Valuations for Divorce settlements
Independent Market Value assessments when relationships end
The importance of Independence
If one person is keeping matrimonial property, someone else is losing it. Gaining an Independent assessment of the Market Value provides certainty and fairness.
Matrimonial Valuation reports must comply with regulatory guidance from a document called the RICS Red Book. This puts certain requirements on us as Chartered Surveyors, the main one being to value completely independently. We would normally be appointed by the divorcing couple with each responsible for paying half of our fee or sometimes by the Court. Either way, we are not influenced by any preferences or pressures applied by either party. Our reports are completely independent.
Our reports are provided on an Independent Expert basis, with due care and attention being taken to all of the factors which affect a Valuation but none of the sentiment or emotional attachment that one party may apply to a property. We are assessing Market Value, not Worth so if appointing us, you can rest assured our report will be completely impartial.
Quite often, our Valuation reports are required for Court actions and as such will need to comply with Civil Procedure Rules. Your report would be undertaken by a Chartered Surveyor who is an RICS Registered Valuer and would be compliant with RICS and Court requirements.
It is tempting at times for divorcing couples to seek an Estate Agents opinion of Market Value rather than a Chartered Surveyors. However, we would urge significant caution here. Estate Agents often refer to Valuations but what they are actually providing in nearly all instances is a Market Appraisal. This is a far less reliable document and can be influenced by a number of factors which an RICS Red Book Valuation which a Chartered Surveyor would not be influenced by.
There are examples below of both Court Compliant and Non Court Compliant valuation reports. The latter provide more detail due in part to regulatory requirements and also for the practical issue that they are being considered by an officer of the Court who is unlikely to have been to the property before. Ordinarily, we would be jointly instructed by solicitors representing both parties to a divorce for Court compliant work but we can occasionally be appointed directly by the parties.
Whilst normally Matrimonial type valuation reports are provided for married couples, they can be provided for anybody who needs to divide assets. We can be appointed by the individuals, by couples or by the courts.
At Websters our Chartered Surveyors (who are also RICS registered valuers) have the necessary knowledge and expertise to carry out surveys across London and the South East.
We endeavour to provide valuation advice in compliance with the RICS Valuation – Global Standards, also referred to as the RICS ‘Red Book’. This document sets out the gold standard for undertaking valuations through a quality assured process, so you can have confidence that consistency, objectivity, transparency and a high standard of service is maintained.