For many of our clients, the family home represents a significant asset in the matrimonial pot. In the event of a divorce, agreeing what should happen to the family home, and in particular, agreeing the value of the property, can hold the key to reaching a negotiated financial settlement.
The Coronavirus pandemic has called into question those valuations obtained before the temporary suspension of the housing market on 23 March, and it remains unclear as to how the market will recover over the coming months. However, for those clients who are not able to put negotiations on hold, the Family and Private Property teams have put together some tips for approaching valuations during lockdown. In particular, we recommend requesting an updated valuation, instructing a chartered surveyor, testing the property on the market, and considering equal sharing of assets.
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…while there is capacity for a fairly significant bounce in house prices at some point in the next five years, it will only occur once consumer, business and lender confidence improves.
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