To own a property outside the UK as a “holiday home” was something that many people aspired to do. However, as property prices continue to fall, the question as to who gets the holiday home in divorce cases is becoming difficult to resolve.
The reality of the situation is that perhaps neither party wants to be burdened with the holiday home.
Property prices in the UK are continuing to fall according to the latest figures from the Nationwide Building Society. Whilst that is worrying enough, what about those who have to divide the proceeds of a second home? The sad reality is that many of those who own properties in Europe, and even further afield are finding them difficult to sell and expensive to maintain in the interim. We have seen this first hand with clients of ours. Arguments crop up over who is to pay the monthly mortgage premiums on the property; who will deal with the sale; what is to happen to the division of the proceeds. However, often most importantly is the fact that no-one wants the property and the mess such a disposal leaves. Even at the best of times, disposing of a property abroad is difficult to deal with. With property values decreasing significantly, this has become even more difficult.
At Clarion we have experienced a lot of dealings with foreign property in divorce cases but, also, it is worth pointing out that we have relationships with lawyers abroad who would be able to assist in the messy business of actually disposing of a foreign property. These links should make the process that bit easier for our clients and at difficult times like going through a divorce and sorting out financial matters, they tend to really appreciate the extra assistance we can provide to help them navigate their way through the process.
If you wish to discuss this further please contact me on 0113 336 3323 or email firstname.lastname@example.org
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