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What are we each entitled to in our divorce settlement?

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Valuations

  • ascatfish
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08 Aug 12 #348233 by ascatfish
Topic started by ascatfish
I need to get my house valued as part of the divorce settlement (baskground - mortgage in my sole name, married over 10 yrs, 4 kids - eldest 8- ex has left -been out of my house for over 18ms)

I rang a valuer today to make use of a free valuation card I;d had shoved thro my door. When i told him i wanted it for a divorce , the valuer said I should consider paying (approx £100 + VAT) to have an appraisal done on the house rather than a free valuation as the valuations will be based on market value and will therefore be artifically inflated to give you wriggle room to negotiate a price down with a buyer. he said an appraisal will give a more accurate figure of what the house is worth and it could be several thousand pounds less bearing in mind what the house is worth in total .

I should stress he wasnt trying to sell me anything - in fact he did tell me to ring back another day and say i was thinking of selling if I wanted the free valuation but that I should give both options some thought.

I just wondered what others experiences were with this - and what option you went for and why.

.

  • maisymoos
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08 Aug 12 #348235 by maisymoos
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You should get at least 3 valuations from 3 different agents and ask them to value it realistically on selling value.

The valuations I got for my property were so far appart that we still had to get an independant valuation (which cost £500). That did no good as property still sold for £25k less.

Try option one first and see if there is any consistency in valuations given. Good Luck

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08 Aug 12 #348237 by ascatfish
Reply from ascatfish
Thanks

is it reasonable to ask ex to pay half of these costs if I have to pay out for a valuation? He has agreed to pay all divorce costs but I then found out what he has to pay is extremely limited :/

  • maisymoos
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08 Aug 12 #348240 by maisymoos
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Yes it would certainly be reasonable to ask, do you think he will agree? The formal valuation in my case was ordered by the court and it was also ordered that costs should be divided so there was no dscussions.

Go for estate agent valuations first these will be free, I admit I didn''t mention divorce at valuation stage to agents though.

  • Fiona
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08 Aug 12 #348242 by Fiona
Reply from Fiona
The valuer is correct. Estate agents typically overvalue properties by about 10%. As a starting point you can do as Maisymoos suggests and ask 3 estate agents for a realistic selling valuation. Alternatively, or if no agreement can be reached as to the value, you can ask for an independent valuation.

However, it is better to agree to jointly instruct and share the costs an independent valuation to avoid getting into the situation of each party having their own valuations done. If the valuations aren''t the same they can be contested and a court might direct a further valuation instructed jointly. Obviously that just wastes time and money.

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