The Land Registry reported that House prices continued to slide in October in England and Wales.
Prices fell by 0.8% compared with the previous month; this is the second month in a row that prices have fallen and also means that prices are now 3.4% lower than at the same time last year. However, the later figure has shrunk for 5 consecutive months meaning the gap between values now and a year ago is getting smaller.
The fall is said to relate to both the continued difficulties in obtaining mortgages and the fact that following the abolition with HIPs the house selling market being flooded with properties. These two factors have led to a stagnant housing market meaning sellers have to compete to obtain a sale which usually means dropping your price.
As I deal with unmarried property disputes this has an effect on the clients I see day in day out. Clients come to me because they can no longer live with their partner and want to rid themselves of their mortgage liability or want to obtain their share of the equity they have in their homes.
However, a falling market and difficulties in selling is making this more difficult. Clients either find themselves in negative equity or in a position were they cannot sell the property to release the equity they do have and remained tied to a mortgage for a house they no longer live in.
It is a difficult time but it is better to resolve issues with your ex-partner earlier than to allow them to drag on for years to come. This could be resolving when or if the property is sold or who is going to pay the outgoings in the meantime. I can assist unmarried couples or cohabiting friends and relatives to resolve issues between them. This could be in the form of a cohabitation or separation agreement or possibly pursuing matters through the Court to either seek a sale or transfer of the property.
By consumer solicitor, Gareth Jones
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