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House Valuation de-valued?


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Old 29th January 2018, 6:28 AM   #16
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Originally Posted by TwoHarts1970 View Post
Do I use the £ figure only given in my Form E to obtain property up to that figure, or can it be anything that would be suitable for my needs, within reason?
The latter. You need to specify what you need, and then fight to be given that amount. Not the other way around. As with all haggling it's better to start high to allow you some room to negotiate. I would make sure the examples you give are all around the same value since your wife will undoubtedly pick up on the lowest and say that suits your needs.

Remember to take stamp duty and conveyancing costs into account.

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Originally Posted by TwoHarts1970 View Post
if our own property is valued very low, so that the wife wants to stay there, can I as 50% owner, ask for vacant sale, so that both of us look for new property to live in?
You can ask for whatever you want. Whether you get it or not is another matter entirely and would depend on the specifics of your case, which only your solicitor would know. A judge is unlikely to force a sale if your wife can afford to take over the house using her portion of the marital assets.
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Last edited by PegNosePete; 29th January 2018 at 6:31 AM..
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Old 29th January 2018, 7:09 AM   #17
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Originally Posted by TwoHarts1970 View Post
Also if our own property is valued very low, so that the wife wants to stay there, can I as 50% owner, ask for vacant sale, so that both of us look for new property to live in?
This way if the property was sold to a 3rd party, suddenly I would guess the magical valuation figure would increase if it went on the open market!

So, you're in the UK. The laws and procedures may be somewhat different than the US, but the potential for this sort of monkey business with valuation is the same everywhere and I'm sure this isn't the first time the courts have had to deal with it. Your solicitor/lawyer should be able to guide you through it.

First, the value a real estate agent writes on piece of letterhead is meaningless. They tell people whatever they want to hear to try and get a listing, so don't worry about it. They're just trying to psychologically lower expectations.

In the US a valuer is called an appraiser, and for a divorce case they know that they must be fair and impartial. They are licensed and have a responsibility. They aren't going to be easily influenced, and they get paid the same regardless. She should not be allowed to choose the appraiser alone––the two of you should pick from a list. I would try to stipulate that she not be present at the time of the inspection, but if she will be then you should be as well. When the number comes in, if you think you got lowballed, insist on a second by a different appraiser.

I don't know if it's the same in the UK, but it's probably not a given that you have to buy her out. You could decide that you want her to buy you out at that price, in which case the court would have to make a decision... and that's likely to be that the house gets sold and the proceeds divided.

Have you heard of the Texas deal? It's a way for two people to exit a partnership if they own something together. One sets the price, and the other decides whether to buy or sell. If it's already known that you don't want to buy the property, that might not work so well, but acting like you might want to buy instead of sell... you get the idea.

Bottom line is that there are procedures for determining value and dividing assets. Your solicitor/lawyer should be helping you navigate. Look at comparables to determine if the valuation is fair.
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