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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

House sale dilemma

2 replies

ItsALongWayAway · 30/08/2024 05:17

Looking likely that I will be divorcing, and I'm trying to work out the financial implications.
Both the family home and my BTL will need to be sold to split funds between us. I'm struggling to work out the logistics though and it's stopping me moving forward.
The thought of aligning 2 sales and 2 purchases sounds impossible. There are very few rentals around here, and the housing market isn't great either, so it will take time to find new homes. Ideally I'd move into the BTL while I find somewhere suitable to buy, and we'd sell the family home, but we can't cover the mortgage on both properties without the BTL being rented. It's currently empty and burning cash so I'm looking to sell it, which will free up cash but then I'm back to how do we coordinate house sales whilst minimising the disruption for the children and keeping credit ratings intact? It feels impossible.
Help!

OP posts:
LemonTT · 30/08/2024 09:17

Hi

I can see you aren’t getting many replies and it might be helpful if you provided more information. Tbh, there is very little to work to give help based on what you have posted.

general advice would be to sell the btl now, it is not making money and capital gains tax is very probably going up in October. Stick the profit in a high interest account. Then you just have the marital home to deal with in the divorce.

ItsALongWayAway · 30/08/2024 09:21

Thank you LemonTT. This is the way I think I'm going, just because it's simpler and frees up some cash. I'm sad to let the BTL go though, but needs must.

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