Selling A House During Divorce: What You Need To Know
Divorces can be a particularly rough time, and there are a number of legal and financial issues that couples have to navigate when a divorce occurs.
One of the biggest questions that gets asked is: what happens to a house in a divorce?
The family house is the single biggest asset that will be involved in the divorce proceedings, and it is never a straight forward process when it comes to what happens with it.
What To Do With A House During Divorce
What you should do first very much depends on your individual circumstances, however before you do anything you should contact a solicitor, who will be in the best position to advise you on your options.
Remember that if you still have a mortgage, you are still liable for the debt until you remove your name or the mortgage is paid off.
What Do I Do With My Mortgage In My Divorce?
With regards to your mortgage on your home, you essentially have 3 main options:
- One person buys the other out – only really possible where finances permit
- One person takes on the full responsibility of the mortgage payments
- Both parties continue to make payments as usual
Of course, if you choose to sell you home, you can pay off your mortgage and usually have some extra funds that can be split between both parties.
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What If You Both Own The House Outright?
You legally own a property if your name is on the title deeds, so if a divorcing couple both own the house, you have 4 main options:
- One party can buy the other’s share outright
- Keep the property and change the owner legally
- Transfer all or part of the property to one person in the overall financial settlement
- Sell the property quickly and split the profits equally
Many couples do not wish to stay in the old family house after the divorce, which is understandable. Because of this, selling the home and splitting the profits becomes the best route for them, as it means they both have money to put down on their next property.
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Selling A House After A Divorce
More often than not, couples wish to cash in assets quickly during the divorce proceedings.
Selling your home fast will mean that you have the funds available for your next move right away.
Rather than waiting to sell on the open market, which usually takes months to finalise, you can sell a house fast with us in as little as 1 week.
We can offer you a fair price for your home, with no endless viewings, negotiations and other inconvenience.
Get in touch today for a completely free, no-obligation initial offer to see how much you could sell your home for and you could be on your way to starting afresh after your divorce.
Selling a Property Left in A Will: What’s the Best Way to Sell Fast?
If you and the rest of your family have been left with a property in a will and you are not sure what to do with it, this guide is intended for you.
An empty property can very quickly rack up fees that can become rather extensive if the property is not sold in a quick fashion.
There are a number of important processes along the way that have to be taken care of before the house can be sold.
Executors Of Inherited Property
The executors will be named in the will, and they will be responsible for paying any taxes, clearing any debts and distributing the estate.
This can usually take several months to finalise, and during this time the property can very often rack up costs such as bills, repairs and other fees.
One silver lining is that if the property has a mortgage, most lenders will sympathetic to your situation and can issue a grace period when payments are suspended while the estate is sorted.
Selling An Inherited Property
There is already a lot to do when you inherit a property, which can really draw out the process and make it tricky to finalise a sale.
First thing you need to do is get the house ready for sale, which generally involves clearing out all of the possessions in the property.
If there are a number of parties involved in the sale of the house, it is important to establish a written agreement of how the assets will be divided up, if it is not already mentioned in the will.
Fast Inherited House Sale
To get to this point could have already taken a few months, and many families will be looking for a quick sale of their inherited property.
After our initial valuation, we use professional surveyors to determine the true value of the property, so that we can make you a final offer that is fair and reflective of our fast and easy service.
After this offer, you could have the funds in your bank account in a little as one week.
Most importantly, we take care of all the legal work and fees, which means you get a hassle-free service without any additional costs on top.
Facing Repossession: What Are My Options?
If you find yourself in a tricky spot financially and can’t pay your mortgage, your lender could issue you with a repossession notice. It can be a scary prospect, but all is not lost, and you as a homeowner have some very viable options to avoid repossession.
Remember that lenders make money out of mortgages, so they want you to be able to keep up your payments and they certainly don’t want to kick anyone out their home.
How to Stop Repossession
The most important things you can do to stop repossession of your home before it happens are:
- Keep talking to your lender and let them know of any changes in circumstances
- Look at your finances and try to take steps to improve your situation
- Work out a repayment plan with your mortgage provider
- Speak to an expert who can help you and give free advice
Keeping in regular contact with your lender is the best way to show them that you are committed to paying off your payments.
See if you can come to an agreement that allows you to resume payments instead of repossessing your home, even if it is not the full amount.
What To Do If You Can’t Pay Your Mortgage
If all else fails and you simply cannot pay any amount to your lender, you still have a few options left.
Remember that your mortgage provider wants you to keep up your regular payments, so you should always endeavour to work out a solution with them first.
If that fails, there are a few things you can do.
Consider Selling Your Home
If the bank takes control of your house, they will sell it for much less than what it is worth, because they want to avoid the hassle of a long and drawn-out selling process.
If you sell it yourself before repossession, you will almost always get a higher price for it than the bank will.
Also, remember that the bank will still charge you selling costs and mortgage payments up until the point where the house is sold.
Get a Fast House Sale With Us
Selling your home quickly with us will allow you to clear your mortgage and any arrears you owe.
We can also give you a bit of breathing space, as it will give you some extra time so that you can sort out your personal arrangements.
In many cases, people have some additional money left over, which they can then put towards the costs of renting or a new mortgage.
Most importantly, with us, there are no selling costs and no legal fees, which means that you don’t pay a penny throughout the entire process.
Get a Valuation For Your Home
Start the process of selling your home today by getting a free initial valuation for your home.
If you think our initial valuation is reasonable, we will professionally survey your property to ascertain its true value, and make a final offer to you.
If you let your lender know that you are in the process of selling your home, they should then delay the repossession process.