How to value the house in order to buy my ex out

cheers_drive

I bought a house with my partner in April 2008 for £260k, we have since amicably separated and my ex wants to sell the house.
I'm thinking of taking over the mortgage (I know it's not that simple had have done that research) and expected it to worth at the very most what we paid for it. However my ex has obtained two estate agent valuations; one said it will sell for £265k and the other for £275k. She is now expecting to get lots of money from a same or from me, I personally think that they valuations are crazy and they are just trying to get a property on the books in a market with so few sellers.
The mortgage company will do a valuation but they are often low as they are so cautious now which is good for me but not fair either.
So the question is how do we get to a fare valuation?

googler

The mortgage co are likely to get an RICS surveyor on their 'panel' to value it for them, so they'll have no agenda for trying to get a sale out of it. Why wouldn't this be fair?

Fire_Fox

What are the land registry sold prices for other properties in your street?
https://www.houseprices.co.uk

Red_Cat

Look at local prices (as suggested by Fire Fox) and appoint your own estate agents to give you valuations from their point of view. Then compare.

DVardysShadow

What Fire Fox and Red Cat say. Plus look at house price Indexes for your locality from time of purchase to now. There is no single correct answer.

Or idf you are confident that the price is too high, let the £275 agent put it on and watch the offers [not] roll in

Emmzi

pay a surveyor, not an estate agent. if you are paranoid get 3 surveyors (3 x cost) and take average of all 3 prices.

IMHO you get what you pay for and a formal professional opnion from someone with no agenda now will save pain later.

silvercar

one said it will sell for £265k and the other for £275k.

If that is anything like an honest estate agent opinion, then it won't sell for more than 250k. Estate agents know that no-one will pay just over the stamp duty hike (from 1% to 3%) at 250k, so anything priced at 265 or 275 will most likely sell quickly at 250k or languish on the market for months and then be reduced further.

googler

Emmzi wrote: »

pay a surveyor, not an estate agent. if you are paranoid get 3 surveyors (3 x cost) and take average of all 3 prices.

IMHO you get what you pay for and a formal professional opnion from someone with no agenda now will save pain later.

Seconded......

CloudCuckooLand

First thing to do is see if you can financially support the whole mortgage.

No point spending survey fees if you cannot.

No point arguing figures with the ex if you cannot.

Suggest she pays for her choice of EA, keeps anything over £260k, but makes up any shortfall to you if its under £260k...that'll test her certainty!

david29dpo

This is always a problem. You will never know the true value unless the house is sold. One wants a high value the other a low. In this case i agree the real value will be £250k

lellow_lorry

A figure of £265k normally will normally get offers of £250k due stamp duty. What was the sale price when you bought it? The valuations are best price scenarios without taking offers. You could put on market at that condition and see it may not sell or go for the surveyors figures....you both need to sit down work that out. Secondly costs in selling will be agents commision, If you do decide to buy your ex out remember this cost will not be there but you will end up paying it at some point. Easy option is the buy out as long as it is fair. if it sold for 265k then a 5k difference so all that hassle for 2.5k which will be lost on EA commision (maybe more) You could get another 2 EA valuations, explain you need to sell and want realistic prices. Keep it above board with your ex. Then perhaps average the 4.