When a married couple decide to divorce it will be necessary to ensure that a fair financial settlement is reached. As the matrimonial home is usually a significant asset, its value will need to be agreed. If any other properties are owned, these too will need to be valued to help establish a fair way forward.
Lea Hough can assist by providing a Property Valuation Report to help decide how the matrimonial home, and any other jointly owned property assets (including commercial properties), should be divided between the parties involved in divorce proceedings.
The process of undertaking a Property Valuation Report includes a site visit to the property by one of our RICS Registered Valuers, including an internal and external inspection. After taking into consideration a number of attributes such as the size, condition, specification and location of the property, and using their local knowledge alongside evidence of comparable sales, an accurate impartial Valuation is determined.
Lea Hough are often instructed by Family Law Solicitors on behalf of their clients to undertake this sort of Valuation work. Although both parties may want to obtain their own separate Valuation Report, in most cases, we are often appointed on a Joint Instruction on behalf of both parties, which can help to save on costs.
All Property Valuation work undertaken by Lea Hough is conducted by one of our RICS Registered Valuers, who have qualified via the Royal Institution of Chartered Surveyors (RICS). This provides reassurance that the individual undertaking the work has the correct knowledge and competence in this particular field and that all Property Valuations are dealt with in accordance with RICS Valuation Standards and relevant legislation. This is particularly important where Valuation Reports are required for a legal procedure such as divorce. It also means that if required by the Court to do so, Lea Hough’s Valuers can be called as an Expert Witness.
For more information on our expertise in this area or to instruct the services of our RICS Regsitered Valuers to assist in valuing property for the purposes of financial settlement following divorce, please get in touch.