What happens to the property?

If you are or have been cohabiting or living in a house that one or both of you own, the usual rule is to sell the property, pay off the mortgage and divide the proceeds. Or perhaps one of you may wish to buy out the other's share/interest. There are huge variations on how the proceeds are divided, especially where one or other side provided the deposit. Buying out the other person's share has potential legal pitfalls. Where you are married a more delicate balancing exercise has to take place and everyone’s needs, particularly those of any children, are a much greater consideration for the Courts. If you are co-habiting things become much more difficult, particularly if you do not officially own the property, but have contributed to its upkeep and maintenance. Speaking to a solicitor would be a very wise idea if you are in these circumstances.

What if you can't afford to keep paying the mortgage?

If the financial matters have not concluded and you are struggling to keep up mortgage payments, we would advise you to seek legal advice as soon as possible. It’s never a good idea to hand the keys back to the mortgage company without taking proper legal advice first. The mortgage company's main concern will be to sell the property as quickly as possible to get some money back, they are not concerned with getting the maximum amount for it and then they will then be entitled to pursue either or both of you for any shortfall. They do not have to do it immediately and can wait until you are in a better financial position.

If you need advice on how to deal with your property and financial matters, contact us now on 01935 82388 to see how we can best help you.