Selling a House after Divorce or Separation
Selling your house after divorce or separation can be one of the most stressful things we can encounter. Divorce continues to be a devastating and stressful burden for any family to go through. And when children are involved this makes the business of selling a family property all the more important.
Options to consider when selling a house after divorce
Before selling your property as a result of divorce there are a number of options you should consider.
Selling your share
You could consider remortgaging your property as you look to sell house after divorce. Refinancing could allow you to access the equity in your property. This could then allow you to effectively buy out your ex-partner’s share. This is a great option if you are simply looking to stay in the property. However, you may decide that you would prefer somewhere new to live.
Keeping a family home
The idea of having one parent stay in the property when children are involved often seems a great route. This could be a viable solution for keeping most of the family unit together at a time when it is needed the most. This route often works best when one party is prepared to gift their share of the property to the other. This could be done by talking amicably via solicitors as you look to sell your house during divorce. However, this is often not possible as many divorces end up acrimoniously. And even if you can reach agreement this option may be unaffordable. The costs of running a family property are often simply too much for one party to afford on their own.
Selling your property quickly
The sale proceeds from selling a marital home can provide both parties with much needed financial relief. It is often the only way a couple can go their own way finding new homes to start over again. Selling your house fast could provide the much needed closure that so many couples crave for. You could opt to sell via an estate agent. However, bear in mind that a traditional sale via an estate agent could take months and will often be subject to a property chain. Alternatively you could sell through one of the many companies that will buy your home. Many of the house buying companies can purchase your property in a matter of weeks. They really can be the biggest help to sell a house after divorce.
Can you sell your house prior to divorce?
Selling your home prior to divorce or separation requires cooperation from both sides. One of the first considerations you must consider first is if the property requires maintenance. Carrying out essential repairs can raise the value of your property. This also makes your home more presentable and is a great way to achieve a speedy sale.
Both parties will need to make a decision on who will be responsible for preparing the house for sale. Your home will need to be ready at all times for viewings.
You could meet with an estate agent to discuss your concerns regarding the upkeep and sale of the property. This helps eliminate any potential for this to be a one-sided affair. Estate agents are naturally more experienced when it comes to home sales. Hiring an estate agent may result in getting more value out of your home in the end.
Whether independently or with the help of an estate agent, you will need to agree on a asking price. Your asking price is your home’s first impression on the market, and so it is a very important step.
The Guardian Newspaper have written a great article on what happens to a family home after divorce.
Both parties will need to come to an agreement on the eventual sale price. If there is any disagreement along the way, this will need to be nipped in the bud fast. Rather than allowing this to escalate, find a way to reach an agreement. It is far better to move on than procrastinate and lose a perfect buyer.
For the sake of both parties, try to sell your house fast. Dragging out the sale of your marital home can create tension and worry that may affect other areas of your post-divorce life.
How much of the sale’s proceeds will you receive?
When it comes to the sale proceeds of the property, the jurisdiction must be taken into account—there is no catch-all rule to this. Every case and many jurisdictions are different, but in England and Wales, a separation does not guarantee a half-and-half split between divorce property and assets.
Cases that include prenuptial agreements or one spouse contributing significantly more to the mortgage or upkeep of the home can lead to an imbalance when dividing the profit from a property sale. The court will consider many factors, such as financial needs, conduct, the welfare of any children, their ages, and much more.
Your divorce solicitor is the best point of contact on this matter, as they will have the experience and knowledge necessary regarding your case and the assigned jurisdiction.
How can we help you to sell your house after divorce?
National Property Buyers is the perfect solution if you are looking to sell your house for cash due to a divorce or separation. To see how we can help, simply enter your details into our website for a free, no-obligation cash offer. You can then discuss our offer with our team, and we will instruct solicitors upon formal agreement. In as little as 28 days, we buy most properties with cash and without any property chain.
We will make you an offer for your home before, during, or after your divorce or separation. This offer will also be made regardless of condition. Through our straightforward home buying process, we strive to make the sale as smooth and quick as possible.
Want to find out more?
To get a Free, No-Obligation offer for your property simply enter your details wherever you see Get an Instant Cash Offer for Your Property.
Alternatively contact one of our team today for a Free, no-obligation chat on 0115 740 1900.