We also have a YouTube Short Video on Divorce Valuations!
A Divorce Valuation, also referred to as a matrimonial valuation, is required to ensure the correct distribution of the property value between the respective owners.
In most cases, the property will be jointly owned, therefore in preparing the valuation, it’s common for one party to buy the other’s share.
As the property will most likely be the most valuable asset shared by the owners, accurate valuation is pivotal.
The other route to distributing the asset, will be to place the property on the market for sale via an estate agent, with the proceeds of that sale then split amongst the respective owners.
Who can undertake a Divorce Valuation?
Divorce Valuations will be completed by a Surveyor, also referred to as a Valuer within this context, who holds member accreditation to the Royal Institution of Chartered Surveyors (RICS). These accreditations include:
FRICS
A Fellow of the RICS which is indicated by the acronym FRICS. Fellows are members of the RICS who have over 5 years professional membership and have applied for the more senior accreditation.
MRICS
A Member of the RICS which is indicated by the acronym MRICS. Members of the RICS will have gained membership via the following routes; relevant experience and an RICS accredited degree. A minimum of 5 years of relevant experience and any bachelor’s degree. Finally, a minimum of 10 years of relevant experience operating at an advanced level by seniority, specialisation, or in academia.
AssocRICS
An Associate member of the RICS which is indicated by the acronym AssocRICS. Associate Members will have gained membership via the following routes; 1 year of relevant experience and a relevant bachelor’s degree. 2 years of relevant experience and a relevant qualification. Finally, 4 years of relevant experience without a foundation qualification.
RICS Registered Valuer
The Surveyor will also be an active member of the RICS Valuation Registration Scheme. This is indicated by the use of; RICS Registered Valuer.
How will the Property be Valued?
In completing the Divorce Valuation, the valuer will complete the following tasks:
Property Inspection
The Valuer will complete a visit to the property, during that time they will undertake inspection both internally and externally, assessing the overall condition.
They are also likely to complete measurement, enabling an accurate understanding of the size and area of the property.
Research & Analysis
Once the Valuer has completed their inspection, they will undertake a thorough analysis, locating comparable property sales to apply to their valuation.
When applying the comparative properties to the valuation, the valuer will make adjustments accounting for;
- The location
- The condition
- Property characteristics
- The tenure of the property (leasehold, freehold or share of freehold)
- The size of the property
- The date of the sale
- The prevailing market conditions.
It’s worth noting that in some cases the research & analysis can be undertaken prior to the Valuer’s inspection.
Valuing the Property
Once the Valuer has completed their research and development, having made the necessary adjustments to the comparative properties, they will prepare their report and Valuation.
This will confirm their professional opinion of the value, while also setting out their reasoning.
Once the owners have this Valuation to hand, they can then accurately proceed with their forward asset distribution plans.
If you require a Divorce Valuation, please do not hesitate to get in touch with us. We have a full price list for our Valuations available on our Valuation page.
