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Lost plot - no pun intended!

  • downland
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12 Oct 12 #360534 by downland
Topic started by downland
After 18 mths of very little headway, threat of court has brought about a change in attitude from stbx, as to disucssion on how to settle finances. Now find that seem to have a mental block on common sense and find myself feeling sympathy for stbx - baaaad or what?

Property could be split into land, building plot (plot has covenant on it which means it is worth very little on open market) and cash savings with some equity from house to even up shares against house, gdn and outbuildings.

Common sense (and intial valuations) says that house, gdn and outbuildings worth more than land and plot, however stbx is now saying that as I will end up eventually, with house and land it will, in the FUTURE be worth more than house, gdn and outbuildings based on the fact he will have to release some equity from house through loan of some sort to even up shares at this stage.

Would someone please give me a good common sense talking to, as the sensible part of me says ''in the FUTURE - my eye - its what it is worth now'' and the sympathetic side of me is thinking of giving way.

Different perspectives may stop my wavering ........

  • LittleMrMike
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12 Oct 12 #360550 by LittleMrMike
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Generally speaking a Court won''t look too far into the future. For example, one or both of you may stand to inherit some money some time in the future, but the Court won''t take account of that possibility unless the testator is terminally ill. ( more or less ).

But, as to your dispute - who''s right ? Strangely, you both are !

For a start, what the Court will consider is the valuation now.

Having said that, there is such a thing as '' hope value '' where a buyer suspects that at some time in the future, the land will get planning permission for development and buys the land on a hunch.

Now I''m not a valuer, but it is possible - I say possible - that someone may be thinking alone these lines and may be willing to pay more than the land is worth in its present state - as I said, on a hunch. If the land has '' hope value '' this could have an impact - not much of an impact, I''d have thought - but it could be relevant to the current valuation.

Could be ! But whether it is would be a matter for a valuer and nobody on this site could help you.

LMM

  • downland
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12 Oct 12 #360646 by downland
Reply from downland
Thank you LMM, hope value, from my point of view ''hope'' that it adds little. :dry:

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