Splitting assets question

[Angeldelight21]

Hello ladies,

When going through a divorce who/when decides about the value of the property?

We own a mortgage free apartment and a mortgaged house. We disagree on the value.

TIA

3 valuations and take the average?

Thank you @YeahRatFans do you mean valuation from the estate agents? Not from the bank?

Yes you need a proper valuation done and base it off that

I would use a surveyor for at least one. This will be a conservative valuation. Estate agents tend to overvalue properties but provide useful local market insight. Go with an established agent who knows the local market.

Ex and I disagreed on the value of our house. He said 300k, I said 500k. (Don’t know why, it was in both our interests to get as much as possible, he’d moved out and I knew I wouldn’t be in a position to buy him out). At the initial court hearing we were ordered to get valuations from 3 estate agents who all valued the house at 500k. It sold for 565k so as I got 90% equity I was pretty happy!

I think box 11 on this help guide titled 'Valuations, Expert Evidence, Capital Gains Tax, & Private Residence Relief' might help you out with the process. See if this can answer your question x
https://iamlip.com/help-guides/the-court-process-of-dividing-your-marital-assets-finances-and-pensions/
Box 11 - https://iamlip.com/valuations-expert-evidence-capital-gains-tax-and-private-residence-relief/

Are you in the UK? Scotland or England/Wales?