Buying other party out of house

G_M

I was recently quoted £300 + VAT in N London.

Only got one quote but would have shopped around before going ahead.

pollyanna24

G_M wrote: »

I was recently quoted £300 + VAT in N London.

Only got one quote but would have shopped around before going ahead.

Thanks. More than I thought. Think what I'll initially do is get a couple of estate agents in. Won't be buying him out for a while, but the estate agents will give me a general idea of what to expect.

There is also the ease of him not having to move out and in to his new property in the same day. I'm trying to think of everything I can say to him haha. I don't even mind him staying in the property until he has found one that he wants to buy (albeit paying me rent of course).

pollyanna24

Although I have just looked up a surveyors (albeit very quickly on the net). We don't need things like structural valuation as we have both been living in the house (me 9 years, him 4 years), so we know things like that.

davidmcn

You'll have a mortgage valuation survey if you're getting a mortgage, so unless you need a more in depth survey then you can use the value from that.

theoretica

G_M wrote: »

EAs will be trying to get your business so their 'valuation' will be influenced by their commercial motives (convince you they can get a higher price).

If pushed they might give 2 figures: one to market it at initially the 2nd a so-called 'realistic' price to expect. but evn this will be influenced by their desire to sign you up.

Have an honest chat with the estate agent - I recently had my home valued and the estate agent knew I had no intention of selling and I felt comfortable that what he gave me, as I asked, was a realistic average selling price. I think it helped that there are very similar properties around and the estate agent is in the area and knows it well without needing to research.

pollyanna24

davidmcn wrote: »

You'll have a mortgage valuation survey if you're getting a mortgage, so unless you need a more in depth survey then you can use the value from that.

This is true. But I need to know how much to offer my brother and he has to accept that amount before I can then go asking for the mortgage. Or is there a way around this?

pollyanna24

theoretica wrote: »

Have an honest chat with the estate agent - I recently had my home valued and the estate agent knew I had no intention of selling and I felt comfortable that what he gave me, as I asked, was a realistic average selling price. I think it helped that there are very similar properties around and the estate agent is in the area and knows it well without needing to research.

If I'm completely honest with the estate agent, they won't want to do a valuation for free as they know they are not going to get any business from me though.

davidmcn

pollyanna24 wrote: »

This is true. But I need to know how much to offer my brother and he has to accept that amount before I can then go asking for the mortgage. Or is there a way around this?

Get a valuation from a surveyor who is on your lender's panel, and then you shouldn't be paying double for them transcribing their report for the lender.

nomoneytoday

Is there a similar property in your street that has sold recently - that would give you a starting point

theoretica

pollyanna24 wrote: »

If I'm completely honest with the estate agent, they won't want to do a valuation for free as they know they are not going to get any business from me though.

Not necessarily - mine was fine with it. Possibly helped that they are very local so it didn't any travel time. Assuming their valuer has a gap in his schedule they might as well use it drumming up good will.