Divorce and Property Sales: What You Need to Know
We all know selling a home can be stressful, but imagine how difficult it is when the sellers are divorcing! Read this article for tips on managing this process effectively and getting the property sold so you can move on with your life.
Selling a home and going through a divorce are widely regarded as two of the most stressful things anyone can experience. Working through a stressful process is hard enough, but add to that, trying to liaise with someone who has equal decision-making control but who you are no longer on the same page with.
Firstly, a decision will need to be made about whether the property is to be sold. This decision, once made, can bring a sense of relief and control. There are many options here that don't necessarily mean that you have to sell. One of you could buy the other party out by raising finance and keeping the property. Of course, the amount of borrowing will increase, and there will need to be an income to support that additional borrowing as a single-income household. This would mean that the party that leaves would have a cash payout, and those who stay will own the property on their own.
There is also the potential to keep and rent the property out, covering the ownership expenses with the rental income. However, this option must be appropriately managed as a tenant should not suffer when living in the property because the landlords are separated, and there must be harmonious communication between the landlords.
Finally, most divorcing couples opt to sell the property, pay off all joint debts, and split the remaining equity from the sale.
Agents are experienced in handling property sales and will be comfortable handling various particular circumstances. They understand that properties must be sold for all reasons, not necessarily a family searching for their ideal home. Property sales are not always for happy reasons, and each seller has individual circumstances.
So, if you are separating and need to sell a property as part of the separation, how can you do that without losing your mind?
Communication is key—as much as is possible. It is crucial to stay calm and clear-headed. Your role in the process is vital; clear communication can help you navigate the situation effectively. Stay amicable, and you will both be better off in the long run. Decide from the outset on the split—if you leave this discussion until you have an offer and don't agree quickly, you risk losing your buyer and messing up the whole sale.
Try to remove the issues about the divorce from the property sale. This is not about who will win against the other party; if you disagree, neither will.
A harmonious divorce is perhaps some kind of urban legend, as when a couple reaches the point of divorce, a lot of water is likely to have passed under the bridge. There will be some kind of ill-feeling, disappointment, and anger surrounding the break-up, so being considerate and clear can be tricky. But, if you continue to disagree and argue over things to do with the sale of the property, you will, at best, drag out the sale but, at worst, lose a sale altogether, leaving you and any potential buyers with costs from a failed sale and no completion.
If you are separating and have a property that needs to be sold, remember that you don't have to navigate this tricky process alone. Get in touch with our team of property experts. Their guidance and support can help you make informed decisions and ensure a smoother process in your particular circumstances.