What to expect from an expert report
Once instructed, the valuer will undertake the necessary investigations, inspections and market analysis before preparing a formal report.
The report is addressed to the court and will be prepared in accordance with the guidance for experts in the Family Procedure Rules and also the RICS professional standard ‘Surveyors acting as expert witnesses’ (and additional guidance). It and will set out the expert's independent opinion of value, together with the reasoning and evidence supporting that conclusion. It will also include details of the property, relevant market commentary, comparable evidence and any assumptions or qualifications considered necessary. It will then be signed off with an expert’s declaration and statement of truth.
In some cases, the expert might be asked to provide an advisory report to the parties, ahead of (or in contemplation of) any court proceedings. There is however a clear distinction between expert advisory work and expert witness work and as such, it is critical that the type of advice required is clearly communicated and understood. Again, transparency is a fundamental part of the process.
Whether a court report or an advisory report, the valuer’s work should provide a clear, balanced and evidence-based assessment that can assist decision-making and, where possible, reduce areas of dispute. A Single Joint Expert report should be sufficiently robust to address all issues in dispute and provide clarity regarding the asset's value.
Where a matter proceeds to court and the valuer is subsequently cross-examined on their report, a detailed and well-reasoned analysis will only serve to assist the court further in understanding the valuation evidence and reaching an informed decision.