Matrimonial Valuations
Matrimonial Property Valuations
Divorce can be a very fraught time in many people’s lives. Even if things are relatively amicable, talk of money and assets can quickly trigger strong emotions.
If one party wishes to stay in the property, they’re hoping for a lower valuation in order to buy the other out. The party leaving the property usually is hoping for the opposite in order to move on and secure other accommodation.
An unbiased, factual report by a trained RICS surveyor ensures a less stressful and simplified pathway to resolution.
Why do I need a matrimonial valuation?
The marital, or family, home can often be the flashpoint for couples seeking to separate. That’s why a matrimonial property valuation can be so useful. Getting a house valuation for divorce is an important part of dividing assets fairly and equally.
As surveyors, we can be appointed by one side’s solicitor. We can also be appointed by either individual involved in the separation so the valuation can be used in negotiations. To keep costs down, some people will agree on one surveyor and agree to use their valuation.
What’s involved in a matrimonial valuation?
The matrimonial property’s market value is evaluated based on a number of considerations, which can include but are not limited to:
Size of the Property
Condition of the Property
Accommodation in the Property
Planning and Building-related issues
Environment around the Property and its location within it
How it compares to other similar Properties.
You will be provided with the figure that the property would sell for if it was put on the open market at the time.
To come to this conclusion, a property inspection is carried out, both externally and internally. We can guide you through this aspect prior to the appointment. Here’s a video that describes it too.
Can I use an estate agent for a matrimonial valuation?
This kind of valuation can only be completed correctly by a certified chartered surveyor with the correct knowledge and training, due to its complexity.
All valuations of this kind are governed by rule 35 of the Court Procedure Rules (1998) so it is important that you are being looked after by the right people.
Mortgage companies, insurance companies, and the courts will all recognise this report, saving time and other opportunities for stress.
What’s the cost of a matrimonial valuation?
Like any property valuation, it’s nearly impossible to dictate a cost upfront without any information. There are so many factors that can influence one another and, therefore, the pricing.
A better question to ask may be:
What would be the cost of not getting an unbiased valuation by a trained RICS surveyor?
The implications could be huge.
If you’re not sure what the best next step is for you and your circumstances, please get in touch. We’ll be happy to chat things through with you and see how we can help or if we know of someone else locally in the Highlands or Islands who may be better suited for where you are in your journey.
