Divorce and Property: What Happens to My Home When I Get Divorced?

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Unravelling financial commitments in the event of divorce can be a complicated and trying affair. Having decided to go their separate ways, both partners will want to secure their financial future with a fair distribution of assets. Therefore, divorce and property settlements are always interlinked.

Sadly, homeowners can be unaware of the true effects divorce and property have on one another. Understanding what happens in the event of divorce - and especially when children are involved - is very important for homeowners to know.

As a customer-centric and understanding company, Springbok Properties can guide you, explaining what happens to your home when you get divorced.

As one of the UKs leading online property companies, Springbok Properties has more than 8 years' experience selling homes fast across the UK. To discover just how we can sell any home for up to 100% market value, call us TODAY on: 0800 068 7935.

 

Divorce and Property: Who is Entitled to the Family Home?

In short, property entitlement in the event of divorce depends on individual circumstances. Both partners need to work together to decide a divorce and property distribution resolution. If an agreement can be reached, both partners will need to sign a Consent Order. This will then be sent to the courts who will arrange for legal ownership of the property to be transferred or remain with same party.

Should partners be unable to agree on how the divorce and property ownership should be resolved, solicitors will arrange for a mediation between both partners to decide ownership. To find out if you're entitled to take possession of your family home, call Springbok Properties TODAY on: 0800 068 7935 and speak to a member of our award-winning customer service team.

 

Divorce and Property: What to Do Before You Separate

If a separation is inevitable, homeowners will need to notify their mortgage lender and explain how they intend to pay the mortgage. Homeowners with a joint mortgage are equally liable for repayments on the loan. There is no separation between divorce and property mortgage repaymentsif homeowners are still legally own the property.

 

Divorce and Property: How to Split Equity

When it comes to divorce and property, how equity is divided depends on individual circumstances.

For Joint Tenants, any divorce and property equity is split equally. Homeowners that own the property as Tenants in Common must sign a Declaration of Trust deed which states any division of assets is still valid after the dissolution of the marriage. This will be considered alongside other factors when deciding divorce and property entitlement.

 

Divorce and Property: Removing a Partners Name from the Mortgage

A mortgage lender will only remove your partner's name from the property deeds once proof is presented that a sole income can support the monthly mortgage payments.

Once a mortgage lender agrees that divorce and property repayments are not interlinked, and a sole income can support the repayments, the lender will ask for a transfer of equity, effectively removing one partner from the title deeds.

However, divorce and property ownership is different if the property is owned by Joint Tenants. In this instance, a transfer of equity between partners is required. This includes the deposit, the balance of the loan already repaid, and any money made on the property.

So, if your property is worth £100,000 and you have £50,000 equity held in the property, a transfer of £25,000 is required between partners.

Homeowners without the savings to cover the payment can apply for a loan (more commonly known as re-mortgaging.) For this divorce and property loan to be approved, homeowners will need to provide evidence to their lender that they can pay any loan back.

If you need to get a mortgage, contact Springbok Properties. Our expert team of financial advisors would be happy to assist you.

 

Divorce and Property: Legal Rights

One of the key divorce and property questions amongst homeowners is what their legal rights are. Simply put, if your name is one the mortgage then your legal rights are protected.

When considering divorce and property, if you think the likelihood is a permanent separation, and you have already vacated the home, you should register a Home Rights Notice with the Land Registry. This means that the property cannot be sold without your permission.

Homeowners can choose to live in the property until any divorce, annulment or dissolution has been finalised and a settlement agreed.

To find out more about divorce and property, or if you wish for a quick sale of your marital home, contact Springbok Properties TODAY on: 0800 068 7935.

 

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