Divorcing and need to sell?
Divorce is an everyday occurrence.
UK-wide, 44% of marriages end in divorce nowadays. And second marriages are even more likely to break up, the figure in that category being 60%.
In fact, the UK has the highest divorce rate in the whole of the EU; we exit from marriages more than any of our European neighbours.
Quite apart from the huge emotional and psychological stresses involved in divorcing, there can be serious monetary concerns, too.
With joint-name ownership – and with it co-responsibility – being the norm, there is a major problem unless one partner is in a sufficiently well-paid job to be able to buy out their former spouse or partner and take on sole responsibility for the mortgage they previously shared.
Even then that will require the go-ahead and co-operation of the bank or building society as well as involving a solicitor’s help in formally transferring ownership and tying up any other legal loose ends to the lenders’ satisfaction.
But it may be that neither party can afford – or would even want – to stay in a house which could hold some unhappy memories for them.
If so, obviously they will seek to sell the property, ideally for a sufficiently good price to clear any outstanding mortgage debts.
Should there be any money left after that – and remember that selling a home sometimes can take a long time and involve considerable costs and fees – the remaining amount will be split between them.
But what if, in addition to the emotional upheaval and turmoil of a break-up or divorce, there is negative equity? That places another heavy burden on already-overladen shoulders.
And negative equity is a big, big problem in much of north-west and north-east England. Property debt, negative equity and/or mortgage arrears really do muddy any relationship-breakdown waters.
Selling a house can be difficult enough at the best of times. Even where it’s a case of happy families simply moving on to something bigger or better, selling their own place in order to buy someone else’s home seldom is a completely straightforward, problem-free exercise.
Why so? Because a host of very different – and often difficult - pieces must all be in place before completion can be achieved.
Evidently, if there is the discord as a result of a relationship break-up or divorce, it is highly unlikely that this will make the process any less problematic or fraught.
Divorces – particularly where they are messy - do nothing to facilitate quick, smooth house sales. The simple fact is that divorce or break-up create additional legal and financial problems, to which can be added the cocktail of traumas arising from this combination of difficult factors.
So if you are divorcing and your home is in negative equity, selling it is not going to provide sufficient money to pay off the mortgage. What then?
Well, even if counseling cannot save your relationship, it is imperative that you at least get help in trying to sort out your financial affairs. Chief of these is the not so small matter of the selling the home you once shared.
With negative equity being such a problem in north-west and north-east England, divorcing or separating couples in these regions are in a particularly precarious situation.
Negative Equity UK have offices, staffed by experts, in each of these areas – Manchester and Newcastle.
In that they exist to advise and assist anyone whose home is in negative equity, they have a wealth of experience in dealing with divorce-related cases.
Negative Equity UK know the law inside out. Their staff includes people from backgrounds in banking who know what is possible and how it can be achieved. They are familiar with all the difficulties and all the options available in trying to solve these.
Having a property in negative equity does not mean you cannot get a divorce. But it does mean you need to take the appropriate action regarding your home and any debts on it. That is why you need the help of experts like Negative Equity UK.
Once they examine your particular debt position, they will know the most appropriate means of dealing with it.
They can negotiate with your lender, meaning you will not have to do that. And usually they succeed in negotiating huge amounts of debt write-off and debt forgiveness. Tens of thousands and sometimes hundreds of thousands,
Negative Equity UK are on YOUR side. So contact them and arrange a free first consultation.