Matrimonial Valuations
What is Probate?
What are Matrimonial Valuations?
Valuation for divorce purposes is important and necessary when determining the value of the property assets being divided due to a divorce -it is an essential part of the process to ensure that all parties receive a fair and equitable settlement.
A property valuation performed by a Chartered Surveyor accredited by RICS is as close to the true market valuation as it is possible to get.
The valuation done by the surveyor is an all-inclusive document that establishes the worth of both the joint and individual property assets of the couple – whether it is a joint asset like the marital home or an individual asset held by one party (for instance, a vacation property), the couple will want to include both in any court action.
Criteria for Matrimonial Valuation Surveyors
It is necessary for the matrimonial valuation surveyor to be an independent and expert witness if the valuation is to be accepted in legal proceedings. The valuator’s neutrality is essential to achieving these ends. Hence, if the report is to serve as an effective negotiating tool and be seen as legitimation by the courts, the report must emanate from an impartial party.
It is typical for divorcing couples to hire a registered valuer to assess their property, not for its sentimental value but for its market worth, as this is the basis on which the couple arrives at a pecuniary settlement – the property’s value is essential, especially if the couple has significant real estate holdings, like a house that is still worth something and not just a decaying memento. Agreement on property value enables the establishment of what the couple’s liquid net worth is that they’ll split.
What is Included in a Divorce Settlement?
In respect of property, this will include:
- Type of accommodation
- Market value
- Construction
- Locality
Matrimonial House Valuation Report Advantages
Through the acquisition of a matrimonial property valuation, you can receive the following:
- Impartial valuation: it makes sure that both spouses in the dissolution of marriage receive a sound and accurate market valuation of the marital home.
- Standards: the ‘Red Book’ is followed in the valuation. This is a guarantee that, if the valuation is questioned, a judge can pick up the Red Book and draw a reference.
- Encourages settlement: having a neutral resolution on the table can help to focus negotiations and provide a basis for fair settlements, reducing the risk of disagreement and prolonged conflict.
- It sets a benchmark: it establishes the baseline by which the value of the property, at the date of valuation, should be judged and this is precisely the information needed for calculating any form of financial entitlement.
- Legal proceedings: adherence to the civil procedure rules (CPR) and acting as expert witness
- Areas of expertise: the first difference between this service and the others at hand is that the valuation is carried out by an expert – a chartered surveyor under RICS – which means that you can expect a professional valuation that is backed by deep knowledge and industry experience.
- Efficiency: a good valuation can help with a divorce by agreeing on the values fairly and dividing the assets appropriately.
- Transparency: to encourage solicitors and their clients to understand the full value of property assets.
- Foresight: it helps when it comes to planning: knowing the exact value of a property can be crucial for mortgages, and when deciding whether to sell again after the divorce is over.
If I Have Property in Manchester, do I Require a Matrimonial Valuation for it?
To ensure equitable postmarital property settlements, the valuation of property involved in a divorce should be conducted according to professional standards and consequently should not be ignored – in the case of a detriment to the marriage, RICS professionals will have determined the fair market value of the property. RICS stipulates that such valuations must comply with the “Red Book.” These RICS “Red Book” valuations based upon an RICS professional standard must reflect the property’s true value as of the valuation date.
On top of that, there are variations due to tenancy and purpose. The purpose here is matrimonial. Two divorcing persons need to equalize the lateral distribution of joint property assets. In divorce cases, RICS Chartered Surveyors are typically retained by both parties or by one party alone.
In contrast to estate agents, qualified Chartered Surveyors offer unbiased property valuations. These professionals prepare assessments with the intent of achieving minimal discord among involved parties during the distribution of assets.
Contact
Divorces are never simple – when one or both of you can’t agree how to split the family assets – property, superannuation, investments – you are going to have to have a matrimonial valuation, done by an RICS registered valuer to enable the Court to reach a decision in your divorce settlement. That valuer must be unbiased and impartial. Get in touch today.
Surveys of Commercial Property
If you’re thinking of acquiring, leasing, subletting, disposing of, or altering commercial premises in Manchester, you would be well advised to locate a surveyor skilled in the nuances of commercial building surveying – should you spot a defect in a commercial building you can use that information to negotiate an asking price for the property that’s considerably lower than what the seller originally wanted, or you can talk your way out of a bad deal altogether.
Our Manchester-based team of RICS-compliant commercial building surveyors is equipped to handle matters throughout Manchester.
Contact
Our team prioritizes client care above all else. We look forward to being in touch with you so you can instruct a surveyor in Manchester, London, Bristol, Birmingham or Cardiff. You can reach out to us easily. Just fill out our form, and we’ll get back to you with a free quote for your survey. All our surveyors are qualified as members of the Royal Institution of Chartered Surveyors (RICS) and we are one of the UK’s leading providers of building survey and valuation services:
- Accredited Professionals: Certified by organizations like RICS, CIOB, and RPSA.
- Customized Survey Reports: inspections to meet your specific requirements.
- Local Expertise: Deep understanding and specialized knowledge.
- Expert Guidance: Professional recommendations and support.
The property survey you commission will be carried out by an accredited professional. Your chartered surveyor will be a member of the Royal Institution of Chartered Surveyors (RICS) or the Chartered Institute of Building (CIOB), or will belong to some other industry-standard professional body. Rest assured; you will receive highest quality of professional service for your survey.
