The stamp duty holiday is due to come to an end in the summer, putting pressure on many couples involved in divorce or civil partnership solutions to sell their home and take advantage of this tax break.
Ideally, the matrimonial home would be sold once everything has been finalised and there is a court order. A court order sets out exactly how the property will be sold and how the proceeds of sale will be divided, giving certainty to both parties.
If there is no court order in place, then it is open for any financial agreement to be changed in the future. This means that an ex-spouse could come back to ask for more in the future. In addition, when equity is released from the property, it can be spent and once the money is gone it may be impossible to recover.
It may be possible for sale funds to be held on account by the conveyancer until an agreement is reached. This means that the sale can go ahead with a willing buyer, but the funds are held with the provision that no one would be able to access the funds unless there is agreement or an order of the court. This is not always practical if you have nowhere to live.
If you are not on the title deeds of the property, then you may need to take additional steps to protect your share in the home.
For more information and to find out how we can help you, please contact us on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.