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Divorce doesn’t have to end in tears with UK Property Finance
When a relationship ceases it can be a terrible situation for all parties both emotionally and financially. An amicable discussion to split assets can often bring its own complications however thousands every year unfortunately experience this and January is statistically the highest month of the year for divorces and separations. Ironically the highest number enquiries for rental properties during each year occurs on boxing day which indicates some forward planning takes place.
Our client approached UK Property Finance for advice in purchasing a new property following the deterioration of her long standing marriage. This sensitive situation is sadly one that we have seen before and the team at UKPF are well trained in handling.
Having found a modern 2 bedroomed house within the locality of the current family residence, our client was quick to submit an offer and to avoid disappointment. Starting again at this stage of life required family assistance and our clients parents agreed to provide a sizeable deposit to enable the purchasing process to begin. The task of finding the remaining funds was handed to UKPF.
The divorce proceeding had begun and were anticipated to be lengthy and not in line with our clients required timeframe. Fortunately our client’s ex-husband had agreed an amicable settlement in relation to the ex-family home and was allowing our client a larger share of the equity from the sale in return for a reduction in his monthly maintenance payments. The current property was valued by three estate agents and after choosing the most trusted, the property was marketed for sale.
The chosen lender used the new purchase property and the ex-marital home as security for the loan. Using both properties allowed our client access to the lowest interest rates in the market. The exit vehicle being used to repay the loan was to be the sale of the ex-marital home and the lender required a legally binding court order as proof of our clients equity share from the sale. This enabled the loan to be taken solely in our client’s name which satisfied the requirements of our clients ex-partner. The court letter took 2 weeks to obtain however UKPF used this time to achieve an offer for our client subject to receipt of the required documentation.
The lender offered the best rate available as well as a £99 valuation fee as both security properties were of standard construction. Overall the process took 3 weeks to complete from initial conception and was a successful outcome for all involved and UK property finance were able to negotiate a bridging loan that was flexible and to the client’s needs.