A property valuation on your London property is fundamental in achieving an equitable settlement of divorce finances. In family law practice, property valuation is often a hotly disputed issue. The stakes are highest in respect to the matrimonial home and what used to be the family; hence residential valuations surveyors who are trained by the RICS (Royal Institute of Chartered Surveyors) come into their own.
Valuing London Property in Divorce
In the event that a married couple chooses to divorce or separate, it is paramount that any jointly held properties be correctly valued. A valuation date is established by which the property value is ascertained and this selected valuation date can be impacted by a number of factors, including the property’s type of ownership (joint ownership or not). For instance, pensions might be registered as pension property and therefore be included in the property valuation.
Choosing a Divorce Property Valuer in London
It’s possible for one party to think the property is worth a lot more than it actually is, and for the other party to think it is worth a lot less. If a divorcing couple can’t agree on a value, they will have to have a formal valuation done by a surveyor. Often, the solicitor will suggest to his or her client to jointly appoint a joint expert, being an independent surveyor who will be independent of either of the parties, and will therefore do an impartial valuation. It is worth noting at this point: a valuation can be completely different from an estate agent’s on what they think they can sell a property for. If you read estate agents’ particulars they are usually talking about a 5% to 10% difference in market value. That is actually more a marketing estimate than a realistic market valuation.
Estate Agent’s Valuation
Some clients may depend on the appraisals made by estate agents who can give a skewed figure rather than one that is true to life, whereas a Registered Valuer, through comprehensive inspection and assessment, guarantees that the property value is fair and accurate.
Single Expert or Joint Expert?
Divorce solicitors frequently suggest the employment of a single joint expert to guarantee fair valuation of assets, as the incorrect valuation may result in inequality between the husband and wife. By utilising one expert surveyor jointly, as well as a joint letter of instruction, cost efficiency is also maintained, in comparison to different surveyors and expenses.
The first step to achieving a financial settlement upon divorce is to obtain an accurate valuation of the assets. The aim is to secure an accurate and objective valuation which is equitable for all parties. Failure to accurately value assets could well lead to an inequitable financial settlement and even impact upon the sale or the transfer of property post-divorce.
Chartered Surveyor in Divorce Valuation London
There is a benefit in having only one Chartered Surveyor in the court’s eyes, as their valuation is viewed as being more reliable and impartial than valuations provided by estate agents. In divorce proceedings the Chartered Surveyor will use RICS registered valuers’ methodologies to ensure that the property is valued accurately.
Engagement: to start the property settlement process you will need to engage an RICS surveyor. It is essential that both parties agree upon the surveyor chosen if it is joint expert. The role of the RICS surveyor is to produce a report that will give a professional valuation of a property.
Inspection: the RICS surveyor will then go to the home to conduct an extensive check. They will take into account factors such as the size, location, condition, and any other features of the property, such as garages or extensions. They will also look at recent sale prices of local properties of a similar build and condition.
Report: the appraiser will present a written valuation report. This report will describe the approach used; the data analysed, and the estimated value of the home/land.
Admissibility: the valuation report is presented as proof of the value of the property. The unbiased, professional valuation is critical, as it will be regarded upon by the court in concluding how to distribute the assets.
Resolution: the court will then rule on the division of assets, considering the RICS valuation along with any other relevant factors such as how long the marriage lasted, what lifestyle it supported, the ages of the parties, their future earning capacity, and their overall financial requirements.
Contact
For each individual person going through a marriage breakdown our panel of RICS Registered Valuers keeps impartiality at the centre of their minds so they can provide accurate valuations of your family home and other properties. This value is vital to establishing the financial settlement; if assets are not valued precisely, it might cause disadvantage to either the husband or wife.
Keep in mind that it’s not just about selling a home but assessing a property for a just settlement. And in case the property value is in conflict, we realise that usually a family judge will decide which surveyor’s valuation should be the standard. Thus, receiving an independent and expert valuation via us should make the process easier.
If you are currently going through a divorce or separation and require a valuation on your family home, we are here to assist. With the surveyors’ being members of the Royal Institution of Chartered Surveyors (RICS), you can be assured that the services are up to industry regulated standards and that the advice given is reliable.
