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Valuation of FMH

  • ambeljazz
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02 Nov 07 #5752 by ambeljazz
Topic started by ambeljazz
My partner is self representing.
At the first appointment hearing the judge ordered that three valuations of the FMH be jointly obtained as his stbx (who lives in the FMH) had not obtained and enclosed these with form E.
After the hearing we recieved a letter from stbx's solicitor suggesting 3 local estate agents to obtain valuations from.
We returned a letter stating that he agrees to the suggested agents and as the property is jointly owned and the valuations are to be jointly obtained he wishes to be present while the valuations are carried out.
We received a reply yesterday stating that all they required was his agreement to the agents which they have passed on to 'their client'... he is not required to be present during the appointments and will hear from them in due course!

Can anyone advise if he has a 'right' to be there as he is joint owner and currently pays 100% of the mortgage on the home?

My partner just wants to ensure that the estate agents give a true reflection on the value of the property and are not influenced in anyway by a sob story!

  • Sera
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02 Nov 07 #5754 by Sera
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I think he's done the proper thing to ask to be in attendence at his own property for the valuations. However, I very much doubt that three professional Estate Agents would under-value the home because of a Divorce sob story! At the point of valuation, most agents are overly optermistic. If they see that there's a future commission on a potential Sale, they are not going to de-value.

They are going to hope that by having an honest value, their company will be the on selected for the representation of Sale of the home.

If you use a web directory (like PrimeLocation): Try this link:

www.primelocation.com/

You can search your town / postcode for similar style properties, which will give you a good ball-park idea of worth. This site is used by many local area agents.

  • lindy lou
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02 Nov 07 #5756 by lindy lou
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I am in this situation- the proerty is jointly owned although he hasn't contributed to the mortgage for 16 months he considers it his " right" to be present at the valuation. I said there was no way I was letting him in- we therefore agreed that my solicitor would be here and I would stay away as well.
Hope this helps-
Lindylou

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02 Nov 07 #5758 by Sera
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lindy lou wrote:

we therefore agreed that my solicitor would be here


Sounds an expensive time! Legal representation at three viewings: (Sols fees at almost £200 an hour!)That could be another £1k gone!

I'd much rather just trust the valuation of three agents.

  • ambeljazz
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02 Nov 07 #5759 by ambeljazz
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Thanks Sera

We have a rough idea of what the houses in the area are worth.

When stbx was being amicable (around 3 years ago) she obtained a valuation of £180000, the market has risen quite a lot during this time and an identical property a few doors away is currently on the market for £242000.
I have no doubt that the FMH will be valued considerably less than this due to the state that stbx keeps the property in... on her form E she has stated that the house is in a bad state of repair (it was good when my partner left the home) and she cannot afford to maintain it (even tho she is living there free!!).
So my partner wanted to witness for himself the condition of the property when the estate agents value it so that in court he could possibly argue the true value of the home. (She has changed the locks & he hasn't been allowed in the FMH for years!)

I guess it wont really make much difference..., the judge will decide what's what in the end!

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02 Nov 07 #5761 by lindy lou
Reply from lindy lou
At the first hearing I was ordered to choose 3 estate agents and he chose the one he wanted to use.Therefore only one valuation= not three.

It is worth it not to have the little shit anywhere near- in my opinion.
Lindylou

  • Sera
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02 Nov 07 #5762 by Sera
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ambeljazz wrote:

When stbx was being amicable (around 3 years ago) she obtained a valuation of £180000, the market has risen quite a lot during this time and an identical property a few doors away is currently on the market for £242000.


If you can produce the original valuation, (3 yrs ago) then add the percentage that properties have risen in your area by. (Locally our agent said 7% per year)

In some areas it could be 25% (Just ask a local agent for figures, or look on-line).

That information can be brought to court also. If he's self-repping, then the more info the better. Easier than saying "she used to keep it nice". Your increase of £62,000 in three years represents ....erm... ?
Someone with good maths???? Growth per year in %?

That would give you the best outcome. Also, bring the details of the house on at £242k, and if during the time it takes to get to Hearing, find result of it's actual Sold price, when it sells. It'll all help his case. The judge will find a middle-ground usually.

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