Valuation of marital home.

[sleepymum50]

If one party is gong to stay in the marital home, how do you value it?

Do you take the average of the valuations, and even if the house won’t be sold, do you deduct the selling costs?

Eg. Estate agent A £550, 000 to £600, 000 Written, but verbally said use lower price to get interest going, pretty sure to get £600,000.
Estate Agent B £600,000 to £650,000. Written, but verbally said could even get £675,000.

My husband wants to stay in the marital home and wants to use the £550,000 figure. He says this is to account for the selling costs. But it won’t be sold, so is he right to use this figure. I wanted to use £600,000.

Has anyone one gone through this procedure and can tell me how it’s done. We will be using solicitors, but he is very keen to get an “amicable” agreement.

It’s usual to allow for selling costs

xan you look on right move to see actual sell prices in your area ?

We didn't allow anything for selling costs. After all, if there were selling costs then you should both be paying for these, why should DH benefit at your expense?

I'd get a third estate agent for a start... one of your choosing that you speak to!

Beyond that then surely the agreed value is added to the rest of the marital assets - so if he wants a lower value then that impacts on how everything else is split?

Don't forget to include something in your financial documents about contributions to university fees for the kids - otherwise rp can get landed with supporting students oninimal loan even though it is nrp's income which determines loan amount....

One thing I found when selling my old properties

I found the estate agents would over value the price of the property to get me to sign on with them

It would then sit there and they would suggest reducing the price for it to sell

but that does depend on where you are with your local market and property

for form E, we were told to take average of 3 valuations, less 3% for selling costs. Also deduct mortgage and any redemption penalties.

Thanks for the replies.

Dc have left home and is working so no uni fees to consider.

I think I will organise a third estate agent.

In my case, 3 valuations & no selling oosts

Average of 3 Estate agent valuations or a RICS surveyor valuation minus 3% for selling costs. Your ex is benefiting as he doesn't have any onward buying costs (Legal plus moving costs plus stamp duty)
That was what I agreed with my ex
Trust me, this was the only thing he agreed on.
He's trying to shaft you if you go for the lowest valuation.

I actually put my house on the market - got an offer and used that figure to buy out my ex.
A long winded way of doing it, but he was determined to screw me over and I was determined not to let him