Statistics show that 42 per cent of marriages end in divorce and 34 per cent of married couples divorce before their 20th wedding anniversary; that’s 2.8 divorces per 1000. Sometimes when couples are going through divorce they can face property problems, often one party does not have the means to continue with the mortgage payments and other financial commitments on their own and they need to move on. They may have built up arrears and, or be facing negative equity.
Unfortunately, relationships do fall apart. The strain of a breakup can be extra hard when there is additional problems of existing property debt and negative equity. When the property is jointly owned, both parties share the liability.
We had a couple contact us who were going through an acrimonious divorce. The property had debts and negative equity. One partner was not prepared or in a position to service the mortgage debt. This equally effected both parties. This meant they could not sell their property and one partner could not afford the mortgage or running costs on their own. They had also let the property get in to some disrepair over the years. One partner had moved in with their new partner and had new financial commitments now. The couple were at logger heads and wanted to move on.
We agreed to purchase their property and agreed market value. We agreed to pay a monthly fee that was satisfactory to them and us the buyer/investor. This was agreed to be paid for the length of the terms we agreed, which in this case was the terms left on their mortgage. Contracts were drawn up by a solicitor and we had the whole process completed within 30 days.
Completion of the sale was delayed until the near future. This allowed for the market to improve.
We gave the property a light refurb. We took full control of the property, we paid the council tax and took care of all the maintenance and utilities.
The couple were able to move on with their lives and go their seperate ways and without the worry of property debts anymore.
If you would like any more information on the above or any other property problems you may be facing please Contact Urban Square Property on 0800 228 9292 or visit www.urbansquareproperty.co.uk