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Property valuations

  • esox11
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11 Jun 12 #336101 by esox11
Topic started by esox11
I am in a position where the FMH is occupied by my S2BX and my one child and i have moved into a property which i share ownership with another family member.

For my E form i need to declare a valuation. Estate agents have been pretty wide ranging in their valuations to the point where they have given a window of £30000 on the FMH and £40000 on the other property.

A surveyors report is £400. But seems the way to go IMO for both properties?
Should we get one each for the FMH or cold we get one and get copies sent to both of us.

Opinions and advice welcome

  • cookie2
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11 Jun 12 #336113 by cookie2
Reply from cookie2
Normally you would get 3 valuations and take the average.

If you can come to agreement about the value then all is well. If your ex does not agree with your valuations or you do not agree with your ex''s, a judge will ask that you get a survey and split the cost.

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21 Jun 12 #338054 by Gullywhomper
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Does anyone have experience of having to get a surveyors valuation? Its looking like i am going to have to go down this route as she is claiming that our property has rising damp/needs new roof/subsidence. Although i''m 99% sure these issues are a complete fabrication, i''m worried that a Surveyors valuation is going to come in a lot lower than estate agent valuations. She is doing all in her power to get the value dropped.

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21 Jun 12 #338070 by Fiona
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Apart from inconsistencies the problem with estate agents valuations is that they typically overvalue property by about 10%. As Cookie says if both parties agree you can take the average of 3 estate valuations, but if you can''t agree the value or want a more accurate valuation it''s possible to jointly choose and instruct a surveyor and split the costs. In our case I just offered to organise and pay for the surveyor to move things forward and my my ex accepted.

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21 Jun 12 #338073 by Gullywhomper
Reply from Gullywhomper
Thanks Fiona, So ultimately you are saying that your surveyor valuation came in at 10% under the average of your estate agent valuations... I guess it could work the other way and come in at a higher value but its just the unknown.

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21 Jun 12 #338077 by livinginhope
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Given the current market it''s very unlikely to come in at higher value.I had a conversation with Estate Agent this week who said Surveyors are erring on the side of caution when valuing properties ie possibly under valuing particularly for mortgage purposes.

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21 Jun 12 #338084 by maisymoos
Reply from maisymoos
I had a surveyors report done.I provided the names of 3 surveyors my ex chose which of the 3 to use. The cost was split 50/50.

The estate agent valuations ranged considerable in my case by also, by £150K! Surveyors report was well above the lowest and about 25k below the highest.

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