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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34106
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I was wondering if you could help me please? My wife and i

Resolved Question:

Hi,
i was wondering if you could help me please?
My wife and i separated recently (she left the family home when she got pregnant by another man) i am looking to buy her out of the mortgage we have.
I have had the house valued by 4 different estate agents, three of them have all said that the property is worth £135,000-£140,000. The fourth said it was £160,000. I honestly don't think the house is worth that much, as the properties either side sold in the last two years at 120,000 and 124,000, and they both have extensions and working heating systems.
My wife being very money orientated is only likely to see the 160,000 and demand half the equity of the house at that value.
I was just wondering what the legal stance on that would be? if it were to go to court would they see the 4th as an outlier and ignore it, or would it have to be considered and an average taken?
I would ideally like to be able to come to an agreement with her amicably about the figure, but would like to know where i should be starting before i do that.
Thank you in advance.
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is ***** ***** I shall do my best to help you

The usual approach is either to take the middle valuation (neither the top nor the bottom) or to take a figure half way between those two.

If no agreement is made then a Court will order an independent Valuation - paid for by both of you - which will then be the value so far as the court is concerned.

In this case a compromise at £145,000 would be generous - £140,000 would be reasonable

Please ask if you need further details

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