Does my partner have to buy me out of the house when we divorce?

Sadly the inevitable consequence for many divorcing couples is that the family home has to be sold and both parties will need to rehouse themselves. It’s not always as simple as it seems.

Once the ink is dry on the final court order, the parties will be looking to make arrangements for the future. If the house is to be sold, then, subject to an agreement over accepting any offers received and the usual frustrations with incomplete chains and last minute hitches, the process is no different or more stressful than an ordinary house move.

But if the house is to be transferred to one or other of the parties, then difficulties with the existing lender or trying to find a new one can cause all sorts of problems, and seeking advice early can be time well spent.

It would be usual to approach the existing mortgage lender about a transfer of equity application initially, and certainly long before the terms of the court order are agreed. If a new lender is to be involved, then a loan in principle should be agreed, making sure it truly is affordable. A good mortgage broker with up to date knowledge of the market place can be key at this stage, especially for those for whom organising borrowing is a dim and distant memory.

We are always here to help and advise if a situation like this arises, we have legal representatives along with Financial advisers that we can recommend to you.

Should you need anything then give Nathan Jackman-Smith a call on 07446 882152

 
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