One reason for acting quickly in a case of marriage breakdown is the risk posed to the matrimonial home by a sudden cessation of mortgage payments. Even if a married couple have each been paying half of the mortgage, the sudden loss of one income with one party leaving can have a catastrophic effect on the family finances in the short term and that can mean mortgages quickly going into arrears.
The advice we give is to contact your lender and contact a Solicitor. There are solutions and the quicker they are implemented the better. Lenders are generally sympathetic and often reassured if they are aware that the party has consulted Solicitors for legal advice because they feel that something is actually being done. Sometimes, unfortunately, it is clear that a house will have to be sold but some creative solutions can be found by expert Solicitors acting in concert with mortgage advisers and brokers.
Even if the house is inevitably going to have to go you do not really want it to be repossessed because that will have a knock on effect on your ability to fund your next property looking ahead a number of years. Whilst we accept that in the immediate aftermath of separation it is difficult to be cold blooded about finances, it is important to act quickly, get some proper advice and look at your options at the earliest possible stage.
Our 30 minute for interview scheme may well put your mind at rest, or at least point you in the direction of some solutions in the short term, with a view to looking at more long term solutions going forward. If you would like to book a free consultation contact us here or call 0116 2665394
Faye Remnant is part of our Family Law team based in Loughborough; our Solicitors in Loughborough are experts in their fields and dedicated to quality client care. If you would like to find out more about our solicitors in Loughborough please contact us.
Keep up to date with our daily blogs through the Edward Hands & Lewis mobile app, just search Edward Hands on the iPhone or Android store to download our app for free.Talk to our legal team
The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.