a duty to act responsibly, and stay in touch with weather trends.
- A qualified RICS assessor could provide valuable input to an insurance application. However, the outcome is between the owner and the insurer.
More Advantages of Professional Valuations
The Royal Institution of Chartered Surveyors is the largest professional institution of its type in the world. All its members in good standing must comply with the RICS property guide to flooding without exception. After all, this is part of their core business, and they must protect their professional reputation.
Speak to Avery Associates soon if you are considering using a RICS professional to value a property in South of England. Get comfort from these distinct advantages:
- Expert advice and a professional assessment of your situation.
- A service provider to plan and project manage any work.
- Clear, impartial advice governed by a strict code of conduct
- Quality service from an individual in contact with trends.
A RICS property valuation by a dedicated professional for probate purposes, should eliminate delays and speed up closing out an estate. We have people on our panel with these specialised skills. They are able to make recommendations that stick, because their opinions are well thought through.
