A relationship break-up is stressful on all involved. I aim to make it a little less stressful, at least where the property division is concerned. I can help guide you through this difficult time by helping you work out how much equity you have in the joint home, and explain what items need to be obtained and when they will be needed (e.g. registered valuation, separation agreement etc).
Contact me for a free no-obligation discussion of your options.
Will We Need to get a Registered Valuation?
Usually a registered valuation will be necessary to establish the market value of your joint property, so that your equity share can be calculated. Sometimes, both parties will agree to obtain one valuation to establish the value of the home. In other cases, each party will obtain their own independent valuation and agree to split the difference if the valuations come in at different values.
What is a Separation Agreement?
A separation agreement is a contract between a husband and wife, or partners. It usually resolves all issues relating to division of assets, child custody, child support etc. The agreement must be in writing and signed by each party after they have taken independent legal advice.
We strongly recommend that you have a lawyer draft the agreement for you. Even in cases of amicable separations, it is essential for your future security to have a signed, legal separation agreement.
Can I afford to keep the house?
One of the first questions people ask is - can I afford to keep the house and buy out my ex-partner?
I can give you an honest appraisal of your borrowing situation. I am concerned, not only with how much the bank will lend you, but how much you feel comfortable repaying per fortnight, based on your new circumstances.
Once I help you do the numbers, you can decide whether or not you want to keep the house. Alternatively, we can arrange a pre-approval for you to buy a different property with the matrimonial proceeds coming to you as your deposit.
What if my income is going to be different after the separation?
Your income may be a mixture of part-time income, benefit income, and/or child support. We have experience in obtaining mortgage finance based on all types of income.