The Land Registry has announced that house prices have now risen to similar prices to those seen in the summer of 2006. The Land Registry has also confirmed that the number of homes sold and the price of those homes has also risen within 2010.
I have spoken with various people who are unfortunately experiencing difficulties following a relationship breakdown. Most couples whilst cohabitating jointly own their home and following a breakdown in their relationship suffer difficulties in moving on due to being tied into a joint mortgage. Further problems have of course arisen in the past few years due to the decrease in the housing market as it has left a lot of people with properties in negative equity i.e. the mortgage is more than their property is worth. This has led to problems as most people have refused to sell their home and move on with their lives as they do not want to be left with a shortfall that they would have to pay back to the lender following the sale of their home.
I hope that the property prices continue to rise to enable those couples stuck following a relationship breakdown to move on. It should also be noted that if you wish to sell your property you do not always require the agreement of your ex-partner. If you are being reasonable in requesting a sale of the property you are able to ask the Courts to order that the property be sold. The Court’s can even sign the documents on behalf of your ex-partner if they refuse to sign them. There are always options available to you to enable you to move on with your life with or without the mortgage and property.
Stephensons Solicitors LLP can advise you on a variety of ways of dealing with your property. If you have a question for our cohabitation experts email us at firstname.lastname@example.org or call us on 01942 777777.