Divorce House Valuations
Working out what happens to your family home when you’ve decided to get a divorce can be a fraught process to say the least. However, with the end of such a relationship, there are typically many financial issues that need to be resolved between the parties. More often than not, this includes the property you have shared with your partner. In many cases it is the single major asset. So, it's little wonder that when a relationship breaks down property will be central to a divorce settlement.
What Exactly is a Divorce Valuation?
A divorce valuation report is a professionally prepared assessment of a property’s value at an agreed point in time. It is recommended to be carried out by an independent surveyor who will determine the market value, and not on an estate agent’s estimate, because the former is based on stricter, accepted standards set out by RICS (The Royal Institution of Chartered Surveyors).
When it comes to divorce typically the home is going to be sold. This will either be to one of the parties, where one chooses to purchase the other’s share, or placed on the market for entirely new buyers where the proceeds are then split fairly. To achieve this properly, you will need to get the property accurately valued.
How Do You Value a House in a Divorce?
The best and often only accepted way for solicitors is to get a formal appraisal done on the property by a reputable surveyor. This is the most comprehensive and the most accurate of all the valuation methods. Many separating couples initially rely on estate agent appraisals to value the property. However, this is a bad idea as an agent’s recommended price can be an ambitious marketing figure rather than a realistic market value. Once the divorce or separation has been settled, we can conduct an accurate home report on the home if required.
If there are Children in the Home
If there are children who will remain with one of the parties, it is often the case that this party will retain ownership of the home. Typically, the party moving out needs to be compensated for this. If there aren’t enough liquid funds available, the party retaining the home may require it to be sold to acquire the funds necessary to raise the needed funds to facilitate this, then downsizing to a cheaper property thereafter.
Why Use Shepherd Surveyors?
To protect a client’s interests, it is often considered necessary to commission a professionally prepared, independent valuation of the shared home to assess its market value. Shepherd’s team has a wealth of experience in providing a market value report through to more complex court cases where in-depth market condition reports are often required.
Once the divorce or separation is settled, we can conduct an accurate home report on the property if required. Our home reports can be trusted by both parties to be honest, independent, and unbiased. We can advise if share and division is appropriate and will happily enter negotiations on your client’s behalf.
Learn More about Divorce House Valuations in Scotland
There’s no reason to take any risks with regards to buying or selling a home thanks to our accurate house and flat valuations in Scotland. We also offer services including home reports, tax valuations and energy performance certificates. For all requirements related to property transactions, you can trust the experts at Shepherd Chartered Surveyors. Get in touch with us today by calling your local branch.
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