Divorce Valuation of Property | Valuing a Family Home

Divorce is challenging, and a property valuation is crucial in reaching a fair financial divorce settlement. In family law, the property's value is often disputed, especially when dealing with matrimonial homes and other assets. This is where a Chartered Surveyor, professionally trained via the Royal Institute of Chartered Surveyors (RICS), plays a significant role.

When a married couple decides to separate or divorce, the jointly owned property, like the family home, must be accurately valued. This valuation is determined as of a specific valuation date which can be influenced by whether the property is owned jointly or not. The property valuation can also include the value of a pension fund if the pension property is included.

The husband and wife might have conflicting opinions on property value. If the divorcing couple cannot agree on the value, a formal valuation by a surveyor may be required. The solicitor often suggests appointing a joint expert, an independent surveyor who would perform an impartial valuation. It's important to note that the valuation may differ from estate agent appraisals to value the property, which is often more of a marketing estimate than a realistic market valuation.

In many cases, divorce solicitors recommend having a joint expert, a single joint expert, to ensure that assets are not inaccurately valued, which can result in unfairness to the husband or wife. Jointly using one expert surveyor and sending a joint letter of instruction also ensures that costs do not escalate, as opposed to having different surveyors and expenses.

The advantage of using one Chartered Surveyor is that the courts view their valuation as more reliable and impartial than valuations from estate agents. A chartered surveyor uses RICS registered valuers' methodologies to value the property for divorce proceedings accurately. Here's how it works:

1. Engagement of RICS surveyor: The first step is to engage an RICS surveyor who will professionally evaluate the property. This surveyor should be mutually agreed upon by both parties involved in the divorce.
2. RICS surveyor's assessment: The RICS surveyor would then visit the property for a detailed inspection. The surveyor will consider factors such as the property's size, condition, location, and additional features like garages or extensions. They will also view recent sale prices of comparable properties in the local area.
3. Presentation of the valuation report: The surveyor will compile their findings into a comprehensive report. This report will detail the methodology used; the data relied upon, and the resulting valuation of the property.
4. Use in court proceedings: The valuation report is submitted as evidence of the property's value. The court will rely on this impartial and professional valuation when determining how assets should be divided.
5. Resolution: The court will then make a ruling on the division of assets, taking into account the RICS valuation along with any other relevant factors such as the length of the marriage, the standard of living enjoyed during the marriage, the parties ages, their future earning potential, and their overall financial needs.

The matrimonial home must be valued, and this valuation report is often used in court proceedings. A family judge will typically say that one surveyor's word is enough for the court to decide on the house's value.

However, if the property's value is still disputed, a divorce solicitor can provide representation in financial court proceedings. They might also call for the court to order a formal valuation by an independent surveyor or justify it in court hearings.

Harding Chartered Surveyors is a specialist in handling property matters in a divorce. The complexities that arise during a divorce or separation, particularly when valuing property, require a diligent and professional approach. The true value of a property can often be the subject of conflicting opinions, which is where Harding Chartered Surveyors step in.

Our team of RICS Registered Valuers independently evaluates your family home and any other properties. This value is critical to the financial settlement; if assets are not accurately valued, it may result in unfairness to either the husband or wife.

Regarding property value by different surveyors, some may rely on estate agent appraisals, which could provide a distorted figure rather than a realistic one. At Harding Chartered Surveyors, we conduct thorough and unbiased inspections to ensure the property is valued accurately.

The financial settlement is about finding the house's value and establishing the value of family assets, such as the pension fund. We work diligently to ensure that everything is accurately valued for a fair financial settlement. Our findings can also be pivotal in court hearings to justify the valuation and settle discrepancies.

Remember, it's not only about selling a home but valuing a property for a fair settlement. And if the property value is disputed, we understand that usually, a family judge will say that one surveyor's valuation should be the benchmark. Therefore, having an independent and professional valuation from us could make all the difference in your proceedings.

Also, in cases where a business is involved, we can help determine whether or not any properties included in the company should be factored into the settlement.

If you're in the midst of separation or divorce, and your family home needs to be valued, you can trust our expertise. We are members of the Royal Institution of Chartered Surveyors, offering you peace of mind that our standards are regulated, and our advice is trustworthy.

If you need to discuss court proceedings, please do get in touch. Remember, different surveyors, have different costs, but it's essential to ensure that your assets are worth the accurate figure, as this can significantly influence the outcome of your financial settlement.

Choose Harding Chartered Surveyors for an independent RICS valuation under challenging times. Let us help you establish the true value of your property and ensure a fair settlement.