Valuing a Home for the purpose of splitting up...
Discussion
My current relationship has came to an end...We are not married nor have we ever been engaged.
We both own and live in a property since 2009 and the initial intention is for me to buy out my now ex partners share and to continue living in the house...we both own 50-50 and we have both contributed 50-50 to the mortgage and to the upkeep over the course of our relationship.
I guess it is going to be as simple as establishing a value, subtracting the liability and dividing that number by 2 to establish what I have to pay to buy her out.
What is the best way to establish a value? I would like this whole process done very quickly so I can start 2015 completely fresh however obviously I don't want to overvalue and "do myself over".
If we put it on the market, it would take a long time to sell unless we valued it cheaply...however I fear any valuation we get will be higher than what the property would sell for if hypothetically we put it up for sale with the intention of getting it sold fast.
How should we arrive at a valuation?
We both own and live in a property since 2009 and the initial intention is for me to buy out my now ex partners share and to continue living in the house...we both own 50-50 and we have both contributed 50-50 to the mortgage and to the upkeep over the course of our relationship.
I guess it is going to be as simple as establishing a value, subtracting the liability and dividing that number by 2 to establish what I have to pay to buy her out.
What is the best way to establish a value? I would like this whole process done very quickly so I can start 2015 completely fresh however obviously I don't want to overvalue and "do myself over".
If we put it on the market, it would take a long time to sell unless we valued it cheaply...however I fear any valuation we get will be higher than what the property would sell for if hypothetically we put it up for sale with the intention of getting it sold fast.
How should we arrive at a valuation?
Eric Mc said:
Get a locally qualified valuer to value it?
Would this be from a lender? We remortgaged not too long ago and received a value from our lender during that process...there was no physical inspection or anything, it was simply a number on the mortgage offer.Sarnie said:
Equal deposits going in initially?
Totally equal yes..we saved for he deposit together by making the same equal payments to a savings account then since the purchase everything is and has been 50-50 from the word go including every houshold bill and mortgage payment....basically it all comes out a joint account that we both direct debited the exact same set amount into every month from our own personal current accounts.Nick - Stamp duty won't come into it...less than £125k.
As always you will have some agents offering v low values, but be able to get it sold in a week. Others will overvalue to get the work, and then a few weeks or months later admit it was overpriced and it needs a reduction to be sold. You really need several opinions. The old rule of getting 3 and going with the middle one doesnt always work with property as a lot of agents are unfortunately dishonest scum. What have similar properties sold for in the past year in your area?
Pay for a local chartered surveyor (RICS) to value it in writing, simple as that.
That way you won't get silly estate agent tactical valuations, and your valuation will stand up if this ever gets legal, which these things always have the possibility to do, no matter how amicable it may be now.
That way you won't get silly estate agent tactical valuations, and your valuation will stand up if this ever gets legal, which these things always have the possibility to do, no matter how amicable it may be now.
Inkyfingers said:
Pay for a local chartered surveyor (RICS) to value it in writing, simple as that.
That way you won't get silly estate agent tactical valuations, and your valuation will stand up if this ever gets legal, which these things always have the possibility to do, no matter how amicable it may be now.
This is possibly very good advice. It's completely amicable at the moment mind you.That way you won't get silly estate agent tactical valuations, and your valuation will stand up if this ever gets legal, which these things always have the possibility to do, no matter how amicable it may be now.
I was in a similar situation many years ago, but my partner bought ME out and she stayed in the house.
No big deal as long as you both are talking and agree it all amicably together?? my deal went like clockwork because we did.
My partner and I got three different estate agents to put in a written valuation and WE agreed on the average of the three.I received half the equity and started a fresh.She got a mortgage to cover it all and stayed in the house.
I assume you have a joint mortgage??and the deeds in joint names?? like we had.If so the mortgage will have to be paid up and you get everything in your sole name.
I`m pretty sure you will have to pay stamp duty(I just cant remember whether we did??) because you & your partner will have to "sell" the property to you.
This is where a solicitor comes in? bringing more expense.
Good luck.
No big deal as long as you both are talking and agree it all amicably together?? my deal went like clockwork because we did.
My partner and I got three different estate agents to put in a written valuation and WE agreed on the average of the three.I received half the equity and started a fresh.She got a mortgage to cover it all and stayed in the house.
I assume you have a joint mortgage??and the deeds in joint names?? like we had.If so the mortgage will have to be paid up and you get everything in your sole name.
I`m pretty sure you will have to pay stamp duty(I just cant remember whether we did??) because you & your partner will have to "sell" the property to you.
This is where a solicitor comes in? bringing more expense.
Good luck.
Old Merc said:
I was in a similar situation many years ago, but my partner bought ME out and she stayed in the house.
No big deal as long as you both are talking and agree it all amicably together?? my deal went like clockwork because we did.
My partner and I got three different estate agents to put in a written valuation and WE agreed on the average of the three.I received half the equity and started a fresh.She got a mortgage to cover it all and stayed in the house.
I assume you have a joint mortgage??and the deeds in joint names?? like we had.If so the mortgage will have to be paid up and you get everything in your sole name.
I`m pretty sure you will have to pay stamp duty(I just cant remember whether we did??) because you & your partner will have to "sell" the property to you.
This is where a solicitor comes in? bringing more expense.
Good luck.
No stamp to pay as the equity being bought is less than £125k..........No big deal as long as you both are talking and agree it all amicably together?? my deal went like clockwork because we did.
My partner and I got three different estate agents to put in a written valuation and WE agreed on the average of the three.I received half the equity and started a fresh.She got a mortgage to cover it all and stayed in the house.
I assume you have a joint mortgage??and the deeds in joint names?? like we had.If so the mortgage will have to be paid up and you get everything in your sole name.
I`m pretty sure you will have to pay stamp duty(I just cant remember whether we did??) because you & your partner will have to "sell" the property to you.
This is where a solicitor comes in? bringing more expense.
Good luck.
worsy said:
Not so. It's based on the "consideration", or the price being handed over.
This is wrong, see example 3 in this link. Consideration includes mortgage taken over.https://www.gov.uk/sdlt-transferring-ownership-of-...
wattsm666 said:
worsy said:
Not so. It's based on the "consideration", or the price being handed over.
This is wrong, see example 3 in this link. Consideration includes mortgage taken over.https://www.gov.uk/sdlt-transferring-ownership-of-...
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