How Can I Sell an Inherited Property?
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How Can I Sell an Inherited Property?

Dealing with grief is hard enough when a loved one passes away. We know that their personal effects will need to be handled, but it can come around much quicker than expected when it comes to inheritance. If you are named as a beneficiary by your loved one, they may choose to leave their property to you. It can be a difficult decision and many people choose to either sell, let, or live in it. During this period of bereavement selling a property may appear stressful, particularly considering the complexities that inheritance can add on top. However, a strong support system can help make the process easier if you decide to sell.

Is the property detailed in a will?

Before you make any decisions, it is best to sit down with a legal professional to understand where you stand legally regarding an inherited property. Whilst a loved one may have delivered their wishes verbally having everything documented in a will makes the process much easier. If you are named as the executor in a will, this means you deal with the deceased person’s estate – this term can refer to money, properties, business etc. If this is the case, you can apply for probate with the Probate Registry.

What is probate?

Probate is a legal process that will give you, the executor, the legal authority to handle the property left to you. Probate will also grant you control over anything else your loved one left in your name, as well as bank accounts etc. Having probate can also enable you to contact the mortgage company on behalf of the deceased if there are outstanding payments.

 An important part of the probate process is calculating the value of an estate, which is down to the executor. The entire probate process can take anything up to a year. However, this can be considerably shorter – a matter of weeks – provided there was a will. Whilst you can apply for probate yourself, you can enlist the help of a solicitor to help make the process easier during a difficult time.

Will I need to pay inheritance tax?

Inheritance tax is only applicable of the property is worth over £325,000. However, if you are a spouse or civil partner you will not have to pay a penny in inheritance tax regardless of the property’s value. Direct descendants, including great-grandchildren, step, and foster children, can inherit a property without paying inheritance tax up to the value of £450,000.

HMRC has a variety of inheritance tax tools available to help you discover if you’re liable for inheritance tax and how much it may be. Alternatively, if you are using a solicitor, they will be able to determine this for you.

Selling the inherited property

Once you have dealt with the financial and legal complexities associated with inheriting a property you will be in a position to sell. You will need to register your ownership with the Land Registry before choosing a route to sale.

There are a variety of different ways to sell the inherited property. You may choose to utilise a traditional estate agent or put the property up for auction. However, selling in either of these ways is not guaranteed.

At SOLD.CO.UK we offer two different ways to sell your home. We call them Enhanced Listing and Custom Purchase. Both options are suitable if you’re selling an inherited home but if you want a guaranteed sale in a timeframe that suits you. With a Custom Purchase we act as a cash house buyer, buying your property from you directly with our own funds. You won’t have to pay any fees and we even cover your legal costs.

If you’d like more information on selling your inherited property with SOLD.CO.UK simply call us on 0800 566 8490 or email enquiries@sold.co.uk. Alternatively, you can begin the process by getting a free valuation quote.

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