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Selling a house in Joint names

  • twinklestar2
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18 Apr 08 #19893 by twinklestar2
Topic started by twinklestar2
How does this work? Can the court order the property to be sold? What if you cannot agree on the price. My spouse refuses to accept that the value has fallen by 5% on our house. He says he does not want a for sale sign out. He is making the selling process very difficult. Any advice?

  • Sera
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20 Apr 08 #19986 by Sera
Reply from Sera
A Court can order a house sold, it can divide property many ways. You can agree to buy the other party out (although you'll be subject to Stamp Duty). However, there's no formula to how a judge arrives at this descision. (Fighting it in Court could cost more than the equity in the house in the first place).

If you can't agree on the valuation, you could get three valuations from local agents, (a judge may simply take the middle-ground) or you each have the right to request an Expert Witness valuation, which may cost around £700-£1500 depending on the complexity.

There are published House-Price Index guidelines published on the Internet (the Halifax is probably the widest known one) which look at current statistics, although that is a Nationwide report. A local agent may advise how prices have dropped in your area. 5% may be reasonable.

There are also free websites (mousePrice is one) where you can find prices sold by searching a PostCode.

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