Long story, but in summary:

I live in very good area in W Midlands, few houses and quite expensive.
Divorcing, remortgaging the house to fund the new home for the wife (hers is a bargain by the way in a nearby area).

Surveyor came to value mine for the remortgage, opening sentance - housing market's been falling quite sharply lately.
My house was given a value by the mortgage broker based on the alledged rises since I purchased the house.
Surveryor eventually submitted 7% below assumed value.

Truth is if I had to sell I'd have to come in a good deal cheaper than that.

The only saving grace for this valuation was that my house is totally unique to the area so they have nothing else to compare it to. Conversely the ex-missus is buying a house on a 24 yr old development, others are for sale, hers has been dropped to very low price cause the sellers have been let down twice and are desparate to sell so they can move to Portugal.

All of this matters little to me, I'll stay where I am indefinately, love the house and the area. I tried to advise the missus to rent and buy in 12months time if she wants to save some cash and grab a bargain; however what she does is her affair, and I think dont think she'll save too much more than she is already.

I think the market will drop 30% (the rough amount its overvalued), but it wont be a sudden drop, it will be a drop in real terms, i.e. people like me will have to knock off between 7 and 10% each each year to sell for the next 2 or 3 years, followed by stagnation. Meanwhile inflation will be relatively buoyant, meaning in real terms prices will overall drop around 30-40% over 10 years.

If surveyor overvalues your house, you will be paying too much to your ex wife.

I know, but I'm blessed - I offered her a settlement and she has agreed, nothing has been counted up by lawyers, nothing investigated, and its a divorce that incurrs a settlement that is agreed from now (the one that involves irreconcilable differences).
FYI the reduced valuation was actually a negative for me, as it reduced the amount I could borrow on a 'no questions asked' basis.

Not wanting to stray off topic, but my biggest asset is my business, the house was not relevant.
Luckily for me the missus is so set on her house purchase that she has signed up to my settlement - in fairness its pretty generous, we have no dispute, and there's no one I'd rather see get a fair share than her.............we just can't stand living together. Added to that I have one Step daughter whose been with me for 10yrs since she was 3, so we're very close, who will inherit the lot anyway, so that's good enough for me.

My missus is from Canada, her view was 'pay out what you like, if it leaves me with not enough to stay in the UK I'll go back to Canada'. So now she's staying. she's 2 miles up the road, and I'll see my daughter all the time, sounds good to me.

best of luck.its always good to keep the lawyers away from a deal

Agreed , the better properties are approx 30% overvalued , i think the fall will be a mixture of nominal and real , with biggish drops coming by summer as the stock of unsold properties rise and few buyers are around to buy them .

As for New Build flats being overvalued 30% , double it to 60% .

Shame your ex didn't have the nerve to have a fixed tenancy for just 12 short months .

My ex was reluctant to get lawyers involved too, it worked out well, we still get on reasonably and are both involved in parenting.

I too stayed in the marital home and as the divorce happened in 2000 house prices were less of a problem, dont think I could afford to stay in this house if the divorce had happened a few years later.

Just to finish this off.........

Divorce settlement all signed off now, wife due to move in new house about 3 weeks time.
Mortgage broker never been so busy, but not from new houses, he says all his work is from remortgaging.
Our mortgage offers came it at v low rate, rates have shot up in the short time since.

Not using lawyers for a fight proved a really good thing, saved us a fortune. My insurance broker told me of 2 clients who recently divorced - one paid £100 in lawyers fees, the other paid £140,000!!!!

Thanks for the good wishes, time to start my new journey in life.
I hope the market really does fall heavily for all you people trying to get on the ladder.

All the best. You sound like a very decent guy.

Well done for coming to a deal without using the vermin ..ooops , sorry , solicitors !
I suggested to my ex that we go to mediation , to resolve finance ,but she wanted it done "properly"
18 months ,and £6,000 later , we still have no settlement .
I have offered her the house ,for a small sum ,so that she doesn't have to sell and upset the children. (she would need to re mortgage for £45,000 ,for a house valued at £180,000) and I will "walk" .
She thinks she is getting "ripped off !!"(stirred up by her solicitor)
Long story , so I won't go into it here ,
Top marks again for keeping solicitors out !!

Yep, no better advice than that. The divorces I have seen that have ended up with legal involvement have always ended up worse for both parties. Glad you could work things out amicably.

As a divorcee I have come to conclusion that is best viewed as musical chairs, give the house to your ex-wife keep your pensions and minimise the monthly payments to child support only. Then go and marry another divorcee who did the same to her ex-husband.

If you keep the solicitors out the net net is about the same and if you play your cards right you get a better a house ;-)

Ha just gone thru this offered the ex £165,000 from the equity in the FMH and £5000 cash..in July 2006 .it was turned down.
Went all the way to court with her CC debt, Legal aid debt and personal loan which she had to take out when she lost her legal aid....... she has cumulative debts in excess of £38,000.

Went all the way to final hearing Ex wanted spousal Maintenance at £600PCM for 5 years in addition to 20% for children, she didn't get it.

In short i got to protect my pension and gratuity circa £300,000, the court ordered sale of the FMH and i also have 9% of the equity in that.

Can resign from work next year if i wish with £55k gratuity and £12K a year pension aged 40 pension fixed at this amount to age 55 then index linked for the last 15 years.

FMH is up for £247,000 only 1 offer of £237,00 which will give ex approx £192,000 take off her debts and she'll get some £16,000 less than i offered her.

Woman just got gready!!

wsn03,

I hope that I don't get divorced but if I do, hopefully it will be as amicable as you have managed. Best wishes for the future.