Making the process smooth and positive
It's something we're seeing more and more.
People who have jointly purchased properties over the past few years are now seeking to part ways.
Sometimes this is friends, siblings or family members. Other times it's relationship break ups and can be a bit more complex.
In all situations, this can be managed really positively and efficiently with the right appraoch.
What should we do in this situation?
While sometimes it can seem a bit overwhelming, practical action is key and is what helps everyone move forward.
We've got three tips for you to succeed in moving through the process quickly.
Secure Pre-Approval: Before making any decisions, it's essential for each party to obtain pre-approval for their next property purchase. This step ensures that the funds from the sale of the joint property (or from a buyout) will suit their individual financial situations.
Seek plenty of options: At My Mortgage, we have connections with various banks, allowing us to find the best financial solution for each party. Often, we can facilitate these transitions at a surprisingly low cost.
Have a chat with your lawyer: Once you're financially prepared, it's time to involve lawyers to handle the legalities of the separation. Being financially ready before this step can streamline the process and reduce potential hiccups.
Seek expert advice
If you're contemplating separating your joint property or merely curious about the process, don't hesitate to reach out.
We're here to provide guidance, ensuring that each party involved understands their options and the potential outcomes.
So book in a call with one of our advisers today to have a chat about how we can help.
Our goal is to achieve a positive result for everyone, making what could be a complicated process straightforward and stress-free.