People often find themselves in “crisis mode” when a big change is taking place in their lives, such as
divorcing from a longtime partner, or immigrating to a new country. Often the hardest part of dealing with either of these very challenging
situations is determining what should be done with your home.
Rather than making any rash decisions, it is wise to slow down and consider what is in your best interest now,
and in the future. Selling and renting are two options, but both require a lot of thought. Renting your property gives you the opportunity to
return at some point in the future and move back in. Selling your house in the UK is a permanent step with no chance of regaining
ownership. Depending on your circumstances, you may want to consult a professional to help with this important decision.
Divorce is a difficult time for all family members and stress levels can run extremely high. The biggest worry can be what to do with the family
home. It depends on the mortgage wording as to which partner gets to stay in the residence and which has to leave. If the loan is only in one
name, that person automatically receives the property, as long as they can afford to make the mortgage payments. However, if there are joint
signatories, one partner may buy out the equity belonging to the other or it can be sold and rented out.
Remortgaging of the home by one of the partners can be expensive due to survey costs, title deeds and legal
fees. This may be too difficult for a new single parent, for example, to afford. Sometimes, the best option is to sell the home and split the
profits after paying off the mortgage. We can help you to see if this is the best solution for you.
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