Glossary definition
Quantity Surveyor
A construction cost professional who prepares detailed cost plans, manages budgets, and provides independent cost verification on development projects. Quantity surveyors (QS) are often required by lenders to validate the borrower's build cost estimates before a facility is approved.
Definition
A construction cost professional who prepares detailed cost plans, manages budgets, and provides independent cost verification on development projects. Quantity surveyors (QS) are often required by lenders to validate the borrower's build cost estimates before a facility is approved. During construction, the QS may work alongside the monitoring surveyor to certify the value of works completed for each drawdown.
See also
Closely related terms.
Build Cost
The total cost of construction works on a development project, typically including materials, labour, preliminaries, and contractor margins.
Monitoring Surveyor
An independent surveyor appointed by the lender to inspect the development site at regular intervals and verify that construction work has been completed to the required standard before each drawdown is released.
Professional Fees
The costs associated with appointing professional advisors on a development project, including architects, structural engineers, quantity surveyors, planning consultants, solicitors, and project managers.
Contingency
A budget allowance set aside for unforeseen costs during a development project, typically expressed as a percentage of build costs.
Further reading
Guides that touch this term.
Guide
How Does Development Finance Work? A Complete Guide for UK Developers
A ground-up guide to how development finance is structured in the UK, covering loan mechanics, drawdown schedules, monitoring surveyors, and what lenders look for in your application.
5 min read readReadGuide
RICS Red Book Valuations for Development: What Lenders Require
A comprehensive guide to RICS Red Book valuations in development finance, covering what lenders require, how valuations are structured, and how to ensure your scheme is accurately assessed.
11 min read readReadGuide
Development Finance Application Checklist: Documents You Need
A comprehensive checklist covering every document lenders require for a development finance application, from development appraisals to contractor tenders and planning evidence.
11 min read readRead
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