As divorce figures rise in January, how does this affect the UK lettings industry?

February is definitely the most romantic month of the year, but did you know that the first week in January is commonly known as ‘National Divorce Week’? Usually due to the stress of the festive season and the odd Christmas party infidelity bubbling over into the New Year.

Sadly 118,140 divorces were registered in England and Wales during 2012, which equates to about 42% of marriages ending in divorce. This is why homeownership shouldn’t be something to take lightly, because when unfortunate situations like this occur a multitude of problems can arise, e.g. deciding what happens to the family home, ownership issues, affordability issues, equity shares, resentment, emotional pain, etc.

But how does this New Year trend affect the letting market in Lancashire?

According to the last census data, those who were divorced in Lancashire were just ahead of the national average. Sadly at Ainsworth Lord Estates we do see evidence of this trend, with around 9% of all property sales due to divorce or separation. Stressful situations such as these also generate a notable increase of buy to let properties entering the market at this time of year, meaning more ‘accidental landlords’ entering the market too.

Ainsworth Lord Estate Agents recognises the needs of this type of landlord, as we completely understand that a relationship break-up can be a very emotionally draining time; especially if children are involved. So we will work with you to ensure that your property is let quickly, whilst supporting you through this difficult time. Once you have instructed our services, you need not worry about maintaining the property, complying with latest housing legislation, mandatory safety regulations, deposit protection, referencing, marketing, viewings, chasing rent payments or disputes.

We also understand that many problems can arise when tenants who rent their home split up too, e.g. early tenancy termination, affordability issues/potential rent arrears if one of the tenants moves out without giving notice or doesn’t pay their share, deposit issues, disputes, anti-social behaviour incidents, disruption to other tenants in the building, voids, etc. Therefore landlords need to be aware of these potential pitfalls when issuing a joint tenancy, be sure that the tenant’s relationship is stable and that the tenants are also made aware of the problems that can occur before signing an agreement.

Ainsworth Lord Letting Agents treat each case individually and as delicately and professionally as possible, for the most positive outcome for everyone involved.

We truly hope that your relationship is a happy and stable one, but if you are going through a tough time and either need to turn your home into a buy-to-let, or need to move to another rental property due to a break-up; then please get in contact with one of our understanding team today – 01254 760660 or email: Darwen@AinsworthLordEstates.com..