How to get your house valued for divorce

For many couples going through a divorce, the matrimonial home will be a significant asset. Many high net worth and ultra-high net worth couples also have holiday homes abroad, as well as commercial buildings, such as rental or investment properties.  

The value of a couple’s property/properties will have to be established for a court to determine a financial remedy. Couples may disagree on the value of a property, but there are different methods available to determine a valuation. 

Single Joint Expert Valuation  

The parties may be able to agree to the appointment of a single joint expert (SJE) to provide an impartial and objective valuation. Under the Family Procedure Rules, the party wishing to instruct an expert must provide the other party with a list of prospective experts. The other party may then object to any of the experts listed within ten business days, and propose alternatives, or confirm the experts they agree to. Both parties are obliged to disclose whether they have already consulted any of the proposed experts. 

Where the parties are unable to come to an agreement on the appointment of an expert, the court may choose one. The court can either select an expert from a list of experts prepared by one of the parties, or direct for an expert to be chosen in another manner which it sees fit. Unless directed otherwise by the court, both parties will be responsible for paying the expert’s fees and expenses.  

RICS valuation 

A Chartered Surveyor, accredited by the Royal Institute of Chartered Surveyors (RICS), will often be a suitable expert to provide a property valuation. Whether you wish to instruct a chartered surveyor individually or jointly, they are well-placed to provide a reliable property valuation. 

Obtaining a valuation from a chartered surveyor may be preferable to obtaining one from an estate agent, as they will have additional qualifications which can be beneficial. A RICS Chartered Surveyor is also governed by widely respected professional standards. Any valuation they carry out must meet the standards and guidance provided by the RICS, which is commonly known as a ‘Red Book valuation’.  A valuation from a RICS professional may be more expensive, but it will likely be more thorough and reliable. 

Average of three property valuation figures  

Another method of obtaining a property valuation is to obtain three valuations from different estate agents and determining the average.  

However, the price an estate agent may suggest as an initial asking price may be quite different to what they believe it would realistically sell for. Valuations from different estate agents can also vary significantly, hence why it is advisable to obtain three and determine an average if you choose this method. 

For HNW and UHNW clients, obtaining a valuation from an estate agent rather than a chartered surveyor may be less advisable. When determining a market value for high-value and/or unique properties, an estate agent will have fewer properties of a similar nature to compare to. 

It is also important to note that the Family Court does not consider estate agents to be ‘experts’ for the purpose of providing a formal property valuation for the benefit of the court. So, whilst it may be useful to obtain valuations from different estate agents if it can help you and your spouse come to an agreement, its use is limited.  

If you require an expert property valuation for your divorce proceedings, Vardags can help connect you to a qualified expert and defend their valuation in court. Contact Vardags today for a free initial consultation with one of our specialist divorce solicitors. 

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