Debt is playing less significant role as low interest rates mean that property owners are less likely to find themselves unable to pay their mortgages. Death is more low-key as there is a growing trend for homeowners in their
Death is more low-key as there is a growing trend for homeowners in their latter years to pass the property on to family before they die, or sell up and downsize dramatically after their family move away. Smaller properties are often retained as investments rather than sold by inheriting family members.
The 3rd D, however, is gaining a wider definition. Divorce is increasingly common, but the same challenges apply even if wedding bands weren’t exchanged, if a couple who own a property jointly split. Furthermore as initial home-ownership has become so expensive, there has been a rise in friends and family members pooling resources to buy together to get on the ladder – and when one person’s circumstances change, not everyone involved might be on the same page.
Stacks advises that understanding sellers’ motives is an important part of the buying process and can often influence the success of negotiations and transactions. Unpredictability is the key word when dealing with divorcing couples. Property transactions are rarely completely straightforward, and when separation is involved, there is a whole range of additional complications. For instance:
There may be uncertainty right up to the last moment. A higher offer may be particularly attractive to a divorcing couple; there may be a change of mind; or one party may simply decide to spoil the deal out of spite.
Stacks’ advice to purchasers who think they may be dealing with separating vendors is to:
If you have lost out due to any of these scenarios, or perhaps you are coming out of a split yourself, is it time to consider whether hiring a professional property expert such as Stacks could save you time, money and heartache?
We are always happy to offer advice over the phone, so please just call.
With one in three marriages ending in divorce, it’s a sad fact that a significant number of property sales and purchasers in the current slow market are as a result of a failed relationship. If you have found yourself in the position of the buyer of a house resulting from a...
As a newly single buyer you will have more questions than answers: What is your new financial situation, and how will this affect your mortgage situation? Do you want to stay in the same area or is this a good opportunity to move to a completely new location? How is the three-way relationship...
Stacks also has the following practical advice for newly separated purchasers: Remember that this is probably not how it will be forever.The chances are that new relationships will flourish, new opportunities will arise, so in the short term: Don’t flee: Location is almost certainly your main priority and, whilst the initial temptation maybe...
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