Advice needed on the best way to value a house when buying out a houseshare

willo12

I am in a houseshare with a friend and he now wants to sell the property. I am looking into being able to buy him out. We have a agreement of trust to say that we both own 50:50 but my problem is knowing how to value the property? We could get in some estate agents, but I am worried that they will value it too high in order to try and get the best commission for themselves. The flat next door went on the market for £240k but sold for £200k, so I am worried about getting estate agents in - but that they don't refelct the market. Is the best way to get the true value to put it on the market and see what offers we get? How do independent evaluators work? Can they reflect the marketplace correctly?

kingstreet

Find a local firm of Chartered Surveyors. It'll cost you about £100 for a written valuation for your needs.

If you're buying out the other owner, will you need a mortgage? If you will, you might as well combine the valuation into your mortgage application by finding out who the lender will instruct to do its valuation and instruct them.

Poppy9

Well if next door is equivalent to your property then that's a starting point. If you sell via an agent you will have to pay a few grand in fees so you should agree to take this into account.

Also depends how much your friend wants to sell. We bought out another interested party on a house for below market value but they needed the cash quickly and we picked up legal fees.

willo12

Great thanks. I will look into the surveyors in the local area. I will need to re-mortgage so will look into who they use also.

Thanks!