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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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Valuation of property.

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08 Oct 12 #359897 by esox11
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Property is always the biggest asset in a marriage so its valuation is obviously critical.
In my situation the FMH was valued for me in April at £320K. my wife also had it valued but did not reveal any details to me.

I have a half share in another property and also had that valued. One of the agents saw my surname and asked if we where related so i told him the situation. He commented how he valued it recently and how well we had done with the FMH as it was now valued at £330K. lovely... now i now the ball park estimates are the same.

We have just submitted E forms to our solicitors and i based mine on those estimations. £325K for the FMH.

I asked my S2BX for a copy of her recent valuation by the same agent and it dropped on the mat today £285000, valued last week. The company directors name at the top looked familiar and it is a friend on hers... hmmmmm

Further the valuation for my shared property by said agent was 50K higher than any others so i dismissed it and got the average of the other 2 recieved.

My queries are.

1. I assume i can insist i am able to have my own valuations done as i am still a 50% owner of the property.
2. S2BX fgot the valuation done in joint names? Any significance?
3. S2BX asked for a copy of my valuation for the 2nd property by said agent yet i had not told her i have had it done by them?? revealing a confidentiality issue. Which i want to use to dissmiss any involvement by this agency.
4. To remain amicable i want to allow S2BX to have a valuation done on my shared property but it is agricultural and i want her to use an agency that understands tha agricultural tie on the site and its devalueing effects. How can i do this? Can i do this?

I want to keep it all friendly but cant help feeling she has used her friends position to add value to my assets and de - value hers.

Advice anyone? Dont want to get to the stage where a judge has to bang heads to gether and get an independant agent in.

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09 Oct 12 #359976 by dukey
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Its a very common problem, one spouse asks for a fire sale valuation the other for a marketing value, the marketing value is often x in the hope of achieving x, which is often a fair bit less.

Your right the judge at FDA will probably ask or order an independent joint valuation quite often by a member of the institute of royal chartered surveyors.

This valuation is the one court will use.

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09 Oct 12 #359987 by esox11
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So I suppose we both need to sort this ourselves per FDA.
Would it be feasible to arrange one of those surveys as well as estate agent valuations?

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09 Oct 12 #359989 by dukey
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You can but they are quite expensive, depending on the size of the house and where you live you could be talking £800 at the top end (and yes some cost more), the key is can you agree before you get to FDA.

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09 Oct 12 #360024 by esox11
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Going to be fun then! Thanks again dukes.

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09 Oct 12 #360035 by sulkypants
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I nearly got caught out on this one, trusting my ex to supply a fair market price for the family home he used the internet printed off copies of properties that were similar to ours and it was accepted by mediation ....Consent Order was drawn up and it got kicked back by the court.....back to mediation again, only this time I instructed two agents to value the FH and guess what, he has over valued the home by £25k.

Live and learn and make sure you get your own valuations.

The property details he used were more expensive than my house, example ..detatched my house is not or they had extensions my house does not or a conservatory my has doesn''t have one of those either. Basically the Mediator knocked £10k off what he told her they were were worth, possibly assuming that would be the difference, and it could have cost me £25,000.00, I am so glad I got it valued myself.

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09 Oct 12 #360044 by esox11
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That''s where I am coming from sulky. The agent who just valued the DMV (an extended 3, poss 4 bedroomed chalet bungalow) sold the same unextended run down bungalow with 2 bedrooms - 2 doors down last week. went for £20k less than FMH was valued at. which is a joke!
offered her access to value mine as long as we get 3 valuations and take an average. I won''t accept any done by her friends company! Pretty obvious that one.

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