How Much to Buy Me Out??

[DillingersMoll]

My partner and I have separated and we bought our house together as joint tenants.
He wants to stay in the house which means he'll have to buy me out. We still have 131k left on our mortgage. We've had 3 valuations done and they come in as follows :-

230k
230-240k
240-250k

I have been advised by a solicitor that we take the middle value out of the three. He's adamant that it's 230k. I'm just looking for others opinion on this as I feel that with such varying amounts I may need to revisit the solicitor.

Any help would be greatly appreciated

I'd say £237500. Lowest being 230K, highest 245K (middle of highest valuation), meet in the middle. That's my personal opinion though.

Same.

I think £240 k as it’s in the middle of the smallest and greatest valuation

The ranges I mean

Look at similar properties in your area on rightmove
what are they selling for vs what were they marketed at
how long are they taking to sell ( round here a long time)personally if not too outrageous I’d be ok
with the lower one to avoid the hassle time and stress of long protracted se in which you are not guaranteed to reach even the minimum

Are these estate agent valuations? Houses are selling for considerably under asking prices at the moment. I know because I bought my ex out of the house a year or so ago and used the average valuation figure. Now I'm selling, I've had to accept considerably less (15% less than what I paid my ex which is a considerable sum of money). Don't forget to take into account selling costs as well - I have incurred considerable costs now in selling over and above what was expected/assumed at point of divorce.

I guess what I'm saying is, the person doing the buying out is taking a lot more risk and responsibility than the person selling their share.

The only true way to know what a property is worth is to put it on the open market and see what offers you get. So far your ex is the only buyer, and he's offering £230k. That might be a good offer given open market offers could be well under asking price? You can choose to accept it or to put it on the open market instead if you're not happy - see if you get an offer that is better than his.

Just playing devils advocate here. A partner buying out is an easy sale and allows you to move on, though.

The average of those is going to be 240 tops, depending on how you treat the ranges.
So, if you take 130 mortgage remaining (for simple maths sake) you are talking about 100k or 110k equity. The difference to you is 5k. Is getting rid of him, without having to wait for the house to sell worth 5k?
Would he go for the 230k value, and pay all costs???

Thanks all, we're not selling, he's having his inheritance early from his parents, and will be using that to buy me out so I can then use the money towards a deposit for a home for our children. He didn't want to sell our current house as he felt that would be too much for the kids to deal with.
He's still adamant that it's 230k but I'll have a little word with him.
Ultimately the money is going to be used so that my girls and I have a happy comfortable home together when they're with me :)

Usually it’s the middle of 3. £237k

Ask him why you both got three valuations in that case?
Surely by getting three it should be the average?
Or call his bluff and say you want a RICS surveyor valuation which are generally accepted to be more accurate than estate agents.
But it might back fire on you too if the surveyor comes back with £220k as the valuation.
Or as suggested, accept £230k and move on.