How to Sell Inherited Property Fast in Manchester

While circumstances leading up to inheriting a property may be upsetting, inheriting a property in Manchester could set you in good financial stead, but only if you know how to navigate the property inheritance system. 

There is plenty to consider when inheriting a property, where you aim to live, your financial position and the fluctuating market and house prices in the city. Sure, you could hold onto the property until it is worth more but incur maintenance costs, or you could sell too soon. 

Inheriting a property is never simple. 

Looking for a quick answer? Check out our navigation below!

Why Manchester is a great city to own property in 

As an impressive growing city, Manchester has experienced significant development and regeneration in recent years, making it an attractive location for property investment. The city's burgeoning economy, cultural attractions, and educational institutions continue to contribute to its appeal.  

Equally, inheriting a property there could make and save you money.  

Property prices in Manchester have generally been rising, reflecting the demand for housing in the city, making it a good place to sell, and an opportunity to live somewhere new for less. 

There is also a fabulous rental market in Manchester, driven by a growing population, and students and professionals relocating to the city. Areas with universities or good transport links often have a high demand for rental properties, meaning you could earn some serious cash. 

What happens if you inherit a Manchester property? 

Well, first things first, they will be examined and probate will begin. 

If a valid will was left, the named executor can apply for a Grant of Probate from the Probate Registry, giving them the legal authority to administer the estate, including, of course, all of the property and possessions within it. 

It becomes a bit more complicated if no will is left. If there's no will (intestacy), a close relative or other interested party may need to apply for Letters of Administration to manage and distribute the estate according to intestacy rules 

Next, once we know who has what, an accurate valuation of the inherited property is essential for probate purposes and potential future sale or transfer. Generally, you will need to hire a chartered surveyor or estate agent to provide a professional valuation of the property. 

Then you need to know what you owe because inheritance is taxed in the UK. 

The estate's total value, including the property, determines whether IHT is payable. Tax only occurs above the £350,000 threshold in England.  Tax rates can vary depending on the estate's value. 

But, more costs will occur. 

As the new owner, you'll be responsible for ongoing costs related to the property, such as maintenance, insurance, and any mortgage payments, which can often leave people overwhelmed.  

You must ensure that buildings and contents insurance are in place to protect the property in cases of theft, fire or tragedy.  

Then you have a big choice to make. Will you keep, or sell?  

You have more options than that though: 

• Keeping and occupying the property as your own home. 

• Renting out the property to tenants. 

• Selling the property and distributing the proceeds among beneficiaries. 

• Transferring ownership to another person, such as a sibling or relative. 

Say selling is your preferred option, doing it may feel overwhelming. 

How do I sell the property? 

Well, you'll need to speak to estate agents, solicitors, and potentially conveyancers to get the sale going, because the sale process and all of the associated costs that come with it can be tricky to navigate on your own. 

You may consider obtaining multiple valuations and researching market conditions in Manchester to determine an appropriate asking price, as things change in the city often, and with each development, house prices will fluctuate. 

Once this process is underway, the house needs to be emptied; something which can be upsetting. 

Remove personal belongings and any items you wish to keep. Consider hiring a professional cleaning service or decluttering expert if needed, this could be more efficient than tackling it all yourself. 

The house then may need some work done to it. 

Determine if the property needs any repairs or renovations to increase its market value. Minor repairs or updates, such as fresh paint or landscaping, can make a significant difference in attracting potential buyers, and it may modernise an older home. 

Then you are ready to take photographs and begin advertising the property, something you can work with an estate agent on, for a price of course.  

Offers may come in, and the home may begin to gather interest in such a busy city. 

While it can never be certain, an attractive property in an accessible, upmarket part of Manchester will likely sell fast and have a lot of interest. The city centre, Northern Quarter, Chorlton, Castlefield and Ancoats are particularly popular when it comes to residential assets. 

The best part of the city to buy and sell in ultimately depends on individual preferences, budget, proximity to amenities, work, schools and green spaces. 

Properties in the city have had an overall average price of £291,923 over the past year. 

Selling an inherited property can be emotionally and financially challenging. Consider seeking guidance from professionals, such as solicitors, tax advisors, or financial planners, to ensure you make informed decisions throughout the process because the best decisions cannot be made when you are grieving.  

What should I do after I sell? 

Sadly, the faff of selling does not end once the house has been handed over. 

If you sell the inherited property, Capital Gains Tax may be required on any increase in the property's value since the date of inheritance. This could be likely in a developing city like Manchester, where prices constantly rise. 

Inherited a property in Manchester that you don’t want and stressed at the thought of selling? 

The Property Buying Company is a cash buyer, and while we are unable to offer you 100% market value for your home we offer a service that sells your home or just a property that has come your way fast, free, and securely, We take away the stress that selling your home can bring, simplifying the process and allowing you to relax - we will take care of the tough stuff. 

With over 1,000 reviews rating us as excellent on Trustpilot, you can be sure that you are in good hands. We are also proud members of the National Association of Property Buyers and The Property Ombudsman.  

For a chain and fee-free service which is quick and simple, we can help. 

If you want to sell your inherited property Manchester fast, get in touch today and fill out one of our free, no-obligation forms to receive your CASH offer, which we could have in your bank in as little as 7 days.