Selling an Inherited Property
Inheriting a house can be incredibly complicated, especially when it comes to selling it on. There are many questions around wills and probate to answer, as well any potential money which may be owed to HMRC.
Below you’ll find all you need to know about selling an inherited property, including the best and quickest ways to sell…
Understanding the Will and Probate
Firstly, you must establish whether you are actually entitled to the house. A person’s will should offer insight into this and will highlight legally what you are entitled to. If you are named in the will as the person who will receive the house, or at least a proportion of it, then you can apply for probate to establish your relationship with that property.
Probate is the process of distributing assets and you will be required to do this unless you had jointly owned the land with the deceased. Probate can often take between six to 12 months, and is certainly a lengthy process, which can be stressful and taxing during a time when you are also potentially trying to process the death of a loved one.
Selling On The Open Market
For thousands, things are a lot more severe. Businesses have gone under and in turn, people have been left with no alternative but to sell.
The open market is proving slow currently, although there is incentive for buyers with the recent cut to stamp duty.
What you won’t likely find is a fast sale, with estate agents working from home, buyers having to view houses through Zoom and the many more blockades COVID-19 has caused.
Selling an Inherited Property
Once you have sorted the paperwork and you are owner of the property, you can then start to consider selling the property.
It is important to understand that once you are the new owner you will be required to keep up maintenance and pay bills on the property, as well as ensuring it is insured. This can prove costly, and it is one of the key reasons as to why people then sell an inherited home.
People inherit homes in all manner of conditions, particularly if left to them by someone in their old age. These can often be without the mod cons and in a state of disrepair, which can make them difficult to sell.
However, there are options and here at Fast Cash Property we can help.
Following the probate timeline, and the fact you may be grieving, selling on an inherited property is often a process that is required to be done quickly and effectively to relieve stress and allow a person to seek closure.
We have seen through the sales of hundreds of probate properties down the years and pride ourselves on delivering a supportive and caring service that suits the needs of the seller. We can buy your house fast or at a pace to suit you, pausing the deal at any time and picking it up when you’re ready to.
We’re cash buyers and there’s no chain, which means the sale won’t hit any stumbling blocks along the way and you will only get the smoothest transaction.
If you are considering selling an inherited property, speak to one of our team members today, who can talk you through the entire process, including how to get started and answer any questions you may have.