Let’s take a look at the top tips for Selling an Inherited Property.
If you inherit a property it can leave you with a difficult decision to make. Do you sell it? Live in it? Or even rent it out and keep it as an investment? Read our top tips for what to do with an inherited property and make the right decision for your personal situation.
The First Step: Finding the Will
A will is a legal document that will state the name of the executor (the person in charge of the deceased’s estate) and the beneficiaries (those who are to inherit the estate). Typically, the deceased will have left instructions on where to find their will, but if not, you’ll have to have a good look around for it and hope it turns up. Check places like filing cabinets, drawers, safes and under mattresses.
Still can’t find it? Then it’s time to contact their solicitor. If there is no will in place, then their estate will go to their next of kin.
The Second Step: Applying for Probate
Our second in line for tips for Selling an Inherited Property: The executor of the will should apply for probate. Unless there is a surviving spouse or civil partner whose name is one the mortgage deed. Probate gives the executor the legal authority to act on behalf of the deceased. They will be given access to bank accounts, investments and anything else that is relevant to the house.
At this stage of the process the property will need to be valued. This has to be done even if you aren’t planning to sell the inherited property right away.
The Third Step: Establish if you Need to Pay Inheritance Tax
Not all people who inherit property will need to pay the inheritance tax. There are some factors that are taken into account:
- You will need to pay if the estate is worth more than £325,000
- If the estate of the deceased is left to their spouse or civil partner then inheritance tax will not apply
- Direct descendants (children, grandchildren, great-grandchildren, step and foster children) that inherit the property have a value of up to £450,000 before paying the tax
Do you think you might be liable to pay inheritance tax? Then take a look at how much you could be paying with this HMRC calculator. You might have to pay Capital gains tax on any profits you make from the property. Find out more about this on the HMRC website.
The Final Tip for Selling an Inherited Property: Selling your Property
Now that the ownership of the property is passed you, it’s time to make the final decision. But first, you will have to register your ownership of the property at the Land Registry.
If you do wish to go ahead and sell the property, you will have to decide if you want to sell it at auction, with an estate agent or a local property buying company. Each way of selling has its benefits, it’s really down to your individual situation which option is best for you.
Summary: Tips for Selling an Inherited Property
If you’re looking to sell your inherited property quickly and easily then Norwich Home Buyers may be a good option. Give us a call today or complete our interactive offer tool for an offer on your property within 24 hours.
Visit this page if you’re looking to Sell Your Property in Norwich.