Qualified advisers answering your
Financial Questions
call 0800 092 1245

Separations- what happens to your home?


Our previous blog looked at how to handle your finances after a divorce or a separation. In this blog, we will be looking at what you and your ex partner can do with your home when you separate or divorce, as it is a complex subject and there may be lots of options open to you.

If you have a joint mortgage, rent a property together or have lived in a house with your partner for a number of years, we can give you guidance to help you through this tough and emotional time.

Please remember, this can be a very complex subject and everyone’s experience will be different. If you are unsure what to do, you can call and speak to one of our financial advisers, or speak to a solicitor who will be able to guide you based on your personal situation.


If have a joint mortgage

If you and your ex-partner have been married or have a civil partnership together and are going through a divorce or separation, you will have a few options open to you.

• You could sell your house and both of you move out- this way you could put the money from the sale into buying or renting separate homes. Bear in mind this make take some time in the current housing market, so if you don’t have anywhere to stay and want to get out quick, this option might not be for you

• One of you could buy the other out- This means you will pay your ex-partner or they will pay you to leave the house and then your name is taken off the mortgage. This can be a good option for people wanting a clean break and some money to start over.

• Keep the home in both names, but with only one partner living in it- This can be a good deal if you have had an amicable separation and have children. Both of you will still be entitled to half of the sale of the property, so if only one partner continues to pay the mortgage it might be worth going down a different route.

• Transfer one part of the value of the property from one partner to the other- The parent who gave up their rights would a stake or “interest” in the property, meaning they would get a percentage of the houses value if it gets sold.

Separating your joint mortgage

If you both decided to separate your joint mortgage, so that only one person has their name on the mortgage, the partner with their name taken off will be able to borrow more money themselves, neither partner will have to rely on each other and both partners may be able to break the link that ties their credit files together.
These are some of the main options open to you if you own a joint mortgage with your partner, whether you are married or not. There are other options, such a Mersher orders, which means the sale of the house is put off until your children reaches 18, but it is best to speak to your solicitor about any discrepancies.

Is the mortgage only in the name of your ex partner?

If your mortgage is only in the name of your ex partner, you do still have some options open to you. You might be able to make a share for part of its value. There are different laws in place here, so again, if you think this might be something you would like to look into, make sure you speak to your solicitor.

Are you renting?

If both of your names are on a joint tenancy agreement, depending on your landlord and the type of agreement you have, you many be able to carry on the tenancy alone. Then, the person whose name is on the tenancy agreement will be solely responsible for the rent, but will also have the automatic right to remain there.

You may want to both move out, but are on a fixed term tenancy. Check in your credit agreement if you have a break clause, which will allow you to end the tenancy early. If it doesn’t include this clause, then you can't end the tenancy early unless your landlord agrees to it.

If you decide just to walk away, you'll still be liable for the rest of the rent to the end of the contract period, so it might be worth discussing with your partner the details of this.

Divorces and separations can be a really tough time for everyone involved, and can really take an emotion toll on you. If one partner is not agreeing to certain terms or if you both want completely different things, it will probably be smart for you to speak to a solicitor about the options available to you.

If you are going through a break up and would like to know what to do about your other finances, such as joint current accounts, debts or bills, our next blog will cover what you can do.

Share this..

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details