The average divorce rate in the UK is nearly 1 in 3 couples, with couples in Camden 31% more likely to divorce than the average London couple. With Camden being one of the most expensive places to live in the UK, the house is likely to be the single biggest asset in any divorce settlement. Government data shows in February 2023 average house prices in Camden reached £848,186. So, it’s important when you are valuing your house for a divorce in Camden, that you obtain an accurate valuation of your marital home that stands up in any court proceedings.
More often than not as part of a divorce, the marital home is sold. If both parties are on the deeds you’ll need to decide what happens to the house. There are three main options :
- Buying your spouse out of their share
- Selling the home
- Postponing a sale until any children are older
Whichever option you choose, you will need to value the marital home as part of the divorce settlement.
Why use a Chartered Surveyor When Valuing Your House for a Divorce in Camden?
Many couples chose to do their own research online, but end up losing money as the research is based on historical prices. Estate agents are able to provide a quick estimate of your home based on price, however, many estate agent valuations are not accepted in court. Most divorce lawyers will want a professionally prepared assessment of the home. This should be done by a RICS (Royal Institute of Chartered Surveyors) Chartered surveyor. They may well speak to an estate agent to get a feel for the local market, but their assessment will be based on a number of wider inputs, such as the current state of the house, specification of the property, property size as well as planning and environmental concerns. Additionally, this report is recognized by courts and mortgage and insurance companies.
Unlike a RICS Chartered Surveyor, an estate agent isn’t governed by any standards. You may find each estate agent offers you a different value. RICS surveyors are bound by Red Book Standards. They must meet the high standards for technical expertise, clear pricing, customer protection, and honest service that RICS demands. They also comply with the guidelines of the Matrimonial Act of 1973.
Whilst both parties will want a fair settlement, it may be in one party’s interests to have a lower valuation or vice versa. Chartered Surveyors are professionally trained and can offer an impartial valuation for your property based on their in-depth expertise and experience. Calcuations are not influenced or based on motives or emotions.
As part of their valuation of your house for divorce, a Chartered Surveyor will visit your property, thoroughly inspecting every part of the property, before creating a report, that details all their findings and supports their valuation. As well as a current valuation, you may also need a valuation at an agreed point in time or even pre-nuptial. This can also be included in the report.
Selecting a Chartered Surveyor when Valuing Your House for a Divorce in Camden?
Even when you’ve decided to use a surveyor to conduct your valuation, make sure you pick one with good reviews and one that provides a thorough report that will stand up in court and with both sets of solicitors. Choosing the cheapest surveyor can often lead to problems further down the valuation process.
Either party can instruct their own surveyor or can choose to jointly instruct a Chartered Surveyor to undertake the valuation of the property.
Why Use Barnes and Barnes When Valuing Your House for a Divorce in Camden?
Barnes and Barnes are independent Chartered Surveyors and property valuers in London. Over the past 20 years, as London surveyors, we have surveyed 1000s of London properties. We have offices across London, with our main office along from Angel tube station in the neighbouring borough of Islington, so we have plenty of local experience with Camden properties. Being a Chartered Surveyor is an assurance of quality. We’re approved and monitored by RICS the professional body for chartered surveyors. We believe in providing a thorough matrimonial valuation report for our customers.
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*Research from Stowe Family Law