Solicitor wording on letter requiring market appraisal

Michael1001

My daughter and her ex husband have been ordered by the Court to appoint an estate agent to provide a market appraisal on the former matrimonial home.

Her ex husbands solicitor has drafted a letter for her approval to send to the estate agent they have both chosen.

The solicitors letter ends with " We look forward to you conducting the market appraisal and when doing so you will need to assume a willing seller; a freehold sale with vacant possession unencumbered; the best price at which a willing buyer could reasonably expect to pay a willing seller for the purchase of the property."

It is advantageous for the ex husband to receive the lowest valuation possible.

Obviously it would be better for my daughter with a higher value but all she requires is that it is fair to both parties.

I think the wording in the solicitors draft letter is leading towards a lower valuation and I would prefer it just states " We look forward to you conducting the market appraisal "

I would value forum members opinions.

Thank you for your time.

System

I think that wording would lead to a fair appraisal favouring neither.he is just making it plain that they are not to take account of one of the parties saying they will refuse to move and is asking for the best price that they reckon it will sell for.

lincroft1710

Michael1001 wrote: »

I think the wording in the solicitors draft letter is leading towards a lower valuation

On the contrary, it is seeking a valuation on terms which would give the vendors the best price.

Unwilling seller, non freehold, no vacant possession and encumbered are all likely to bring the price down.

DVardysShadow

Michael1001 wrote: »

" We look forward to you conducting the market appraisal and when doing so you will need to assume a willing seller; a freehold sale with vacant possession unencumbered; the best price at which a willing buyer could reasonably expect to pay a willing seller for the purchase of the property."

This is entirely correct as a expression of an open market valuation of the property, marginally baissed in your daughter's favour by the words 'best price' rather than 'typical' or 'average'.

What the solicitor is rightly doing is instructing the agent not to provide their normal valuation for a sale, which is generally higher in order for the agent to capture the sale for his agency, nor to provide the suggested asking price which will be even higher.

steve1980

Don't forget that for this type of valuation the agent is in their full right to charge for this.

MobileSaver

DVardysShadow wrote: »

What the solicitor is rightly doing is instructing the agent not to provide their normal valuation for a sale, which is generally higher in order for the agent to capture the sale for his agency, nor to provide the suggested asking price which will be even higher.

I agree, this is the standard legalese that will provide the fairest price for both parties. I don't think the court would look too kindly on anyone refusing to approve it.

Michael1001

steve1980 wrote: »

Don't forget that for this type of valuation the agent is in their full right to charge for this.

Yes and I agree that is the right thing to do in this circumstance.

The agent has been instructed to issue them both with a charge.

Michael1001

What you have all said now makes perfect sense to me and achieves the fairness she seeks.

I will suggest to her that the wording remains as it is.

Thank you all very much for your help - it is appreciated.

inmypocketnottheirs

Is it an agent or a valuer? There is a considerable difference, both in expertise and cost

Michael1001

inmypocketnottheirs wrote: »

Is it an agent or a valuer? There is a considerable difference, both in expertise and cost

An estate agent.

She was directed to choose three agents from within the area and her ex husband to select one of those.

steve1980

A solicitor will normally require 3 valuations.