Divorce is a challenging and emotionally charged period, and dividing assets, including the marital home, can make it even more overwhelming. It’s a complex process that involves navigating legal and financial hurdles while dealing with the emotional strain of the divorce itself. Nevertheless, selling the house during a divorce can provide a sense of closure and enable everyone to move on with their lives.
In this article, we’ll guide you through the process of selling a house in Leicester during a divorce. We’ll discuss the legal issues involved and provide practical steps to help you navigate a quick and straightforward sale of your property.
Can my husband/wife make me sell our house in a divorce?
Going through a divorce is tough, and the idea of losing your home can be distressing. However, if your ex-partner insists on selling the property and you’re unable to reach an amicable agreement, there are laws to help. Ultimately, the decision will be made by the court through a Property Adjustment Order, which will determine whether the property must be sold. The court may require an immediate sale of the property or consider one of the following two options:
In this case, the court will request the sale of the property at a later stage, usually if there are children under the age of 18; the primary caregiver will then be able to remain in the property.
In this case, the court will prevent the sale of the property indefinitely, usually for the rest of the life or until marriage or voluntary removal.
What happens when selling a house during a divorce?
Now if the court has agreed that the property needs to be sold, you may find yourself asking what happens during this process.
Who gets to live in the property?
During the divorce, both parties have equal rights to the house. It doesn’t matter if one party had left before the other. Unless the court says otherwise, both parties enjoy equal rights during the process. Now, if the property is being sold, it may take some time before the sale is concluded. If you are reliant on those funds before being able to move out, it can make for a difficult time.
Therefore, it may be best to come up with a suitable arrangement to prevent any further issues during this time. This could be something like agreeing on a temporary living arrangement until the sale is completed or determining a fair amount for one party to pay the other in order to obtain their share of the property. It’s important to communicate with your ex-partner and reach an agreement that works for both parties in order to avoid any further conflict or unnecessary stress.
Can I buy the property?
If you wish to continue living in the property after the divorce, one option to consider is refinancing to cover the equity of your ex-partner. However, it is important to get a professional valuation of the property to determine if this is a viable option. Keep in mind that refinancing may not be a popular choice as moving can often provide a clean break and allow both parties to move on with their lives. Ultimately, the best course of action will depend on your individual circumstances and goals.
How is the property divided financially when it is sold after a divorce?
Typically, the proceeds from the sale will be split between the parties based on their respective interests in the property. This is often based on the percentage of ownership of the property, which may have been determined when the property was purchased or later agreed upon by the parties. Ensure that a consent order is taken to ensure agreements are enforced.
How do you sell a house when separated?
Selling a house may seem like a simple process; however, with situations like divorce, it can become quite complicated. It’s, therefore, a good idea to make sure you’ve considered everything to ensure a smooth process.
Make a plan
Start by making a plan. This can be the process of how the property will be sold to ensure all avenues have been explored. Additionally, it may mean carrying out some repairs and maintenance on the property to ensure it can be sold for a good value.
Is anyone owed money?
When the property is sold, the proceeds from the sale will first be used to pay off any outstanding debts on the property, such as the mortgage. Additionally, during the sale process, things like insurance, council tax, and mortgage payments must still be made. The costs of this may then be factored into the overall sale price.
Valuation of the property
The next to do is to get a valuation for the property. This will provide an accurate figure as to how much you’re likely to receive. This may help with forecasting for the future and paying off any lenders.
What is the best way to sell a house?
When it comes to selling a house, you have two options. One is to sell on the open market using the traditional route of an estate agent. The property will be listed, and buyers will come to visit the property. Expect multiple visits and negotiations before the final sale can occur.
The second route is through cash house buyers like us at WeBuyAnyHouse. We can provide a free cash offer that is based on the current market value of the property. This means that factors such as the condition of the property, location and other factors aren’t considered. It is simply how much the property is worth. We can also complete a sale in as little as seven days, which means you can get on with other aspects of your life easier.
Take into account costs and time.
Ensure you consider factors such as cost and time during the sale process. This will help you make the right decision between a cash house buyer and an estate agent.
If you sell on the open market, you should be prepared to wait for a while. In fact, in Leicester, properties tend to remain on the market for an average of 141 days. On the other hand, with our service, we can wrap up a sale in as little as seven days. Not only that, but we also include solicitor fees and legal expenses in-house at no additional cost to you.
Selling a house during a divorce can be a stressful process. However, as long as you are aware of the legal and financial hurdles and how to overcome them, you’ll be able to get through this.
If you’re interested in exploring our cash house-buying process, get in touch to receive your free cash offer.