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house valuation post divorce

  • meg
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10 Dec 07 #8741 by meg
Topic started by meg
Hi

wat a great website. i wish i had known of this when i got divorced! Anyway my situation is that i want to repay my ex his share of the property. i have obtained two valuations(understand i will need at least another one)by estate agents which value it at what i know my ex will dispute. When i instructed the agents i simply asked them to give me an idea of what it would sell for within a reasonable period of time.

my order states that we should agree a valuation or use a surveyor. my query is based on what the criteria is for valuing a house in these circumstances. I spoke to someone recently who said she was advised that the valuation should be based on what a mortgagor would be able to sell it at if i defaulted on my mortgage. to me this seems as if it would reduce the value considerably. I do not wish to be unfair but i do wish to do it right and furthermore my exs brother is a divorce lawyer and so i need to be sure of my facts before i approach him.

if anyone has any statutory guidelines or previous cases to help i would very much appreciate it!

  • DownButNotOut
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12 Dec 07 #8909 by DownButNotOut
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The value should be the open market value of the house (not the lower price a mortage company might sell it at).

If the two parties are amicable then getting three estate agent quotes and taking the middle can suffice.

Where there is a significant difference of opinion over the value then you should jointly instruct a surveyor to do a valuation ( he doesnt need to do a survey - so it should only cost maybe 200 quid).

  • attilladahun
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12 Dec 07 #8917 by attilladahun
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Open market value willing vendor & purchaser

Court will expect you both to agree a valuer and a joint valuation to be obtained with both paying 50% each

  • meg
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13 Dec 07 #8954 by meg
Reply from meg
thanks for your help

m

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