Valuation of property

[theironinglady123]

Hoping someone can reassure me.

Long story, ex is living in our jointly owned property, refusing to agree to sell as we have Shared Residency and he claimed he would be homeless if forced to sell. I've taken him to Court to try and obtain an Order of Sale.

Long drawn out process, first hearing was over 6 months ago. The Judge asked us to agree the basics and she made it into an order along with directions that he would attempt to get a mortgage in his name alone to buy me out and we would both file and serve evidence and statements. The Order states:

"The property was purchased as Joint Tenants" and
"The current market value of the property is £300k"

Since then we have been waiting for the final hearing which is next month, over 7 months since the last. I have had the local estates agents revalue the property and they all agree it has increased in value considerably. It is now worth around £350k and the agents said it may go for more as it is a desirable property for the area.

Ex's sister has now decided she will buy the property and allow him to live in it. Great, or so I thought. Ex has sent me paperwork via a solicitor to agree to a sale at £295k - which is £55k less than current market value. He says he has had legal advice and has been advised because we agreed it's value was "£300k" a Judge is likely to agree that he should sell to his sister at that value less Estate Agent's fees.

I just need to know - he is being unreasonable isn't he? His sister and him get a great deal and I would be getting totally shafted - why would I want to sell my property at £55k under market value.

Also, does anyone now how strong his argument of "you can't sell as me and the children will be homeless" will be at Court next month given that he has instructed solicitors to sell to his sister, albeit at a ridiculous price?

Zoopla is massively behind the times in terms of valuations. In my area house prices have risen in excess of 80% over the past two years. Whilst I recognise that this is preposterous, what Zoopla or even perhaps a surveyor might tell you is the correct valuation, has until recently bore scant relation to what you might actually fetch for your property.

Also always look at sold prices for comparisons. A recent sold price tells you what houses like it are worth so much more than whatever price people are asking. Nethouseprices and I assume some zoopla searches give the prices people paid - although look at recent ones.

How was the figure of 300k arrived at? If eg it was the average of 2 valuations 6 months ago, then get the SAME agents to update their valuations, send them to your ex and present them to the Judge.
The important thing is that they are not new evidence but updated evidence.

Thanks. The figure of 300k was agreed by us both at Court and written on the Court Order as the "current value" the figure was based on valuations by two local estate agents. They are the same two Estate Agents that have given me the new up to date valuations.

Sold prices for similar properties in the same area are equal to or higher than the valuation, which is in line with the Estate Agents comments of property selling higher than the asking price as demand is high for affordable property in the area as the average house is worth about 600k so people wanting to live there often want the lower end properties (like mine).

Estate Agent valuations are used in court. My DP had something similar, his ex bought him out and they both paid for an Estate Agent to value the house. They only used one as both agreed on the price the Estate Agent gave.

The court used the valuation to confirm the price and all legal and monetary decisions based on it.