Joint ownership of a property can be amicably resolved, if you get the advice of a solicitor. You need to know your rights first and then discuss it with the other party. It doesn’t always happen quite as smoothly as that, but you do need to get legal advice first.
After a separation or divorce, a parent and any child or children remain in, what is sometimes referred to as, the family home. It is a joint ownership property, but while the child is under age, the child needs to remain in the property with one of the parents.
Once the children grow up and leave the family home, the property is no longer a family home but an asset. If there’s a mortgage involved, one or both parties are liable for. The typical scenario here is the father takes responsibility for part if not 100% of the mortgage.
There are other scenarios where one of the parents is a higher earner, or both parents share the mortgage liability equally. But if the children no longer need the family home, it would be sensible to consider easing off the mortgage payer’s financial burden.
So both parties are left with a few options. One would be to sell the property and split its proceeds. Getting a clean break by selling the property could be ideal – no mortgage left to pay and possibly some profitability for both parties.
You can give us a call for an initial free consultation with no obligation. Once you get legal advice, you’ll need a plan laid out with the help of an experienced solicitor and legal representation to proceed with the plan.
If you are in a similar situation, please give us a call to discuss. It’s a lot easier to resolve matters involving assets and family. When you know your rights and someone emotionally unattached has experience and legal expertise, you can move forward. We can help you bring a resolution to a difficult part of your life, with as little pain as possible. SG
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