69% of separated couples unable to sell homes
Wednesday 29th April 2009
Separating as a couple is not as easy as it used to be according to Scottish Widows.
During their survey Scottish Widows made a shocking discovery, finding 9% of property sales are currently coming from divorced or separated couples.
Of those estranged couples interviewed more than 69% revealed that they are struggling to sell their properties.
Why? Lack of funding.
Unable to raise the funds to buy out their partners, many couple are now choosing to continue co-inhabiting with their ex’s in order to maintain their current standard of living.
Selling joint mortgage properties – how does it work?
Part of the problem stems from how a property is split upon a couple choosing to separate.
Married or unmarried, a couple’s shared equity is determined by the type of holding they registered under when they purchased the property. Traditionally this falls into two categories: joint tenants or tenants in common.
Married: in this scenario, whether the property is jointly owned or not, the property is divided up between the two parties depending on what is agreed to be fair.
Unmarried: the scenario varies slightly here as it is based upon both parties having made financial contributions to the property.
- Joint tenants: the property is split 50/50 upon sale.
- Tenants in common: unless registered differently i.e 60/40, this is normally 50/50.
Either way, both parties end up coming away with only 50% of the properties equity.
Is there another way around this?
Yes there is, and one that can offer you the means to make a clean break without having to sacrifice your current standard of living.
Using the Property Mentor Finance Team, they can show you how to invest in property using little, if any, of your own money, thus giving you the time to sell your home at a pace that is right for you.
Interested in learning how the 8 unique investment strategies can help you to invest without putting yourself in debt? Why not come along to the 2 hour taster session to find out more.