When we are contacted for family law valuations for property settlement there are a variety of situations.
Sometimes it’s an amicable separation wither either a decision to sell the home has been made or, one party intends to buy out the other. When solicitors are involved each will have their own solicitor and the solicitors will jointly instruct a single expert to value the property.
We often see the situation where it’s beneficial to both parties as one may be looking to buy the other out. This information can also be helpful when talking to a broker regarding borrowing capacity.
If there will be law proceedings then there are specific rules around being engaged as an expert. (View guidelines for expert evidence information if you wish to learn more about this).
Alternatively, an individual may order a valuation with us for use in negotiations and understanding of value around property settlement.
Sometimes one party decides a real estate agent should value a home but most have the view that this type of valuation is fraught with bias due to the process for real estate appraisals and vested interests if the agent becomes the seller.
It’s common particularly if the split is not amicable that one partner wants a high valuation and the other wants it lower.
Single expert witness is independent
When a property valuer is acting as a single expert witness we are not acting for either party. They are instructed by the court to provide a professional, certified and unbiased independent valuation that can be trusted by all parties.
VALUATION FAQS
Does the valuation get shared with other parties?
No. It is a confidential document between the person instructing us and the valuer.
Where instructed as a single expert witness any correspondence must be copied to all instructing parties.
What about if a single party orders a valuation?
In this case all correspondence and the valuation is only ever shared with the instructing party. If appointed to act with one party we are not allowed to share info with the other party without express permission of the instructing party.
The fee structure is different between solicitors and individuals due to the difference in requirements for family law style valuation reports.
What is a single expert witness?
A valuer or a professional thats been jointly instructed by both parties to act independently and fairly.
Family court rules about appointing expert
How long does a valuation last?
Valuations can be relied on for 3 months please talk to us about options in this situation where instructed by a single person.
Does a site visit have to happen?
Sometimes we are instructed and access is not possible if party is refusing access. In which case we can do a curb side valuation based on external inspection and information that can be sourced online or by the instructing party.