Matrimonial Valuation
Matrimonial Property Valuation by Expert Chartered Surveyors Firm
If you are in a position where your civil partnership or marriage is being dissolved, one of the many stresses is working out the fair asset split in the divorce between couples. This can be a daunting task especially if divorce is contentious and each party has its own opinion of the asset value. The matrimonial home is usually the most important single asset in the family. When the family takes the divorce route a house often becomes a key piece during the divorce settlement. Splitting assets after divorce will depend on whether both parties agree to a fair settlement and do not oppose each other wishes.
“Divorces are frequently characterized as emotionally demanding and intricate life events, particularly when substantial assets are involved. Mitigating some of these challenges can be achieved by obtaining professional valuation advice on matrimonial assets.“
In any case, in order to work out the market value of property assets, it is always recommended to obtain a professional matrimonial valuation which is prepared by RICS regulated valuer. Matrimonial valuation should be completed by an independent valuer who has no vested interest in the property and can accurately assess property value at the required valuation date. The valuer is usually appointed by both parties’ solicitors as a single expert representing neither party, so the report is without any conflict of interest.
Why Professional Matrimonial Valuation is Recommended?
Matrimonial valuation is particularly beneficial where multiple assets are owned in the matrimony and these assets require splitting after divorce. Rather than arguing or contesting who gets what. By obtaining an accurate matrimonial valuation, you will get an insight into the value of the family assets.
A professional valuation report on the property assets will provide you with the clarity you need and leave no room for ambiguity so that property assets could be split appropriately and fairly between the divorcing parties.
It is important when commissioning the valuation of the property assets to ensure that it is prepared by a professional who is a member of the RICS. It is not recommended to obtain an estimate from estate agents due to their vested interest in pitching for business.
Erikas Grig Chartered Surveyors are professional RICS regulated chartered surveyors with experience in preparing matrimonial property valuations that are compliant with Part 35 of Civil Procedure Rules 1998, The Matrimonial Act 1973 and Part 25, the Matrimonial (FPR) 2010.
Our valuation reports are prepared in accordance with RICS Professional Standards (‘the Red Book’) which sets mandatory rules and specific conditions on how reports should be prepared.
You can be assured that when you appoint us we will approach the valuation of your property assets with complete impartiality, professionalism and objectivity.
Frequently Asked Questions
Explore our comprehensive FAQ sections, crafted to provide clear and detailed answers to common inquiries we get about matrimonial valuation and our company.
Why you should not use estate agents valuation on matrimonial property assets?
Choosing an estate agent’s valuation during divorce proceedings may introduce several risks and challenges that can impact the fairness and accuracy of property assessments. Here are key reasons why parties in divorce should exercise caution when considering estate agents’ valuations:
Conflict of Interest: Estate agents work on commission, creating a potential conflict of interest. Their valuation might be influenced by the desire to secure a future sale or to gain favour with the party who engages their services. This conflict compromises the objectivity required for a fair valuation in divorce proceedings.
Estimated Property Value: Estate agents base their valuations on non-transacted comparable properties. While this is suitable for determining a potential selling price, it may not accurately represent the actual market value of the property, which is crucial for equitable asset division in a divorce settlement.
Limited Valuation Rationale: Estate agents do not provide comprehensive reports with rationale and comparable evidence used to determine the market value.
Varied Valuations: Different estate agents may provide varying valuations for the same property. This lack of consistency can introduce uncertainty and disagreement between the parties involved, potentially leading to prolonged disputes and legal complications.
Informal Valuations vs. Professional Standards: Estate agents only provide informal property estimates which are not regulated by any standards. In contrast, Chartered Surveyors follow professional standards set by RICS, ensuring a comprehensive, accurate, and impartial valuation that can withstand scrutiny in legal proceedings.
What property assets can you value for divorce?
We are offering a one-stop solution for parties in divorce when it comes to valuing a single or large number of property assets held in matrimony.
We have a multi-disciplinary team with experience in valuing residential, retail, office, industrial and specialised-use properties. Taking the stress away from having to obtain several valuation reports from different firms specialising in just one discipline or working in one geographical area.
We have a wide reach in the UK and can access and value property assets spread across different geographical areas.
Do you produce matrimonial valuations on joint instructions?
If solicitors are not yet involved and parties are hoping to reach an agreement amicably. Then we can act on behalf of both parties if instructed jointly to produce matrimonial valuations. Our commitment to impartiality and independence is unwavering, ensuring that the valuation process remains fair, transparent, and unbiased. By engaging our services collectively, both parties can benefit from a shared, expert perspective, completing one of the most important steps in the divorce settlement process.
If the situation regarding the assets split is already contentious we will need to be appointed by solicitors acting on behalf of parties in the divorce.
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Navigating a divorce is undoubtedly challenging, and property assets often add a layer of complexity. At our firm, we understand the significance of accurate matrimonial valuations, and our dedicated team is committed to providing a professional, impartial, and invaluable service to facilitate fair and amicable divorce settlements.
Erikas Grig MRICS
Director, Erikas Grig Chartered Surveyors
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Our team’s passion for precision and personalized service ensures every customer feels heard and cared for, leaving them thrilled with the results.
I used the services of Erikas Grig in the autumn of 2022 and they were very prompt and professional in assisting with the valuation.
The report was also issued by the estimated completion date and everything went great overall. Furthermore, their costs were very competitive for the market!
Read MoreWould highly recommend. I had previously used another Surveyor recommended by the building company that owned the block of flats mine was located in. I had a poor experience with them and was recommended to Erikas Grig by my neighbour. They were extremely helpfull and went the extra mile in all parts of their service. 10/10 would recommend
Read MoreI contacted Erikas Grig Chartered Surveyors to conduct a survey and valuation on a period flat after reading the positive online reviews, and I was not disappointed. Erikas patiently talked me through the process and offered advice on the best type of survey for my needs. Communication with him and Iveta was seamless and prompt, both by email and phone. The survey report was incredibly thorough, useful, and offered guidance that was clear and accessible. Erikas took the time to answer all my follow-up questions and was very knowledgeable and professional. I would definitely recommend this excellent service, thanks!
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