When marriages or long term relationships come to an end, amongst the various significant financial issues which have to be resolved, typically there are property assets to be valued.
Courts will usually require that valuation reports are carried out to recognised standards of impartiality and therefore require that valuations are prepared by a Chartered Valuation Surveyor. Most likely the expert Valuer will be jointly appointed by both parties as a Single Joint Expert Witness to provide an independent report for the benefit of the Court. Valuations can also be carried out for the benefit of single parties for negotiation purposes.
Expert witness valuation reports are for the benefit of the Court and compliance with the Civil Procedure Rules is required. The CPR rules make it clear that the primary and overriding duty of the surveyor is to the judicial body to whom the evidence is given and the Valuer is charged with giving a non-partisan view which is truthful as to fact and independent/objective as to opinion.
Whilst the CPR rules are strict requirements they are no more than is to be expected from a RICS Registered Valuer who is bound by the RICS Valuation – Global Standards 2017 (The Red Book), which set a high bar of professionalism.
Property valuations underpin nearly every financial decision we make be it a home mortgage, investment, SIPP, commercial property acquisition, tax calculation or advice on sale/purchase or a matrimonial matter.
By appointing from the outset a RICS Registered Valuer to undertake your property valuation you can be confident that you are working with regulated and qualified professionals who will deliver these three top RICS standards:-
1. Adherence to the ‘Red Book’ valuation standards
2. Commitment to openness and transparency
3. Expertise in their field, delivering a credible and high-quality report
The RICS Valuer Registration Scheme is the Institution’s quality assurance mechanism that monitors all registered members who carry out ‘Red Book’ valuations in order to ensure consistent standards.
Chartered Valuation Surveyors/RICS Registered Valuers undertaking expert witness valuation work are steeped in the traditions of the Red Book and are also bound by the RICS practice statement ‘Surveyors acting as expert witnesses’.
At Drew Pearce we have a team of experienced Chartered Valuation Surveyors who are also RICS Registered Valuers and are available to provide valuations for matrimonial purposes, and for other property disputes where diminution in value is at issue, from Exeter across Devon and the wider South West.
Whatever your valuation requirements, be it the family home, business premises or an investment property, for further information regarding our valuation services or to discuss particular requirements please do not hesitate in the first instance to contact Lloyd Smale FRICS, RICS Registered Valuer on 01392 686347 or 01392 201748.