Bulgarian property appraisal and valuation for divorce proceedings.

New Estate’s official valuation service costs £150 and is completed by a registered surveyor of Bulgarian assets. Its findings are admissible to UK Courts and other authorities in cases involving divorce, inheritance and HMRC.

 

In the case of divorce we are often appointed to survey and assess Bulgarian assets midway through the legal proceedings, either by one or both solicitors or privately by one or both spouses. From experience we find it is best if the legal teams jointly appoint and pay a single evaluator, it reduces the chances of the findings being easily challenged later if the final figures do not suit one party. We can address our report to the Court concerned or to whoever instructs the valuation.

 

Why instruct and independent surveyor?

 

We are an impartial third party that independently evaluates property on the basis of current achievable prices within a reasonable time on the market. We are often brought into such matters when the original purchase figure is used as the current value and is being granted to one party as partial or full settlement. Given that most Bulgarian properties acquired by foreigners have decreased in value over the past decade (-80% in Bansko, -50% in Sunny Beach) the use of the purchase price might be convenient for the gifting party if unchallenged by the recipient. We recommend independent verification to avoid any such scenario.

 

In the cases of liquid assets such as holiday apartments or residential homes we can confidently provide recent comparisons and real sales data, our finding are therefore proven and undeniable. In cases involving rural property such as land or derelict houses we can appraise and guide on expected value, but often advise that in many such cases a sale will be unpredictable and unlikely within 12-24 months, as this should be considered when assessing the true worth to the recipient.

 

Best practise

 

Estimated amounts are always based on an exchange between a willing buyer and a willing seller in an arm’s length transaction wherein the parties each acted knowledgeably, prudently and without compulsion. In preparing a valuation, we consider relevant statistics with regard to property price fluctuations within the area and in any event give reasons for our conclusions based on the local trends, comparable properties and such other issues as considered appropriate. Furthermore, we provide confirmation of scope for rental of the property concerned and its feasibly to be mortgaged for possible equity release.

 

Family Procedure Rules 2010

 

Our valuation reports comply with Part 25 of the Family Procedure Rules 2010 and Practice Direction 25B (and 9.1 of that Practice Direction in particular) and Practice Direction 25D.

 

1. The report can be addressed to the Court and not to either firm / spouse.

 

1. Copies of the report will be sent to the parties who instruct us. We will confirm there is no conflict of interest in our acting.

 

1. The report will contain details of our qualifications and any links / material upon which we have drawn conclusions.

 

1. The report will contain a statement setting out the substance of the instruction (written or oral), which we have been given and by whom. 

 

1. The report will contain a summary of the conclusions reached by you and a valuation figure in Euros (where possible).

 

1. The report will contain a statement that we understand our duty to the Court.

 

1. The report will be verified by the statement of truth as referred to above.

 

1. No structural survey will be carried out as part of the report

 

 

For any questions relating to an official valuation for divorce, inheritance of tax purposes, please feel free to contact us.