Wheelman

I am trying to get a partner to agree to move out of our jointly purchased property. We have a Declaration of Trust desribing how the proceeds should be dealt with but I am unclear how we get to an agreed value for the property. I have talked to the estate agents we bought from (only moved in last December) as they sell 80-90% of property on our estate and they have told me what the propeties are actually changing hands for. Problem is this is £20k below what they are being advertised at. I am also concerned as my partner is in the estate agency business that she is trying to stitch me up.

What is the 'proper' way to resolve this?

Alpine99

I'd get three agents around. Tell them you want a realistic valuation based on what the properties are actually selling for in the area. Take the average of the 3..

Wheelman

That is what I expect but does she get to choose three as well (seems a bit silly especially as we probably have to pay for each 'valuation'!). Just feels like there should be some 'legal' way to do this.

wilf

Instruct a firm of professional surveyors. They have to provide bank valuations all the time for people getting mortgages and will owe you a duty of care in the valuation they give you. It will cost mind.

Chrisgr31

If you can't agree the values between you you will need to instruct a firm of valuers each, to give a professional valuation. Then you can split the difference! This has the added advantage tht if it goes pear shaped you can always sue!

The other options are to physically market the house, then you will now its value when someone buys it! However this involves additional expense.

If buying out your ex you might need to keep an eye on the possible stamp duty liability!

Wheelman

What is the stamp duty liability? We paid the highest rate when purchasing the property (it was £345k).