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    • Xichro
    • By Xichro 14th Jun 19, 7:08 AM
    • 4Posts
    • 1Thanks
    Xichro
    Equal split house sale in amicable divorce
    • #1
    • 14th Jun 19, 7:08 AM
    Equal split house sale in amicable divorce 14th Jun 19 at 7:08 AM
    Hi all. I'm currently going through either an annulment (seeing as we were married less than a year ago) or a divorce later down the line. We haven't decided yet, all we know is it's an amicable split.

    My question is, once we've finished the required renovations to the house, how do we equally split the sale of the house so that she gets money (as she wants to go back and live with her parents for a while) and I use the other half to put down on a new house deposit/mortgage? I've tried to research this but I can't for the life of me find out if this is possible or not. We also don't want to bother with lawyers etc. seeing as we're still on good terms.

    If anyone can tell me where I'd find this information or how we'd go about it I'd be greatly appreciative.

    Many thanks.
Page 1
    • KatrinaWaves
    • By KatrinaWaves 14th Jun 19, 7:14 AM
    • 947 Posts
    • 1,970 Thanks
    KatrinaWaves
    • #2
    • 14th Jun 19, 7:14 AM
    • #2
    • 14th Jun 19, 7:14 AM
    Maybe I am missing the obvious but you sell the house. You pay the agents fees for selling it.

    Then you look in the bank, see how much money you have from the sale and divide it by 2.
    • lisyloo
    • By lisyloo 14th Jun 19, 7:24 AM
    • 25,441 Posts
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    lisyloo
    • #3
    • 14th Jun 19, 7:24 AM
    • #3
    • 14th Jun 19, 7:24 AM
    I’ve been married 21 years and trust my husband.
    When my husband started a company he was very strongly advised to split the equity 49/51 which he did.

    I would strongly suggest you get your divorce formalised and finalised even if only the minimum is done with lawyers.
    There is a possibility that later on pressures come from a 3rd party.
    There is also the possibility that one of you falls on hard time and requires benefits and needs evidence rather than a vague amicable agreement.
    If you are really against paying lawyers then at least write down your agreement and both sign and get it witnessed.
    The problem with this is that it could have holes in but it still is evidence of what you both intended should there be a dispute later on.

    Why don’t you want to sell the house if neither of you are living in it?
    Is it a BTL or are you trying to release equity before a sale?
    There are several ways to sell
    1) through an estate agent to get market value, this can take time
    2) at auction for about 70% of value
    3) with “we buy any house” type properties again for a large discount

    Properties are not liquid assets and there is a big discount to liquidating in a hurry.

    Could you live in it whilst it’s being sold, saving you rent In return for which you maintain it and pay the bills?
    • Xichro
    • By Xichro 14th Jun 19, 7:27 AM
    • 4 Posts
    • 1 Thanks
    Xichro
    • #4
    • 14th Jun 19, 7:27 AM
    • #4
    • 14th Jun 19, 7:27 AM
    This was my first home so I'm not sure what happens in these scenarios. So say for instance I find another house and I want to buy it. I'm then stuck in a chain of selling, then buying. They'll of course need to know about my funds before I can put an offer in? I'm not so sure it's as simple as having money in your account.
    • Xichro
    • By Xichro 14th Jun 19, 7:31 AM
    • 4 Posts
    • 1 Thanks
    Xichro
    • #5
    • 14th Jun 19, 7:31 AM
    • #5
    • 14th Jun 19, 7:31 AM
    Hi lisyloo,

    We are indeed living in it but we started renovations on some rooms and they need to be completed otherwise it'll look a mess in the photos! We're happy to finish them before selling.

    I'll look into the lawyer part, I just didn't want more expense when I know we might be able to do it without help.

    Thanks.
    • LandyAndy
    • By LandyAndy 14th Jun 19, 7:31 AM
    • 24,845 Posts
    • 52,294 Thanks
    LandyAndy
    • #6
    • 14th Jun 19, 7:31 AM
    • #6
    • 14th Jun 19, 7:31 AM
    This was my first home so I'm not sure what happens in these scenarios. So say for instance I find another house and I want to buy it. I'm then stuck in a chain of selling, then buying. They'll of course need to know about my funds before I can put an offer in? I'm not so sure it's as simple as having money in your account.
    Originally posted by Xichro
    I think it is.

    You sell your house. Your wife takes her half of the money and goes to her parents. You take your half and use it to buy a new house, either at the same time or later. If later then you use a bit of the money to rent until you find somewhere.
    Last edited by LandyAndy; 14-06-2019 at 7:34 AM.
    • DigForVictory
    • By DigForVictory 14th Jun 19, 7:45 AM
    • 10,147 Posts
    • 35,440 Thanks
    DigForVictory
    • #7
    • 14th Jun 19, 7:45 AM
    • #7
    • 14th Jun 19, 7:45 AM
    Without wanting to sound like a dyed-in-the-wool cynic, please document these ideals, agree them, print two copies & both of you sign each copy. For example, set a time limit on these refurbishments, to avoid any debate as to whether "it's ready to sell" yet?

    In a perfect world you wouldn't need lawyers, but we do not live in a perfect world & we do need lawyers, mostly as they are the most alarming fantasists in employment - their "what if" trees make the sequoia look bonsai.

