Who do I get to value house and what kind of mortgage do I ask for to buy ex out of house?

suejam4280

Hi, 

I bought a house with my ex 20 years ago, joint names, we never married. He moved out 3 years ago and I took a small loan to finish paying the mortgage off. He now wants to build a house so will be wanting his half of the money.  I don’t know what kind of mortgage I ask for, who do I get to value the house to find out what it’s worth, do the bank do valuations or do I ask an estate agents even if I’m not selling? 

This was my first house so I’ve never had dealings with mortgages etc & I don’t know that at 42 I will get a mortgage by myself or be able to afford it, I’m not sure where to start but I guess getting a valuation is the first step? 

Thanks, Sue

silvercar

Are there any similar properties that have sold locally? If so use zoopla to see what they sold for. https://www.zoopla.co.uk/house-prices/

Otherwise ask a couple of estate agents locally to value it. If you can't remortgage to raise enough a sale may be needed, so it isn't unreasonable to call them. 

If you are earning enough to raise a mortgage for whatever you need to pay off your ex, I wouldn't start with offering half of the value. You took a loan out to pay off the mortgage, so there is that to consider.

theoretica

You and he both need to be happy with the valuation - so I suggest you agree a method for valuing before you introduce the emotion of what the numbers actually are, and the temptation to ask for higher/lower.  It might be a situation where it is worth paying a surveyor for a value.  Or asking more than one estate agent (being upfront why you want the value) and averaging the values.

But as suggested, even before that getting an idea from other local sales what the value might be and running your details through a mortgage calculation would give you an idea of what to expect and if buying him out is a possibility.