I’ve Inherited a Property – What Do I Do?
Inheriting a property can be an overwhelming experience. There are several options available to you once the property has been transferred to you including living in it yourself, renting it out, or putting it on the market to sell.
Settle your family affairs quickly & without fuss
The Property Buying Company can make the process of selling your inherited home significantly easier. We can guarantee a quick sale so you can free up funds & settle family affairs quickly.
We understand that handling the sale of a property due to a family bereavement or the death of a close friend can be a particularly stressful and emotional experience. There are often close ties and memories to the property which mean having it around for a long period of time can often draw up unnecessary emotions and upset.
Selling your house because of bereavement through traditional routes can often be long and arduous. If you want to find a fast, easy and reliable way to settle your family affairs after the death of a relative, we can help.
Probate is the whole process of administering the possessions & estate of a deceased person. It involves distributing their assets, money & possessions as per the Will, if one is left, which that person is known as the executor of the Will. Keep in mind that you may also have to pay any taxes or debts.
You’ll also need to make sure that the property is secure and any insurance is up-to-date until you decide what you want to do with it.
Inherited properties are increasingly popular for buyers because they come with no chain in place and offer them the opportunity to refurbish and put their own stamp on the place. They’re also usually at a slightly reduced rate than other properties on the market because of this.
Probate is a difficult thing to navigate, it depends on a whole variety of different situations but generally speaking, it can take anywhere between 9 and 12 months to completely settle. It really depends on how complex the estate is and who is dealing with it for you, as if it's small and uncomplicated you can expect to complete it in a shorter timeframe.
The reason it takes so long is because there are several stages to probate here's an insight into some of them and how long they can take individually:
When you inherit a property there are a few different costs that you need to consider, which you will potentially have to cover.
Taxes - We'll go into more depth on this later but there are a few different taxes you should be aware of, capital gains tax, inheritance tax and income tax.
Morgage - You must check if the property you are inheriting still has a mortgage on it, if it does you will need to take on these payments at least for the duration of probate. You need to get in touch with the mortgage company who will go through their terms in this particular situation.
Insurances & Bills - When you inherit a property you will need to pay the bills for the household. This involves paying the house insurance and council tax, although you may be able to get a discount on council tax for the property being unoccupied, but that depends on the local council.
As previously mentioned there are 3 different kinds of taxes that you need to consider when inheriting a property, which we will go through below:
Inheritance Tax (IHT) - If the estate of the deceased exceeds £325,000 then you will have to pay inheritance tax which must be paid within six months of the person's death, or you will get charged interest. The tax is considerable, it's set at 40% over the value of that threshold, meaning that if the house is valued at £425,000 you will have to pay £40,000.
Income Tax - If you decide to rent out the property you will have to pay income tax on it, this isn't one to consider if you are planning on occupying the property or selling it.
Capital Gains Tax (CGT) - This is a tax applied if you sell an inherited property. Essentially this is a tax paid on the value that the house has gained if the inherited house is valued at £100,000 for example but sells for £150,000 you will have to pay fees on the £50,000. You can find out more about this on our page about Capital Gains Tax.
When you look at selling a property that you've inherited there are a few steps that you need to go through to complete the process, here's a quick breakdown:
If you decide to sell your property and don’t have the time or the inclination to sell via an estate agent, then we can help. We’ll buy your property fast, cover the legal costs and can even clear the house before selling it on if this is something you require. We won’t offer you the full price of the property, but we will offer you a fair price. This is a policy we have for every property we buy, not just probate properties. Our service enables you to get a cash sum in a timescale that suits you and it can take the stress out of the situation.
Like we've mentioned previously navigating the world of probate can be quite confusing! As you can imagine we get a lot of questions around the subject, so we've tried to highlight some of our most common ones & provided answers to help answer questions you may have:
Can you sell an inherited property?
Yes, you can - but you need to be aware that you might have to pay Capital Gains Tax (CGT).
What happens when you sell an inherited house?
It works just like a normal house sale, however, if profit is made with a value increase since the house was inherited you will have to pay Capital Gains Tax (CGT).
Will I have to pay Capital Gains Tax (CGT) on an inherited property?
You will have to pay CGT on an inherited property if the value increases from when the house is inherited to when you sell it - that difference will be taxed.
What documents are required for inheriting property?
To inherit a property you will need a death certificate, original copy of the Will, National Insurance number of the deceased, property deeds, mortgage information and bank or building society statements.
How much can you get from our we buy any house service?
Complete a few details to see if your property qualifies and get a cash offer – remember we buy any property, in any condition, in any location!
5 simple steps to having your property sold!
Our quick (but thorough) 5 step sale process means we can buy your house fast and at a great price
Check to see if your property is eligible check now
Receive an offerfrom us within 24 hours
We’ll visit your property & formalise our offer
We’ll instruct solicitors and pay all fees
Exchange contracts & complete as usual
Why choose us as your cash house buyers?
We’re one of the leading we buy any house UK companies for residential/commercial property and land in England and Wales. We buy using our own cash house buying facility meaning we can offer the best prices in our industry and complete the sale quicker than anyone else.
|Your options||Average sale length||Typical cost to you|
|The Property Buying Company||2-3 weeks||£0.00|
|Other House Buying Companies||2-10 weeks||£1000|
|Property Auction||6-10 weeks||£2500-£5000|
|Online Estate Agents||16-52 weeks||£1000(upfront)-£5000|
|Estate Agents||16-52 weeks||£5000|
Unlike most of the other options available to you, we are not a broker or middle man, meaning you skip the fees and get a sale quickly and easily.
The Property Buying Company is registered with the Property Ombudsman and is a member of the National Association of Property Buyers
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