Just wanted to know how the court deals with a discrepancy in house valuation. Stbx valuation 50k more than mine. Outrageous! My valuers based price on other similar properties that have sold in the area.... His valuers have just given valuation.
As 50k is a lot of money just wondering where I stand. Would like house for children, it requires about 10k to update?
Hi, Whereabouts in the process are you? I was in a similar position but we weren''t £50k apart! The judge at FDA encouraged us to agree on a price or he would direct that it should be formally valued by a surveyor. This would have been on a joint instruction and at joint expense (£400 + VAT in our case). We eventually agreed as we weren''t so far apart.
We are meeting for a joint consultation nxt week... Fh end June.
Can''t think we cld come to agreement as his valuation is way out! Surely a valuer can not just pluck a figure from nowhere with no back up. Even taking an average between the two valuation is way out of range. I''ve paid for total of 3 valuation s to date.
Recently I suggested a joint valuation from an independent valuer but he refused! Perhaps I can use. this fact.?
I would ensure your valuations are included in the bundle. If you have a letter offering to get a joint valuation, I would include that, along with his refusal. You can argue then that you have done everything to try and resolve it and the judge has no option but to consider your values as being correct. You could try and get some further Directions from the court to order a joint valuation but I would have thought that should have been taken care of at the first appointment.
From what I have seen so far a judge will try and find the easiest and quickest solution to a problem like this. If you value it at x and he values it at y then the easiest solution is to meet in the middle. If you agree to that then it''s problem solved. However, if one party is completely unrealistic and deliberately under/overvaluing it and the other is honest then this approach doesn''t work and you have to rely on expert valuations. A jointly instructed valuation is the solution but if he won''t agree and the court doesn''t order it then there is not a lot more you can do.
As for a valuer plucking a figure from nowhere. I had several valuations done by estate agents and some of them were miles apart. They are looking for business and have their own reasons. Instructing a surveyor is a bit different because they are saying it is worth x and they are putting their professional reputation on the line if it isn''t worth that amount. So you could argue they may tend to undervalue it because they are guaranteeing it is worth that much. A surveyor would probably object to that but that''s the way it was explained to me.