A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


House valuation issue Form E

  • Heatherclarke
  • Heatherclarke's Avatar Posted by
  • Junior Member
  • Junior Member
More
20 Sep 21 - 20 Sep 21 #517738 by Heatherclarke
Topic started by Heatherclarke
Hello

Hoping for some guidance please as estate agents have been able to value the house exactly for the purposes of house valuation for form E.
marital home bought just over a year ago for £265K. I paid for a very large extension on it which when (or if) finished would be worth £400k. However, the house isn't yet finished so there are no building regs/approval sign off. It would cost about £14k to finish it just to get building regs. £25k to finish it with a chance of getting full asking price. This isn't likely going to be done due to the divorce. This means that the house value will be less; estate agents have said that it would have to be a cash buyer due to lenders not lending without building regs approval and we'd be looking at bargaining with tens of thousands e.g. if marketed at £400k, we might sell for £350k. What do I put on form E as the value of the property? The lesser value of £350k as that's what it is worth now? Aside, would a judge order the work to be finished as part of a financial settlement?

Any pointers most welcome - thank you.
Last edit: 20 Sep 21 by Heatherclarke. Reason: typo able should be unable

  • hadenoughnow
  • hadenoughnow's Avatar
  • Moderator
  • Moderator
More
22 Sep 21 #517754 by hadenoughnow
Reply from hadenoughnow
The value is what it is worth now.
Attach a cooy of the estate agents report to the form E.
You could put the cost of completing works in the capital needs section.

You can also reference it in Section 4.5 and/or under contribitions if you have paid the bulk of the costs.

Clearly the question of whether the work should be completed is an issue to be resolved. I would suggest this should be noted in the Statement of Issues.

I. E. Should outstanding works on the property (address) be completed in order to make it mortgageable? How should the works (est £14k) be funded and how should any consequent increase in the value of the property be treated?

It may be less of a problem if the property is to be retained.
If you need help with the paperwork, it may be worth looking at our services tab to see what we assistance we can offer.

Hadenoughnow

  • Heatherclarke
  • Heatherclarke's Avatar Posted by
  • Junior Member
  • Junior Member
More
22 Sep 21 #517755 by Heatherclarke
Reply from Heatherclarke
Very valuable advice and yes certainly something for the negotiating table. Many thanks indeed.
I have just last night signed up for 3 hours of support; this is a life-line for those of us self-representing.

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11