Valuing property for divorce: three options to find out how much your property is worth when you separate
Most couple’s biggest asset will be the family home. You need to have an idea of the property value before you start talking about how you’ll split your finances when you divorce or separate. Lots of couples tend to rush into making assumptions about how much their property/properties are worth, which isn't helpful in the long run.
Here are three ways for getting a house valuation for divorce:
Option one – online research
This is a free method for finding an estimate of how much the family home is worth. However, this might not be completely accurate. You can still consider the options below, but this is a decent place to help you start discussions with your ex.
Use data from sites like Nethouseprices, Zoopla, Rightmove, or online valuation sites like Mouseprice and Property Price Advice for valuing your property for divorce – these sites take past sale prices from the Land Registry and use their own algorithms to work out how much your property is worth in the current market. Accuracy may depend on how recently your property was last sold.
How do you value a house for divorce?
After obtaining the approximate valuations, make sure you cross-reference the important parts. This includes:
- the total square footage,
- the condition of your property,
- the number of bedrooms and bathrooms
- multiple other factors like the surrounding area or transport accessibility etc.
This is useful to ensure you don't overestimate or underestimate your property’s value.
Getting your house valuation for divorce purposes is very important for working out how the property/properties will be divided. Formalising this is usually done through a consent order which you can read more about here.
Make sure to source your figures from a few places so that you can work out an average valuation.
Option two – estate agent valuations
Speak to your local estate agents and ask them to give a market valuation of your property. It’s important to ask them what they think an achievable sale price is, not what price they would put the property on the market for. Get three or more valuations from local estate agents and then work out the average value.
The property market has peaks and troughs, and your local agents will have a firm grip on the current climate. However, estate agents will have different pricing strategies, which is why getting multiple valuations is essential.
The success of house sales and the ‘real value’ of your house depends on several factors such as which estate agents you go to and how they market it. Remember that there is a major difference between market value and market price which you can read about here. Additionally, the conveyancing solicitor you employ will also affect the time it takes for the house to sell, so ask around and try to find an estate agent and solicitor that work with you, not against you.
Option three – RICS valuation
> It's important to do your homework before you start planning for the future
> You need to know what you have before you decide how you'll divide it
> Dedicating some planning time will ultimately save you time, money and hassle in the long run
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How do I get my house valued for a divorce settlement?
In the UK, getting a house valuation for a divorce settlement involves several steps, some of which will be done when going through the process of selling your property, others are optional. You can read about the different methods for getting your house valued in this blog.
Do I have to sell the house in a divorce?
Whether you sell your house in a divorce depends on the agreed upon terms of how you will split your assets. It is not a compulsory step in the divorce process to formalise how you will divide your property and assets, however getting a consent order which lays it out in a legally-binding contract prevents future claims and is advisable.
How much does it cost to get your house valued UK?
To get an estimate for the value of your house, whether this be before, during or after a divorce or separation, you can do this for free* through the websites mentioned in this blog or through an estate agent. However, if you would prefer and can afford a chartered surveyor who will give you an accurate house valuation, they usually cost around £250.
In this episode, Kate is joined by Joshua Rozenberg and David Hodson to discuss whether 50/50 is a fair way to divide money and property during a divorce or separation.
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