How Many Property Valuations Are Required For Divorce Financial Negotiations?
Posted on 15th May 2020
Whilst the restrictions have been lifted to some extent, on the property market, property valuations have fluctuated wildly, and our expert Divorce Solicitors have suggested that people still negotiating financial settlements may need to consider a further property valuation.
Our Residential Property Solicitors have noted some ambiguity in the housing market, with mortgage lenders having described a “material valuation uncertainty” in their reports making any valuations less reliable than usual. The issue at the moment is that the property sector does not know what impact the Corona Virus will have on the markets. Suffice to say that it appears to be a buyer’s market at the moment with some seller’s struggling to sell so being tempted to take lower offers.
What are your property conveyancing solicitors doing to ensure that you get the best possible financial settlement?
Our family solicitors are working closely with our residential property team to keep the property market under close review and ensuring that we have regular updates with mortgage brokers and estate agents alike.
If we begin to see a material difference in housing valuations, particularly in situations whereby one party is buying out another for a fixed amount then we will of course be advising a further valuation. In instances where the property is being sold, however, we recommend that you are guided by the estate agents and take their advice on the market conditions.
Certainly, if we begin seeing significant changes then it will be imperative to seek a further valuation in order that your interests remain protected.
The issue some will face, particularly if you are in proceedings, is the added pressure of court timescales and directions. So, you may need to consider an application to adjourn a hearing so that you can apply for a further valuation report. That said we are in unprecedented times and our Family Law solicitors in Lancaster will advise you to think very carefully about whether action should be taken. The Family Law Courts will not appreciate a flood of applications to vacate hearings for further valuations to be carried out whilst there is no evidence in support of the same being needed.
If you have already reached an agreement and there is then a material change in the value of the house, then you must seek urgent advice. It may be that they Court begins to view this pandemic as a Barder Event giving you an opportunity to vary the agreement that has already been made.
If you find yourself struggling as to the conundrum of your next steps contact our family team via firstname.lastname@example.org or by calling 01524 581306.
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