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Valuation of property.

  • esox11
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04 Sep 13 #406254 by esox11
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Finally got minot the FMH last week and lo and behold her previous valuation was shown by three differant agents (that she booked up) to be 50-60 grand short of the mark. So step one achieved.

Bigger hassle ahead is my other property. Inherited and shared with another family member. It has an agricultural tie on it which basically means inhabitation is limited and banks will very rarely lend / mortgage on it.... hence it knocks 35-50% of the value.

She wants it valued without this tie taken into account.... i wonder why? She wants me to get the tie lifted... I wonder why? Facts are there is little chance of that. Other similar properties in the area have failed dismally. Expense, time and stress for nothing! So why should I?

Now my solicitor is saying I should try?? But why?? If it succeeds it will mean giving her thousands more and having to sell up to fund it? It could take years?
In my opinion it is worth what it is worth now. If she got planning permission for an extension the FMH would be worth more.... same principle ?? or am i being blinkered here??

Messy!

  • NoWhereToTurnl
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04 Sep 13 #406257 by NoWhereToTurnl
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Hi esox11,

Neither your stbx or your solicitor has any understanding about the significance of an agricultural tie :dry:

I live in a farming community where many of the properties have agricultural ties and you have more chance of flying to the moon than of getting it lifted.

To show willing, phone your local department, explain the situation and get them to confirm (by letter) that the tie will not be lifted.

Best wishes and good luck.

NWTT.

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04 Sep 13 #406260 by esox11
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Thats about it NWTT.
Trouble is I am living there in breach of it.... so caling them puts me on their radar.

Tough call.

  • maisymoos
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04 Sep 13 #406261 by maisymoos
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Esox , Chartered surveyors use recent selling prices for houses sold nearby, they also speak to estate agents.

The usual way a chartered surveyor is chosen is that one puts forward a choice of 3 and the other party chooses which of those to instruct.

Good Luck

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04 Sep 13 #406278 by esox11
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Been down that route...
Stbx wants to use a standard estate agent... Who won''t have a clue.

Worse case we will have to do that via the court but hope to get it done smicably

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03 Oct 13 #409213 by esox11
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I havent moved this forward much but now she has sent a rather well worded (solicitor written?) email saying she will pay for the charges to get the agg tie removed...

I had a land agent around a couple of weeks ago and basically he said it would be tough to shift as you cant get a mortgage on a tied property at present. He valued it 45% less than values a year ago!!! She wont accept that at all!

At a loss as to what to do. Land agents dont want to come and do the valuation with a view to sale. Surveyors said unless appointed by both parties their submission would be deemed biased and i am wasting my money!

S2BX insists on local estate agent vlaues - they wont have a clue!

Rock and a hard place!

Thinking of getting estate agent values to see what they come up with. If ball park to what i would expect / be happy to go forward with then do that?

  • sturmer
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03 Oct 13 #409221 by sturmer
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If you agree to a valuation but don''t like the outcome you might be on a sticky wicket, a property with ag ties would have to be valued by a surveyor. If you can''t agree on a surveyor the court would appoint one.

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