Our most common Questions:
WHAT IS A SCOPE OF WORKS?
We follow the advice of the International Valuation Standards and provide all of our clients with a Scope of Works. This document provides the fundamental details of the valuation assignment, the limitations and fees involved. This document is essential in establishing what we are doing for you, how it will be done, and when it will be done.
WHAT HAPPENS AT INSPECTIONS?
Upon accepting the Scope of Works, the team will organise an inspection time to suit you. Depending on the type of property, inspection times on site can vary from 30 to 90 minutes, or more. Our inspections typically start with inside the dwelling, where we will take photos and notes before moving outside, to measure the property and investigate the site and other improvements. All of our inspection notes and photos are stored securely using the latest technology solutions.
WHAT ARE YOUR REPORTS LIKE?
We are proud of our reports and hope you enjoy reading them as much as we do creating them. Every report is bespoke to the client and their property. As part of our ever evolving reporting documents we envisage an interactive report best viewed digitally. The report comprises an overview of the job, property details, photos, locality descriptions, sales evidence, and valuation conclusion commentary.
Valuation for Relationship Property
What is a relationship property valuation?
It's an independent assessment of a property's value, prepared to help separating people, their lawyers, or the Court divide property under the Property (Relationships) Act 1976. It is prepared differently from a standard market or mortgage valuation.
Who should instruct the valuation?
We prefer a joint instruction from both parties, and our Scope of Work confirms the named intended users. Where possible, instructions come through the parties' lawyers. If only one party instructs us, the report is prepared for that party's use and reliance only, although it may need to be shared as part of legal proceedings. Before we accept an instruction, we check the ownership on the Record of Title against the person ordering the valuation.
Why do you ask about previous valuations?
We're required to disclose any actual or potential conflict of interest, including earlier valuations of the same property or any prior dealings with either party. Knowing about earlier valuations also helps us understand the context of the instruction.
Can you assess the rent for one party living in the property?
We can assess market rent. However, the final “occupational rent” figure is a legal question and may be adjusted for factors outside our valuation, so that decision rests with the parties, their lawyers, or the Court.
Can the report be used for a mortgage?
If needed, the report can be readdressed to either or both parties to support a mortgage application. This is agreed in the Scope of Work, so if requested, it can be actioned without further approval from the other party. Because the report may later be used for finance, some parts of it are prepared to meet lending requirements, which keeps it suitable for compliance purposes.
Can I use a valuation I already have from the bank?
No. A report prepared for mortgage or market purposes isn't suitable for a relationship property use. If your valuation was ordered for another purpose, a new valuation with its own scope and terms will be needed.
How does the inspection work?
We ask for vacant access, with keys left so we can inspect all improvements. If vacant access isn't possible, we ask that both parties, or a representative of each, are present. We understand this isn't always practical and will work with you to accommodate requests. This approach keeps the process impartial. Either party can agree in writing for the inspection to go ahead without them there, and we'll confirm the inspection details in writing to anyone who is not attending.
Why do you ask if I have authority to act for all parties?
Because the property may be jointly owned, and the other party may not have agreed to the valuation. We need to know who our client is and that the instruction is properly authorised.
What if the matter goes to Court?
If we're called as an expert witness, our primary duty is to the Court, not to the party who instructed us. We follow the Code of Conduct for Expert Witnesses in the High Court Rules.
How long is the valuation relevant for?
The report reflects the value at the valuation date only. Major trading banks generally accept a report for finance for up to 90 days from the date of inspection. After that, we can't readdress or extend the report without further review, and if the market has changed materially, a new valuation may be needed. If settlement is significantly delayed, we recommend getting an update.
Do you decide what counts as relationship property?
No. Deciding what is relationship property or separate property is a matter for the parties, their lawyers, or the Court. Our role is limited to assessing the value of the property.
What date will the property be valued at?
We don't set the valuation date. It's usually agreed between the parties, often the date of separation, or fixed by a court process. In some cases we may be asked to value the property both at the date of inspection and retrospectively at the separation date.
Do you need details of our lawyers?
Yes. When we're instructed, we ask for the details of each party's legal representative. Where lawyers are involved, we'll usually arrange information and access through them.
How will the report be delivered?
The report is emailed to all recipients at the same time. We don't provide information to any party individually.
Photos during an inspection:
Will they take photos?
All on site inspections will require the Valuer to take photos. This will include internal and external photos. Photos of the site, other improvements and maintenance items will be collected.
Where do my photos go?
Photos are maintained by Valuation Partners Limited. Photos are used for the report and are not sold to third parties. We may use some external photos for social media at times.
Can I request the photos?
Of course. You can request the photos we hold following an inspection of the property. Please contact the valuer or email us. There may be a small charge to obtain these.