This three-minute read looks at the property-related issues that arise after a relationship breaks down.
A survey of 2,000 Brits found that there’s only one thing more stressful than getting divorced – and that’s moving home.*
Spare a thought then for people who sell their home when their long-term relationship ends. They find themselves dealing with two of life’s most challenging moments at the same time.
Here are some property-related tips to help people navigate such a scenario.
Get good advice Seek good, independent legal advice. Many factors can influence how assets are divided, such as the length of the relationship, each party’s income and responsibilities, and if children are involved.
Consider your options carefully Could you buy your ex’s share of the property (or vice versa)? Or would it be best to sell up altogether? If you and your former partner can’t agree, a court will decide for you (and you’ll have to abide by the decision).
Notify your lender Discuss the situation with your lender; they’ll have seen this type of thing before and will be able to advise you. Remember, if you and your ex-partner have a joint mortgage, you’re both liable for any missed payments – even if one of you has moved into alternative accommodation.
Don’t short-change yourself Beware of home-buying companies that swoop in and purchase properties at lightning speed from people in tricky situations. In return for a quick sale, these operators will hammer you on price. (You’ll kick yourself later for accepting a measly sum.) The more you make from the sale of your home, the more you’ll have to put towards starting the next chapter in your life.
Get an independent valuation Whether you’re doing a deal with your ex or selling on the open market, always get an independent valuation from an experienced estate agent. Never rely on a figure given to you by a quick-buy company or your former partner.
Be realistic about future costs If you plan to buy a new home post-divorce, you’ll need to budget for a removal firm, stamp duty, and legal fees (all good reasons to maximise the price you get for your home).
Communication If possible (and we accept that in some circumstances, it’s just not), try to keep the lines of communication with your former partner open. If you can work together to present your home at its best, you can achieve the maximum price.
Work with an experienced agent Choose an agent with a good track record. They’ll streamline the process as much as possible and minimise stress and disruption.
For confidential advice about selling your home, get in touch with us here at Newton Fallowell
*Survey conducted by Yopa in 2019.
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We are required by law to conduct anti-money laundering checks on all those selling or buying a property. Whilst we retain responsibility for ensuring checks and any ongoing monitoring are carried out correctly, the initial checks are carried out on our behalf by Lifetime Legal who will contact you once you have agreed to instruct us in your sale or had an offer accepted on a property you wish to buy. The cost of these checks is £60 (incl. VAT), which covers the cost of obtaining relevant data and any manual checks and monitoring which might be required. This fee will need to be paid by you in advance of us publishing your property (in the case of a vendor) or issuing a memorandum of sale (in the case of a buyer), directly to Lifetime Legal, and is non-refundable. We will receive some of the fee taken by Lifetime Legal to compensate for its role in the provision of these checks.
