House valuation for consent order

[Mrspinknails]

Is it best to go by the lender valuation online or get an estate agent in?

Mine needed 3 quotes so you will need an estate agent.

Best for who and in what circumstances? How dependent are you on the cash evaluation v the actual sale price. Typically

• lender valuations are conservative.
• estate agents’ valuations are optimistic and inflated.
• sold prices v marketed prices tell you what the local market is like and if your house is typical maybe give you a good price.

If you are buying someone out you would prefer a conservative valuation. But they won’t. If you are selling up and using the proceeds to buy then you need to know what you will actually get. Especially if you are trading off other assets for a bigger % share.

3 agents but tell them it’s for divorce and that you want a realistic sale price in its current condition for an immediate sale not an aspirational one. They will usually give a conservative figure then.

We discussed it and agreed it together. House had been on the market at x price for 9 months (reduced once or twice, can't remember). He bought me out in the end. So we agreed it was fair to use a lower valuation as realistically to actually sell it we would have had to reduce again. I was happy with that as it enabled me to do what I needed to do in terms of my purchase.

Just don’t get scammed by a joint valuation & drive by valuation ‼️

Divorce and I'm trying to raise some money on the mortgage to give to him. Id have to remortgage. Ive had to write down outstanding mortgage and value of house on the form before we get it drafted in a consent order

If you are buying him out you will want as conservative as possible valuation. Because that means you have to raise less money. You are also very dependent on the lenders view of what it is worth and what you can value it at. Because you will be borrowing the money from them. They will want to value it.

Your ex might take the view that in the open market he would get more than the surveyor valuation. He may want market valuations from agents.

It is best if you agree.

But wouldnt that affect rhe loan to value for the mortgage when i apply on my own?