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Have you split from your ex and want to find out about the process of selling a house after divorce? We take a look at your options and what to beware of.
After you’ve come to an agreement with your ex on splitting your assets, here’s how selling a house after divorce works.
If you haven’t come to an agreement yet, read our guide Who gets the house in a divorce? first.
You have 3 main options in terms of selling a house after divorce:
When you’re selling a house after divorce you’ll need to start by getting the property valued. A valuation survey is recommended as it’s an independent, professionally-prepared assessment of a property’s value, based on a set of standards set out by RICS.
An independent professional survey is recommended over an estate agent’s valuation estimate as the former is based on stricter, accepted standards set out by RICS. This is more likely to be accepted by the courts and mortgage lenders for example.
Find local chartered surveyors to carry out a valuation survey.
Get instant quotes from Chartered Surveyors in your local area.
The process of selling a house after a divorce works largely in the same way as if you sell any property. The property will be valued, you’ll both need to choose the best estate agent to handle the sale.
Use our Best Estate Agent Finder tool below to help you find and compare a list of local estate agents in your area. It will list which agents operate near you, which ones have the biggest local market share, their success rate and track-record of achieving asking price so you can find the best estate agent.
Find and Compare Local Estate Agents
This form will take you to ea4me.hoa.org.uk for the results
During a divorce, you’ll likely want to keep the administrative costs down. So don’t forget to negotiate on estate agent fees (you should look to pay about 1% commission).
Once you have an offer, you’ll need to instruct a conveyancer between you who will handle the legal side of your sale. You can get quotes from regulated conveyancers today on this site so you can find the best deal for your house sale.
For more detailed guide of the process, read How to sell your house: The step-by-step guide.
To help you budget for the costs involved, use our cost of moving calculator:
If you’re buying your ex partner out and you want to remove them from a joint mortgage, you can apply for a “transfer of equity”. This involves one partner legally transferring the ownership to another.
You’ll need to get a solicitor to handle the transfer of equity process. If you don’t already have one, you can use our free tool to find a lawyer to undertake your transfer of equity.
If you don’t have the money to buy your ex out you can apply to take out a bigger loan by remortgaging. But you’ll need to prove to your lender that you can afford the repayments. It’s worth speaking to a fee-free mortgage broker. They may be able to find you a better deal and they can also match you with a lender that’s most likely to accept your application. And if you’re getting divorced they’ll answer any mortgage questions you have too.
Get fee-free remortgage advice from our partners at L&C. Use the online remortgage finder or speak to an advisor today.
Inheritance tax & Capital gains tax: Transfers between spouses are exempt from inheritance tax (IHT) and capital gains tax (CGT), and this continues throughout the period of separation up until the decree absolute. But when it comes to tax, it’s always a good idea to speak to an expert. With more than 27,000 regulated financial advisers, our partners at Unbiased can match you with the right adviser. Find a financial adviser today.
Stamp duty: If you’re applying for a transfer of equity and you’re married or in a civil partnership, you won’t normally have to pay stamp duty land tax on the portion you are buying from your partner.
This will depend on your circumstances. It’s a good idea to speak to a divorce lawyer about this so you can weigh up your options and decide the best approach for you. There may also be financial and tax considerations, so do get proper independent financial advice at this time.
If you have a joint mortgage with your ex, you’ll both still be responsible for paying it even if one of you doesn’t live there anymore, until you reach a financial settlement. If one of you doesn’t pay, the other can be held responsible for the full amount. Bear in mind that any missed or late payments will damage your credit rating and can make it harder to get a mortgage on another property. So if you have a joint mortgage, be sure to discuss this early on.
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