Very new to this so all factual advice welcome.
I have been trying to buy my ex out of the family home so that I can keep it for my children. I had the property valued a year ago and we were proceeding on that basis, agreed by him. Now he is claiming the market value has increased significantly (after he had a conversation with one of his tennis buddies) and it is pushing it out of financial reach. He is claiming it could go for X and wants his share based on that value but we may have to wait another year to get that price and in that time it will have cost us all the money earned in legal fees.
My question is how do you fairly come up with a value for the property? Should I seek 3 different independent valuations? Do we have to take market value or home report value?!
This is causing a lot of stress and communication has broken down.
Do you have a Separation Agreement (minute of agreement) drawn up? If so, then the valuation of the house and spilt of equity in the SA will stand.
If you don't have a SA drawn up, then you will need to get the house valued afresh and base your equity spilt on that.
It would be unusual, to say the least, that a final settlement is based on a projected valuation for a house - the housing market is volatile, and prices can just as easily fall as they do rise.
If you can't agree on a valuation, you can either ask 3 local estate agents to give you a market value, then divide the total by 3 to get a medium; or instruct a single report from a quantity surveyor.