    It need not be gruesome expensive, now, while your friendly, so go talk to a lawyer and draw up a document that covers both what you want to happen & as many nightmare scenarios as you can stand. If you can both agree that, then you have an agreed basis on which to sort a financial separation, which is frankly often the more contentious and overlooked bit of undoing a relationship legally. (Have either of you got Wills? We have Wills in contemplation of marriage - but for you both, a Will in contemplation of returning to single status might be in order.)

    As for buying a house - the buyer with the cash in the bank and no chain is in the best position to buy. If you both have alternative places, sell asap so you can physically move on without fuss.
    • hazyjo
    • By hazyjo 14th Jun 19, 9:24 AM
    • 12,330 Posts
    • 16,830 Thanks
    hazyjo
    • #8
    • 14th Jun 19, 9:24 AM
    • #8
    • 14th Jun 19, 9:24 AM
    This was my first home so I'm not sure what happens in these scenarios. So say for instance I find another house and I want to buy it. I'm then stuck in a chain of selling, then buying. They'll of course need to know about my funds before I can put an offer in? I'm not so sure it's as simple as having money in your account.
    Originally posted by Xichro
    That is literally what the majority of people do when selling/buying. Nothing unusual about a chain or using property equity to put towards the next one.


    Twice divorced here. Didn't use solicitors. Had houses to sell both times. Was pretty easy.
    2019 wins: Bottle of Prosecco; Popcorn Shed popcorn; Moisturising 'M&S Time Capsules'; Case of Boost Sport + £30 Just Eat voucher; Battle Proms tickets and hotel; under-eye serum...

    "Should know better." Apparently.
    • G_M
    • By G_M 14th Jun 19, 10:25 AM
    • 49,612 Posts
    • 61,587 Thanks
    G_M
    • #9
    • 14th Jun 19, 10:25 AM
    • #9
    • 14th Jun 19, 10:25 AM
    Both key bits of advce above are good.


    1) normalsale with a chain. Find buyer. Find seller for new house. Wait for chain to complete. Sell/buy at same time as everyone else in the chain, using the money from your sale to buy new property.



    Then see what £ was received, what was spent - new purchase plus selling fees (ignore buying these - these are down to your partner asthat was his choice) then calculate who owes who how much and divvy up.


    2) but I too recommend documenting it all - how the money was split and why, aad signing. I also recommend using a lawer for both the above. Find a solicitor who specialises in conveyancing and divorce work.
    • lisyloo
    • By lisyloo 14th Jun 19, 11:55 AM
    • 25,441 Posts
    • 13,643 Thanks
    lisyloo
    I'll look into the lawyer part, I just didn't want more expense when I know we might be able to do it without help.
    Originally posted by Xichro

    You could do it yourselves but there might be scenarios you havenít thought of that a lawyer would.

    For example what happens if one of you dies?
    Currently if the house is held jointly then the survivor would get the house.
    Is that what you want?
    If it isnít then you need to do something to make sure your wishes are followed. For example a lawyer might suggest changing the property from joint tenants to tenants-in-common.
    That basically means itís 50/50 rather than 100% shared.
    There is a difference if one of you dies.

    Thatís just one example of one thing that could go wrong if you DIY.

    A chain is normal procedure.
    This is how most people buy and sell houses.
    Itís often a pain trying to tie everything up, so if you can stay with parents and can sell and then buy without a chain then that is an advantage. Not everyone can do this.
    • Xichro
    • By Xichro 14th Jun 19, 5:10 PM
    • 4 Posts
    • 1 Thanks
    Xichro
    Thank you everyone for your wonderful responses. I need to now do some more research and think about this a little more when we're ready to sell.

    Apologies if I doubted anyone, seeing as I had no prior knowledge of any of this.

    Thanks again.
    • jamesperrett
    • By jamesperrett 15th Jun 19, 12:25 AM
    • 889 Posts
    • 527 Thanks
    jamesperrett
    While you can do much of the legal side of the divorce yourself, it may be a good idea to have a solicitor take a look at your proposed agreement and make sure that it makes sense legally. If you haven't seen it already then take a look at the Wikivorce website which contains plenty of useful advice and which also offers fixed fee consent orders for people in your situation.

    https://www.wikivorce.com/divorce/
    • Fire Fox
    • By Fire Fox 15th Jun 19, 2:00 AM
    • 25,155 Posts
    • 29,398 Thanks
    Fire Fox
    This was my first home so I'm not sure what happens in these scenarios. So say for instance I find another house and I want to buy it. I'm then stuck in a chain of selling, then buying. They'll of course need to know about my funds before I can put an offer in? I'm not so sure it's as simple as having money in your account.
    Originally posted by Xichro
    Welcome to MSE.

    Until you take steps to formalise the legal separation, many organisations (lenders/ DWP/ inland revenue etc.) still see you as one half of a pair. Your credit histories are intertwined, you are each other's next of kin in case of injury or death, one of you may be expected to support the other financially if you lose your job or fall ill rather than being able to claim benefits.

    You need a solicitor to sell the house anyway. The same practice can act for one of you and do the basic paperwork for the legal separation. You do not have to go ahead and divorce if you are not bothered.

    My separation and divorce were amicable. A few years later I discovered that my ex was still linked to my credit file, presumably vice versa. I had to send documentation to get that amended, which obviously took a little time. This caused us no problems, but it has for other former couples.

    HTH anyway.
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
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