A house is usually the largest asset two people will ever own together. If you ever find yourself going through an unfortunate circumstance such as a divorce, selling your house can be an emotional and messy process for everyone involved so it’s worth getting the right advice.
Selling a house after a divorce: The basics
It all depends on the circumstances of the situation as to what you and your partner choose to do once you have chosen to get a divorce. It may be that it’s easier to just sell the house and both go your separate ways after the divorce.
However, when you have kids in local schools or you can’t afford to buy another place on your own that’s when things can get more complicated. Nevertheless, what you and your partner choose to do with the house after your divorce is a joint decision and it’s wise to get some external advice.
What are your options?
The outcome of what you choose to do with your house should be discussed between both parties. In an ideal world, both parties would agree and move on, but if an agreement can’t be reached it might be easier to get your lawyers involved.
Firstly, you must ensure your property is accurately valued. This allows you to share the value of the house equally between both parties after the sale.
There are several options for what to do with your house when going through a divorce.
- You could sell your home and split the money. This is usually the simplest option and allows both people to be able to move on with their lives.
- One person can buy the other one out. This can allow one parent and the children to stay in the family home, reducing further distress to the family.
- Have a Mesher agreement between you both. This means that both of you stay as owners of the house until an agreed time or event.
- Have one person stay in the property until they remarry. This is agreed in court and is referred to as a Martin Order.
- Take on your partner’s share of the mortgage. Your mortgage lender will be able to calculate whether this is an option based on your income. If not, your best option is to sell up and move to a cheaper home.
The next steps…
Once you have reached an agreement with your partner, you will probably want to move elsewhere and get another mortgage. However, this will be dependent on your financial situation. You should speak to a mortgage lender to see if it is possible; they will factor things into account such as:
- How much you have for a deposit
- Your income
- Your credit score
- The amount of debt you owe
- Your average monthly expenditure
- Any other personal circumstances
Many lenders will grant mortgages to those who have suffered a relationship breakdown. We know plenty of brokers in Norwich who will be able to offer you mortgage advice.