How to sell a flat after a divorce
We tell you everything you need to know about selling a flat after the spouses divorce.
One of the most common questions after a divorce is what to do with the house. Ideally the spouses would reach an agreement to avoid a hard, lengthy court process.
It's usually advisable for the parties to agree on what's best to do with the marital home rather than letting a judge decide for them, as the judge's decision may not benefit either party.
If the divorce isn't amicable and is contested, the judge will decide what happens to the marital home.
What factors affect a flat after a divorce?
Many factors can influence what happens to the flat after a contested divorce.
First, you need to consider whether the couple has children and how old they are. If there are minor children and one spouse gets full custody, the judge may rule that it remains the permanent home of that spouse and the children until they reach a certain age or become independent.
On the other hand, with shared custody the judge may rule that the couple share the home in turns: one spouse uses it for a set period and then hands it over to the other, with the children staying in the home with both parties.
What's best to do with the flat in a divorce?
This depends on many factors, such as whether the couple has another home or still has a mortgage on the property.
If the couple has more than one home, they could agree to divide them and compensate each other financially for any difference in value.
The problem arises when there's only one home and it still has a mortgage outstanding. The bank takes no responsibility in a divorce and will keep claiming the full debt from both parties, even if they agree that one spouse keeps the home and takes on the existing debt.
As far as the lender is concerned, both parties remain liable for the full debt, so if one stops paying, the bank will claim equally from both.
If the aim is for the bank to release one of the parties so they no longer have any liability or obligations for the debt, the lender's approval will be needed and, in most cases, the bank will require that person to be replaced by someone with equal or better circumstances.
Selling the flat after the divorce
Most of the time the best solution for the home in a divorce is to sell it. Any existing mortgage will be paid off and the parties will get proceeds they can use to find a new flat, whether to rent or to buy.
Agreeing on the sale price is essential, because otherwise the judge will set the sale value through a valuation, which as well as being an unnecessary expense can greatly complicate the sale.
Also, if the home doesn't sell, the judge may order it to be sold at auction at a price far below its real market value. That way both parties would lose out.
Steps to sell a flat after a divorce
Ideally both parties would agree both on selling the home and on the sale price. To set the flat's sale price after the divorce, they can do one of two things: request a paid official valuation or a free appraisal.
We offer our clients a completely free valuation of their home in two ways: an online valuation or a personal valuation by our property advisors.
Our valuations are based on a study of the latest sales in the area recorded in the Málaga land registry, so the data comes entirely from real transactions.
We add data on similar homes currently for sale to determine the current market value as accurately as possible.
The valuation can serve as a guide when setting a property's sale price, and it's free, so you get all the information you need to make the best decision without paying for it.
Need to sell a home? Visit our page Sell with Valoracasa or contact 695033558 or the Cruzhumilladero@valoracasa.es
Juan Rosado
CEO
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