Valuation 'On The Open Market' ??

JustTakeAllMyMoney

I'm buying my ex out of our property, we had a tennants in common agreement put together when we moved in.

In the agreement it states that if we can't agree on a valuation for the buyout we will need to instruct get an 'Inpendent valuatiion of what the property would be worth vacant on the open market'. At the moment the property is up for £340k best offer have been £305k-£310k but wont ex wont accept that or for me to buy her out at that level.

Would an 'Open Market' valuation of this type required by the agreenment be more reflective of the true value ie what someone would actually pay at the moment or would it just be another estate agents valuation ? I ask because I assume estate agents over value to give them some room for negotiation ?

My ex wants me to buy her out at estate valuation of £340k but I only want to buy her out at what the property is actually worth. I am having an 'open market valuation' tomorrow and the valuer knows the circumstances I'm hoping his valuation will be more reflective of actual achievable selling price rather than hoped for selling price.

Trollfever

Are they a RICS qualified valuer or an estate agent with over optimistic values of properties?

Darth_Marty

Estate Agents can give a matrimonial valuation however they tend to be very low, basically bricks & mortar price as they need to cover themselves should a case ever go to court. If your Estate Agent has it on the market for £340k now and you have received offers of around the 300k mark then expect tomorrows matrimonial valuation to come in at around the 275k mark.

david29dpo

I too have had this problem. One wants a high value, the other low. It will be very difficult to agree. The only sure-fire way of getting a true value is put the house on the market and see what other buyers will pay then pull out. A s**t way for all but i ended up having to do this. Not nice but it stopped the arguments.

theGrinch

determing a valuation in today's low volume and illiquid market is no easy matter.

I have never relied on one estate agent for a valuation. they are little more than a benchmark and without 2 or 3 other valuations averaged out then its misleading i.e. too high or too low.

A RICS valuer would be more reliable and independent, but you need to agree that it should be binding.

Alternatively, both of you can wait until there is a market recovery i.e. prices stabilise and take it from there.

feisty1

Only a chartered surveyor's (RICS) will be accepted by the solicitors, EA are not qualified in this area, they have an idea what houses are because they sell them......However the legal eagles (will quite rightly) require the surveyors report....

feisty1

[quote=david29dpo;17249657] pls see my comments........chartered surveyors report will put an end to any disagreements...........Don't be worried that it could be biased, as surveyors know some of these cases end up in court so they take great care

Darth_Marty

"Only a chartered surveyor's (RICS) will be accepted by the solicitors, EA are not qualified in this area"

Funny really that most chartered surveyors go to an agent for their advice and recommendations first though eh! ha ha

david29dpo

Dont understand what a solicitor as got to do with this.