House valuation - how & when

[NewYorkNewYork24]

I’ll be buying out the ex I’m about 6 months. We’ve agreed on a % split & can apply for a financial order in July. Should be pretty straight forward, just the house to split 40/60 in my favour - I put equity from an apartment as deposit, paid all bills, boiler service, council tax, insurance etc since split 18 months ago. So hoping judge will agree.

I’m itching to re-decorate, pretty up the garden but obviously holding off so I’m not spending money to add value to then have to share it with him.

Do I get the house valued as part of the financial order? If so by who? The mortgage company or estate agents? Does the value of % split go off that valuation or the one when I remortgage to buy him out?

Estate agents.

Does the value of % split go off that valuation or the one when I remortgage to buy him out?

I don't understand that. Surely they are the same.

So say we agree he gets 40% of the estate agents valuation of £180k in July & judge agrees, but when I come to remortgage in sept and the bank says it’s only worth £160k, what happens then?

You need to do your mortgage before it goes to the judge.

A financial order usually gives you 42 days or similar to transact. If court does that and you've not done your mortgage you'll be in breach.

You need to get the mortgage ball rolling. An offer will be valid for six months.

Get a mortgage valuation. EA ones aren't really worth anything. It's the bank valuation that matters.

Thanks, I can get the mortgage stuff going from August - current fixed rate is up in Jan. so isn’t too much to wait from mid July. Just want all this over with.

It used to be that you got three estate agents valuations and you took an average. Settle it asap as you may find it increased in value as time goes on.This happened with mine. I also got him to pay for half of all the maintenance etc until the purchase went through.