Unfortunately, there were quite a few worms in that can. All chimney breasts are not borne equal. Just to give you some idea of how many worms you've let out.
There are building regulations concerning the amount of ventilation that habbitable rooms must have. A Chimney breast in the room may count towards this. The plans to remove a chimney breast may, therefore, need to include additional ventilation.
Chimney breasts form part of the structure of the house. Their presence acts as a butress for the wall, on which they are attached. If your particular wall doesn't have sufficient resistance to lateral loads without the chimney breast, the
wall will need to have further support. (unlikely in a run of the mill domestic house).
The method used to support the stack depends on the stack in question. It may be that gallows brackets could be suitable. These are usually only used where the stack doesn't project very far out of the attached wall. If you need to put in a steel beam your BCO would expect to see calculations from a structural engineer before granting permission.
would it be better and possibly cheaper to re-build the chimney breast.
Even this poses problems. The fact is, the chimney breast is part of the structure of the house. As such, even it's reconstruction should involve your BCO. If I were your buyer, how would I know that the reconstruction was carried out competently. Could I be sure that you've tied it into the wall properly? Have you left any voids in it, or blocked of the flue completely? Having seen your house without the breast in place, I would now need to see something from the BCO, endorsing your work (whatever form it takes).
I think your best bet would be, to call in a structural engineer to advise on what would be required to bring your house into line with building regs. Urgently get the work done, then apply to the local BCO for "regularisation". They will probably charge you a punitive fee, but in all likelyhood, you will then be in the clear. No garauntees though.
Good luck.