Hi, I will be completing form E in the next fortnight or so and I am unsure of the property price level of my ‘prospective new home’ to pitch at on the form. The FMH is really nice and worth c.£900k and I am thinking of attaching details of three properties around £600k. Is this too much? is it too little? Any tips please.
Think about what you need in terms of housing, ie if you have 2 children living with you, a 3 bedroom house would be realistic. IF you work from home and need a designated office then 4 bedrooms is reasonable. Then look at suitable houses in the area you need to live (ie close to schools/work), and select three that meet your needs, then take an average price and use that.
This is about reasonable needs, not simply values. If you have no dependent children, your strict need is a 1-2 bed property. Add a bedroom for every child.
Then think about where you need to be living and why and look at suitable properties and what they cost. You may not be able to afford something the same quality as the FMH. Whatever you propose you need to be able to show it is affordable. Yoy don't need to attach property details to form E.
Hi, thanks for that, appreciated. There are no kids involved and each of us have equal savings, premium bonds, shares etc. The total pot is approximately £1.3m so plenty to go at and strictly speaking neither of us needs more than 2 bedrooms at present. I can see no reason why the house wouldn’t be split 50/50 prior to discussing the ‘deal’, because my earnings are much higher. A two bed house would effectively be a much lower standard of living and I understand both parties should expect a drop after divorce.
Would I be better presenting a proposal for a 2 bed property at £500-600k, so my bedroom requirement is satisfied, whilst maximising the property price and being able to get it accepted as my needs?