Halifax Valuation survey

Stillmum

I need to calculate the value (of £29k invested on 19th Dec 2005) in my house in HR3 5NZ to pay out the beneficiary of a Trust. The terms are 'annual calculation on the anniversary'. I googled the Index, asked Halifax Bank- but cannot find anything. Can anyone advise? The answer would need to be official, not fag packet!!! I hoped to be able to find its calculator and print out as evidence for beneficiary and my executors.

eskbanker

There is an official ONS house price index published at https://www.gov.uk/government/collections/uk-house-price-index-reports

Stillmum

I am not sure that will do what I want. Am I missing something?

eskbanker

Stillmum said:

I am not sure that will do what I want. Am I missing something?

Perhaps it would help if you explained more clearly what you're looking for?  You made reference to annual calculations and an index so I was understanding that you were trying to find a calculation that uplifted the value of a stake in a property to keep it in proportion with typical house price increases.

However, the thread title refers to 'valuation survey', which to me is an entirely different concept - if the property was valued at the time of the investment in 2005 and you now need an updated valuation then you could get one from a surveyor again, but I don't see how that relates to annual calculations?

Keep_pedalling

What you seem to have done, is mix up trust money with your own property, which is something that should never be done. Too late to correct that now, but you may need to take professional advice on what to do as their may be tax issues in unwinding this.

The value of the original sum should be related to the percentage increase in value of the house since the money was invested in it. A Chartered surveyor should be able to provide you with a current and 2005 valuation.

dales1

There is a long-running house price index published by Halifax at https://www.halifax.co.uk/media-centre/house-price-index.html

MX5huggy

You will need to get the property valued by a professional survey (not an estate agent). Using an index is not appropriate for 1 property. It does not take in to account the condition of the property or any local factors. Has a highly sort after school opened down the road? Is HS2 going past at the bottom of the garden. Has no maintenance been done and the roof caving in? Etc. I hope you have the value in 2005, as that is when it was bought? 

Here’s the nationwide property index calculator. https://www.nationwide.co.uk/about/house-price-index/house-price-calculator#tab:sectionHousePricecalculator

using an index from one year to the next is ok as a method but not for 16 years plus.

Stillmum

Thanks all. Oh dear! The arrangement was drawn up by a Solicitor, KeepPedalling. It does specify using the Halifax Index in that way. The final trick after 25 years from a husband whose will was such a mess that it took 7 years to resolve and half the kids' estate lost to legal fees. A warning to all and yet I cannot persuade my son to make a will.