After over a year my ex wifes solitors have now come up with an offer.
Our circumstances are.
No children, meduim lengh marriage.
Only asset is a our house in my name. Purchased when we first got together.
No Pensions or other assets.
My ex has moved out and lives with her parents
Please can i get some advise about the offer she is making, My ex wife wants 50% share of the equity, this I dont have too much of an issue with, however she is making out that the house is worth 70K, I owed 33K at the time of breakup, so she is suggesting 18K, this is dispite my having 3 house valuations which values the properly from 57K to about 62K.
I would not be able to get this sort of money, as the 18K extension will take it above the lenders valuation I have been given only 50K, as I can only borrow upto 85% Loan to value of the properly.
So her offer seems to me completely and utterly silly.
So far I have been back to two agents who have suggested the price should be 55-60K as a selling price. which would put equailty around the 12K mark. (considering there is 33K left on the mortage).
I have kept reports and emails given by two estage agents which indicate the properly should be lowered in price.
also in addition my wife made no contributions towards any household or running costs, she is making out she was working all the time she lived here. (Which is a lie!). I have 10 years of bank statements to prove otherwise. Could I use this as leveridge?
We both have anything else maybe a few thousand in savings in seperate accounts, nothing that would make any difference.
It is normal for the first demand by my wife to be like this? Does anyone have any advise on how I should go about this.
Any help is apprciated I am booked in to see my solictor on monday and want to know what way I should go about this.
You should tell her that you are agreeable to a 50/50 split. However you have had some valuations (include these with the letter) that suggest the value of the house is not as high as she thinks. Tell her that you are agreeable to a 50/50 split of the actual equity received after the house is sold and all selling fees and mortgage are paid off.price.
It does seem potty that a solicitor would foward this as an offer from your wife especially when you have gone to the trouble of getting a few valuations from estate agents.
Still her solicitors have nothing to loose if your wife puts in potty offers and what she is looking for is cash as any money she eventually receives goes first to the solicitor who take their fees and then pass on the rest to her.
Still, to get to a resolution if this got to court without an agreement from you both the court will simple order that you pick three independent valuers (so not an estate agents but a qualified valuation expert) and that your wife then chooses from your selection one who then does a valuation which you will both have to pay half for (unless either you or her are ordered to pay it basically as a fine for protracting proceedings).
I suggest therefore that you write to her solicitor with three valuers and ask that in view of the dispute that she picks one and you both pay half
Give it a couple of weeks and if she still refuses write giving them a further 14 days and say if you have no response in writing you will instruct one of the three yourself and pay it and if it gets to court you will be looking to recover your costs.
In setember 2011 I had 3 valuations done. I cannot remember each one, but im sure they ranged from 58K to 65k.
The house is actually on the market with 2 of these agents, who have both recommened to go with 55K or offers above.
I think I may need to get a futher valuation done, then forward this to her solictor.
Your right the letter I have is completely potty, as well as a huge lie about her working and making financial contributions. I have 10 years of bank statement to prove otherwise. Hopefully I can use this as leveridge.
To be honest this has dragged on for almost 18 months, I dont want it to goto court. Have an appointment fist thing monday for my solictor, i have written down all my points and know exactly what to say to counter this.
To make it legally binding and to stop the discussion you need to get a valuation NOT from an estate agent but from a legally qualified and independent house valuer - these are usually insisted upon when you go to get a mortgage to buy in any case.
The fee the valuer charges is usually done on a scale of what the house is worth with a minimum charge - I think your valuation will come into the minimum charge catagory.