There are two reasons why you might own an inherited property in Preston. Either your loved one has left the property for you in their will. Alternatively, if someone close to you has died without a will, you might inherit the property under the rules of intestacy. In both cases, you are entitled to sell the property. Also, there are no limits on selling the inherited property.
You may auction the property, consult a private buying company, agree on a sale with someone, or sell the property on the open market. However, you should be aware of the complexities involved in selling inherited property. Some of them include obtaining probate and valuing the property. Below, we discuss how to sell an inherited property in Preston.
Can I sell an inherited property?
Yes, you can sell an inherited property. If you are the executor of the property left under a person’s will, you will be responsible for the transfer and sales. In case of intestacy, you will be required to obtain a probate. Once all the legal requirements are completed, you will become the administrator of the estate and will be allowed to sell the inherited property.
What is a fair price for the property?
Establishing the value of assets is a crucial part of the probate process. The total value of the estate is calculated by deducting the total value of debt from the total value of the estate. It’s important to get a professional valuation of the inherited property to determine its market value. You can hire an estate agent or property valuer to provide a valuation report.
Determining a fair price of the property is imperative for you to sell house fast in Preston. This price is also mentioned on the probate application. Therefore, you should provide an accurate valuation of a property on the inheritance tax forms.
Do I need probate to sell an inherited property?
The first step in selling inherited property is to obtain probate. Administering the estate of a deceased individual requires a legal process that grants you the authority to do so. To help you with this process, you may need to hire a probate solicitor or legal representative. The professional fees depend on the size of the estate and the complexities involved.
Even if you expect to inherit a part of the estate, you’ll still need to obtain probate. If the sum of the money left in the estate is less than £5,000, you might not need to apply for it. Also, if you already have joint ownership of the estate with your civil partner, obtaining probate might be exempted.
How can I obtain probate?
Once you hire a professional, make sure to provide them with sufficient data so that they can start working on the probate process. Besides property, the inherited estate consists of business interests, money, land, shares, stocks, investments, and personal possessions. Depending on the value of the inherited property, there may be inheritance tax or capital gains tax implications.
Once the value of assets and the amount of debt is established, the total value of the estate is calculated. To complete the probate process, the solicitor must submit the necessary documents to your closed Probate Registry Office. These documents include:
- Death Certificate
- Three copies of the Will
- Inheritance Tax Form IHT400 (for an estate worth over £325,000)
- Inheritance Tax Form IHT205 (for an estate worth less than £325,000)
- PA1 Form
Complete the Sale
Consulting a cash-buying company or a property dealer is the best course of action to complete the sale of your inherited property. They can help you create a marketing strategy to attract potential buyers. This includes listing the property on online portals, arranging viewings, and advertising the property through various communication channels.
Hire these experts to negotiate with potential buyers on your behalf, guaranteeing that you receive the most favourable price for your property. Also, they can help you navigate multiple aspects of selling an inherited property. This includes obtaining probate, transferring ownership, and complying with legal requirements.
Once you agree on the sale price and terms, you must complete the legal paperwork and transfer ownership of the property to the buyer. A cash-buying company can provide valuable assistance when selling an inherited property. It can also help you determine the market value of the inherited property and provide a realistic estimate of the potential sale price.
If you’ve inherited a property in Preston and are unfamiliar with the local property market and legal requirements, the process of selling can be daunting. There are different ways to sell an inherited property. This includes selling through an estate agent, selling at auction, or selling to a cash-buying company. You should consider your priorities and goals when deciding on a selling strategy. In addition, you should ensure legal requirements in applying for probate are met before selling an inherited property.