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House valuations

Posted by Fluteplayer68 
House valuations
April 09, 2020 07:28PM
How can i reply to one point in the comment.



Edited 1 time(s). Last edit at 04/12/2020 12:32PM by Fluteplayer68.
Re: House valuations
April 10, 2020 10:53AM
Yes, you should get the property revalued before the final hearing. Having said that, it may be that you are worrying unnecessarily. If what you are concerned about is that you will get the property transferred to you subject to a charge for, say, 50% of its value in favour of your ex then that charge is invariably expressed in percentage terms. If the equity is worth £100K then 50% of its value is £50K. If the equity is worth £50K then 50% of its value is £25K. Expressing this sort of thing by way of percentage automatically deals with fluctuations in value.

Of course, if the outcome is that you pay him a lump sum of £X in return the transfer of his share of the property to you then it is very important that the value of the property is accurate if the lump sum is based on the value of the property. In present circumstances it is probably unlikely that this type of method would be adopted.
Re: House valuations
April 10, 2020 06:41PM
New value given the current issues. Sorry I spelt that wrong there.



Edited 1 time(s). Last edit at 04/12/2020 12:33PM by Fluteplayer68.
Re: House valuations
April 11, 2020 11:04AM
You can always apply for directions if your ex will not agree to an updated valuation. Whether that is worth doing rather depends upon my point about sums due being calculated as a percentage rather than as a fixed sum. You refer to a percentage so it is unclear why a revaluation is so important.

Equity is property value less any secured charge(s) upon the property and (sometimes) costs of sale. It is unclear what 'marital debt' has to do with equity.
Re: House valuations
April 11, 2020 09:56PM
Sorry marital debt on house improvements. I am hoping to keep the property in my sole name so we are trying to agree a lump sum for mt ex.
Re: House valuations
April 12, 2020 11:03AM
'Marital debt' in this context is likely to be dealt with rather differently from the equity in the property. Unless the money spent on improving the property is actually secured against the property as a charge then how the debt is dealt with will probably depend upon in whose name it's in and who has the income better able to support the debt.

When it is being proposed that one spouse buys out the other's share in a property for a lump sum then the amount of that lump sum tends to depend upon how much cash the person paying can raise. However, if the person paying can realistically only raise a fraction of the value of the other spouse's share that it is not likely to be seen as fair.

In this case what you seem to be saying is (a) the property is worth buttons as a result of corona virus and the bottom falling out of the property market (b) therefore I want to pay my ex buttons for his share. I think I should tell you that a court is unlikely to think that would be fair. Although in general property is worth what it is worth at the time when a court makes its decision I think in this case everyone expects the present situation to be temporary. I doubt that a court would think it fair that you should be able to buy out your husband's share for a low lump sum just because the property market is temporarily frozen. In such circumstances I think a court is much more likely to award your ex a percentage share of the property value not to be enforced until some future date (typically when children cease to be dependent or the former spouse dies or remarries) which is likely to be after the property market has returned to something approaching normality.
Re: House valuations
April 12, 2020 12:32PM
Hi there he also wants to buy me out and retain the property so it is not me wanting him to pay buttons for his share.
It could go either way. However i would prefer to stay in the home. My ex has a pension of 31k which is why th3 judge said to split 45/55 in my favour.
My final hearing has been postponed due to the COVID19 situation and a free online divorce helpline has suggested we both together get more valuations done closer to the date.
Re: House valuations
April 12, 2020 12:36PM
Also I only posted here after news articles and tv news suggesting that the economy is going to be damaged by this and house sales down and values down.
I am no expert to suggest how the virus will affect the economy.

The idea of it happening at a later date is a good option.
Re: House valuations
April 12, 2020 02:23PM
If you each want to buy the other out then assuming there are no dependent children it might be simpler to sell up and divide the equity. How much you would each get in those circumstances would very much depend upon how much equity there was to divide, the cost of suitable alternative accommodation and your respective mortgage capacities.
Re: House valuations
April 12, 2020 06:39PM
Ok thank you that helps
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