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If one party to a marriage wants to retain the Family Home or there is a minimum amount that they require in order to re-house in a property that meets their needs then before the negotiation process can begin the parties have to reach agreement with regard to the value of the property.
The first step would be for the parties to obtain marketing appraisals from local estate agents. The difficulty here is that the appraisals generally provide advice regarding the marketing price rather than a clear indication of the what the property might achieve if sold. They can however provide a useful guide and often assist the parties in reaching an agreement for negotiation purposes.
If the parties are still unable to reach agreement then the next step is to jointly instruct a RICS qualified expert at their joint expense to provide a report in a format that would be acceptable to the court in court proceedings. It is important that the parties understand that such an agreement is binding upon them whether they agree with the headline figure or not.
If you require any assistance, or wish to book in for an initial consultation to discuss your situation, our family solicitors are based in Wolverhampton, Cradley Heath and Sutton Coldfield serve clients across the West Midlands. For all new enquiries, please call 01384 340 526 or complete our online enquiry form and a member of our team will respond.