𝐌𝐨𝐯𝐢𝐧𝐠 𝐎𝐧 𝐚𝐟𝐭𝐞𝐫 𝐒𝐩𝐥𝐢𝐭𝐭𝐢𝐧𝐠 𝐔𝐩: 𝐓𝐢𝐩𝐬 𝐟𝐨𝐫 𝐒𝐨𝐮𝐭𝐡𝐚𝐦𝐩𝐭𝐨𝐧 𝐒𝐞𝐥𝐥𝐞𝐫𝐬 𝐚𝐟𝐭𝐞𝐫 𝐃𝐢𝐯𝐨𝐫𝐜𝐞

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 me here at Belvoir on 02380018222 or brian.linehan@belvoir.co.uk

*Survey conducted by Yopa in 2019.