There are only a few things in life as complicated and stressful as going through a divorce – and one of them is selling a house.
Unfortunately, these scenarios typically go hand-in-hand, and many separated couples find themselves dealing with two of life’s most challenging situations at the same time.
Here are some property-related tips to help you navigate such a scenario:
Get good advice
Seeking expert legal advice should be your first call of action as a professional such as a divorce solicitor can save you from a world of disputes and trouble. Many factors can decipher how assets will be divided, such as the length of the relationship, each person’s income and responsibilities, and whether or not children are involved.
A legal advisor will have the experience and knowledge to handle matters like property sales during divorces and can point you toward the best course of action from the get-go so that you aren’t left feeling lost and uncertain.
Carefully consider your options
When emotions are running high, it can be difficult to make informed decisions in the moment. However, you will thank yourself later if you take the time out to carefully consider each of your options.
Could you buy the other person’s share of the property, or vice versa? Would it make more financial sense to sell up altogether and downsize? If reaching a consensus is out of the question, the decision will have to go to court instead, so it’s best to try and come to a decision together if possible.
Find out more about the process of selling a house
Notify your lender
Don’t be afraid to discuss your circumstances with your mortgage lender. They will be experienced in this kind of scenario and will be able to give you the advice you need. If you want to discuss your options with a broker, Ellis & Co will be able to put you in touch for some free mortgage advice.
This is particularly imperative if you and your ex-partner signed a joint mortgage, as you will both be equally liable for any missed payments. This step is especially important if you think keeping up the mortgage repayments will be a problem.
You should also establish your divorce rights to property after the separation is confirmed. This will prevent your partner from transferring, selling or mortgaging the house without your agreement or knowledge.
If the other person owns the property in their name alone, a key step is to protect your property rights after divorce by registering them with the Land Registry.
Don’t rush the process
When left in the uncomfortable and upsetting position of living in and co-owning a home with an ex-partner, it could seem feasible to sell privately and for a low price in return for a quick sale.
But short-changing yourself will only lead to more heartache and disappointment after all is said and done. While it may take a little more perseverance to have an agent sell your property for the right price, you will thank yourself later for having more money to put towards the next chapter in your life.
Moving on might seem like the end goal at the time, but when the dust has settled, you will realise that moving forwards is what really matters. But if you really are itching to get moving, find out how to sell quickly and for a good price.
Get a professional valuation
No matter the scenario, you should always get an independent valuation from a reputable and experienced estate agent. Never rely on a figure from a quick-buy company - or even your former partner - as there is simply too much at stake.
Communication
Although productive and helpful communication is not always possible, it is in both parties’ best interest to keep an open line of communication throughout the sales process. By working together on the home as much as possible, you may be able to achieve the maximum price.
Work with an experienced agent
Choose a trustworthy agent who can streamline the process as much as possible and minimise the stress and disruption.
Selling due to a divorce is a difficult scenario to navigate and should be handled with the utmost discretion, so make sure your home is in the right hands during this time.
For confidential advice about selling your home, get in touch with Ellis & Co.
