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Original poster

Sale of Order Agreed House Valuation Now Increased

19 replies

skies2022 · 13/04/2022 10:17

At the end of last year myself and my ex had a Court Order agreed for the sale of the home if she couldnt release me from the mortgage.

The house was valued and agreed at £180,000 with me receiving a certain amount and the balance of equity in the home to go to her. This was agreed in the court order.

It also stated in the court order the following

"the property shall be placed on the open market for sale immediately by the Respondent for such price as may be agreed between the parties or in default of agreement determined by the court"

She has now had the house valued and it has increased to around £200,000. Obviously this would entitle her to a large portion of the equity which i feel is unfair as we agreed in court what the value of the house would be or else i would have insisted for a large portion of the equity.

My question is can she do this? I also have to sign off on any bids

Many thanks

OP posts:
prh47bridge · 13/04/2022 11:21

She hasn't done anything. The estate agent has come up with a higher valuation. That doesn't mean it will sell for this much.

If the court order gives you a fixed amount, that is what you are entitled to. If the value of the house has gone up, she benefits. If you wanted to receive a share of any increase in value, you should have gone for a percentage of the equity. Of course, that would also mean you would receive less if the value of the house goes down.

You won't get anywhere if you try to stop the house being sold for more than £180k.

TeaStory · 13/04/2022 11:30

And if the house sold for a lower amount, would you say it’s “not fair” she gets less?

House values fluctuate. You must be aware of that, but negotiated for a set amount instead of a percentage anyway. That’s on you. You can’t force her to sell for less just to get one over on her. If you hoped to try that, take a good long look at yourself!

Original poster
skies2022 · 13/04/2022 11:45

@TeaStory

And if the house sold for a lower amount, would you say it’s “not fair” she gets less?

House values fluctuate. You must be aware of that, but negotiated for a set amount instead of a percentage anyway. That’s on you. You can’t force her to sell for less just to get one over on her. If you hoped to try that, take a good long look at yourself!

Its not about getting one up, its about getting a fair equity share. There is no animosity between us and we have both paid equal amounts on deposits, mortgage payments etc. The court order was agreed with that sale cost agreed on both sides. I would of assumed that if a lower cost was accepted then yes i would have thought between the solicitors that the share would be reduced on both sides
OP posts:
SoupDragon · 13/04/2022 11:50

You agreed to a fixed amount. Surely you gave some thought as to whether house prices would fluctuate?

poorbuthappy · 13/04/2022 11:52

So was the house placed on the open market immediately as per the court order?

Original poster
skies2022 · 13/04/2022 12:07

No she hasnt put it on the market, it was meant to be done 3 weeks ago but she has just had it revalued again but not put up. Obviously i have the right to do it but i would rather leave it to her as she is living in there

OP posts:
TeaStory · 13/04/2022 14:04

So if there’s no animosity, what is the problem? You made your agreement, then you say it’s unfair?

What result do you want out of this?

Original poster
skies2022 · 13/04/2022 14:11

A fair split....nothing more, nothing less

OP posts:
toobusytothink · 13/04/2022 14:17

It sounds as though the plan was that hopefully she could buy you out? Hence giving a fixed amount that you would get whether that was through a transfer of the property to her sole name or through having to sell? As she can’t buy you out it has to be sold. So yes I think in hindsight it was silly to agree to a fixed amount. It should have been that she could buy you out fur a sun if £x or if put on the open market you would receive x% of the equity. But it has been agreed so you’ll have to suck it up. You were happy to agree it only last year so as long as it doesn’t leave you homeless then I think it’s fine. And you still have no idea what it will actually sell for.

titchy · 13/04/2022 14:39

So why did you agree to a fixed amount rather than a percentage? Confused

Original poster
skies2022 · 13/04/2022 14:58

Yes thats correct she was wanting to buy me out and keep the house and was given 12 weeks to sort that out or the property would have to put on the market immediately. She still hasnt got a mortgage and has asked for more time but i dont think it will make any difference, i dont think she can get one and if she hasnt done so in 3 months i dont think another couple of months will make any difference.

I just assumed that if we went to court and it was agreed by both of us what to market the house at, and the payment due was based on that information then we would have to stick with it.

If we didn't get any offers on the house and say we had to reduce the original price i wouldnt expect to get the payment which was agreed as it was based on a market value which no longer stands if that makes sense

OP posts:
toobusytothink · 13/04/2022 15:11

Tbh I would get the house on the market ASAP and say to her that as the original order was based on a valuation of £180k then just because it’s now “valued” by one estate agent at £200k she can’t just reject any sensible offer because she has been told it’s worth more. You have your fixed amount so obviously she will now want to sell for as much as possible as any extra goes straight into her pocket: there must be provision for accepting sensible offers. She can’t just say she refuses to sell for less than £200k so unless she is saying that I don’t see a problem

toobusytothink · 13/04/2022 15:12

And if you get less than £180k you still get your fixed price. Sounds as though you want to change the court order. If she is happy to change it so you get a % each then it’s not a problem

TeaStory · 13/04/2022 15:12

So you want her to sell at £180k? Even if someone offers £200k?

Original poster
skies2022 · 13/04/2022 15:31

@toobusytothink

Tbh I would get the house on the market ASAP and say to her that as the original order was based on a valuation of £180k then just because it’s now “valued” by one estate agent at £200k she can’t just reject any sensible offer because she has been told it’s worth more. You have your fixed amount so obviously she will now want to sell for as much as possible as any extra goes straight into her pocket: there must be provision for accepting sensible offers. She can’t just say she refuses to sell for less than £200k so unless she is saying that I don’t see a problem
This is my worry also, that because its been valued at that amount now that she will hold out for the maximum amount and not be open to going lower. I think she thinks she can get a mortgage and is buying for time and i hope she does as it would save all the hassle and enable us both to move on but i honestly dont think she will. I am waiting to hear back from my Solicitor today so see what he advises
OP posts:
Original poster
skies2022 · 13/04/2022 15:33

@TeaStory

So you want her to sell at £180k? Even if someone offers £200k?
I just want a fair settlement. If it went for 170k i would expect her to want to change the amount i would receive and i wouldnt blame her
OP posts:
IncompleteSenten · 13/04/2022 15:35

If it sells for less than 180 will you be taking a lower amount yourself?

IncompleteSenten · 13/04/2022 15:36

Xpost. Well, go back to court and try to get it changed from a fixed sum to a percentage

TeaStory · 13/04/2022 15:48

But forcing her to sell at £180k if she can get £200k isn’t fair either…

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