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A divorce appraisal is an important appraisal that takes place when a couple is divorcing. The appraiser—a RICS-accredited surveyor, for instance—will give two parties a clear understanding of what the asset is worth in today’s market. The appraiser will produce a report that states the asset’s value and will do this in a way that is understood by both parties. In this way, the couple avoids the situation where one party understands the asset’s value better than the other.
For a valuation to be accepted in the legal process, it is crucial for the valuer to serve as an independent expert witness. This is especially true for divorces where the valuation of real estate may play a large part in determining the terms of the settlement.
The property is appraised by a valuer who comes highly recommended, one who has the expertise to assess the property in accordance with the standards set in the ‘Red Book’ that governs members of the Royal Institution of Chartered Surveyors. Their judgement is needed because real estate often constitutes a significant portion of the marital assets in question when a couple parts ways.
When it comes to property, a divorce settlement includes the following:
You stand to gain several benefits from having a professional appraisal done on your marital home after you and your spouse have decided to obtain a divorce and before the property is sold or transferred to one party:
It is essential to ensure divorce valuations are fair and proper in order to secure an equitable settlement during the divorce process. Professional standards set by the RICS are observed in making these valuations; they comply with what is known as “Red Book” valuation practice. These valuations are considered to be market values but may have variations due to the nature of the tenancy being appraised.
Such valuations are done by RICS-chartered surveyors. Both parties in a divorce may retain a surveyor, or one side may obtain the appraisal in a property dispute to determine its value. Unlike estate agents, qualified Chartered Surveyors offer unbiased valuations. The purpose of these valuations is to facilitate the division of assets with minimal dispute.
Divorce is rarely a straightforward affair. When couples can’t agree on how to split their shared assets, they can stretch the process out for months and years. If struggling with this complex process, a divorce appraisal from an RICS-registered valuer is a great way forward.
The Full Building Survey report includes the following:
When it comes to the detail that the surveyor will go into concerning defects, repairs, and maintenance, the Homebuyer Survey is fairly standard. Full Building Surveys, however, are more refined and go into more detail about possible and likely defects. Repairs and maintenance are covered in more detail. The Survey cost depends on the age, size, and value of the property.
The analysis they undertake is a visual inspection. This means that, for the most part, the building components that can be seen will be looked at and assessed in accordance with the surveyor’s remit. The Home Survey Report will show you the visible defects and then go on to discuss the kinds of partially hidden or totally hidden defects that the surveyor thinks you should be aware of. It will also try to clarify what kinds of repair work need to be done and the nature of the repairs. The survey is effectively a way to consider “defects” and their potential impact on the building.
A Building Survey Report contains the most important information for understanding the condition of a property. The surveyors that undertake the work follow a set procedure. The first part of the report contains a general overview of the property and its surroundings. The second part details the major and minor problems with the property’s components, inside and out. These problems range from serious structural defects to issues with doors or windows that don’t close properly, and everything in between. The report is written in clear English, complemented by diagrams and photographs. If any of the problems found are what a surveyor might consider important, that’s what the report indicates—using clear and unambiguous language.
Surveyors usually use a tick box to indicate methods of repair when drafting a building survey report. They are also required to comment on the timescale of any repairs. A condition rating is typically included: what needs to be addressed immediately, what is in the process of deteriorating but is in reasonable condition, and what has not deteriorated at all.
A building surveyor is responsible for a variety of checks and tests during a building inspection. These could be checks or tests for damp and woodworm, or they could be visual inspections of the building’s structure. In building surveying, there are visual inspections of roofs – checking for tiles and slates (if applicable) and also checking for leadwork (if applicable) and looking at the junctions between roof and wall. If the wall structure has brick in it, the surveyor will visually check for any “spalling” (brick breaking apart visibly) and any bulging (brick failing to hold its place visibly), for example.
If defects need fixing immediately, then the options recommended for this survey specify what to repair and give some idea of how long the problem has existed. For the most part, this survey describes recommended repair approaches that are standard in the industry and that do not require excessive expenditure. Future maintenance is also discussed, including what to expect when the problem being surveyed is not repaired and what to expect with repairs that are made but with questionable methodology.
Your surveyor will explain some of the legal aspects of purchasing the building, covering—in as much or as little detail as you desire, and their implications, but this is subject to your solicitor verifying.
You might consider having a separate market valuation done to determine whether the property’s asking price is warranted. You’ll also need a reinstatement cost valuation for insurance reasons.
RICS’s industry guidelines suggest building surveys for properties that are large, very old, in some disrepair, or have unusual features. Building surveys are also recommended if you plan to do any significant renovations or extensions.
If you’re purchasing a relatively modern home that’s in decent shape and built to ordinary standards, then a Home Buyer Survey is an acceptable choice. If you want the assurance of an inspection and report that are pretty much guaranteed to turn up any issues that might be hidden or just hard to see, then you should go for a Full Building Survey instead.
The Full Building Survey is more detailed; it is more specifically tailored to the property your surveyor would be inspecting. It also comes with more advice on the visible defects found and on the potential hidden defects that they suspect may be present. Your surveyor will illustrate reports with photographs so that you can clearly see what has been discovered. Both the Home Buyer and Full Building Surveys describe the repairs needed, the order in which the repairs should be done, and the kind of “maintenance measures” that will be required to keep the property in good condition.
A HomeBuyer Report does include a market valuation as well as reinstatement costs. However, a Full Building Survey does not. The main reason for the differences in what is and isn’t included in the two types of reports is how focused the reports are on the condition of the property. The Full Building Survey is the most in-depth and comprehensive survey of a property that you can have done.
Instructions from Executors and solicitors are promptly processed by the RICS Valuers. Visits to the properties usually occur within 1-2 weeks and often even sooner. After the inspection, the valuation report is usually completed in 3-4 days. The copy—both for yourself and for tax purposes—will be delivered to you quickly by the surveyor.
Looking for a Chartered Surveyor? If you are buying a property, contact us for a building survey. Our panel of CIOB, RPSA and RICS surveyors will help you with the Level 2 or Level 3 property survey you need in Notting Hill. We can also assist you in Red Book Valuations, Party Wall Awards and other services. Reach out to us today for building surveyors, valuers and party wall surveyors in London!
