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Our guide runs through all the options available; from selling your property to renting, to inhabiting it yourself. From helpful tips on how to make sure that the process runs as smoothly as possible to potential pitfalls to look out for; we’re here to answer all your questions.
If the property is desirable to you, you may decide that you wish to inhabit the property yourself. As mentioned above, if you are the sole inheritor this is slightly more straightforward; it is your decision alone whether to inhabit the property.
If you do share the inherited property you will have to seek legal advice to draw up an agreement to ensure that all parties are compensated for their part ownership of the property. Again, you will need the agreement of your joint inheritors so it is best to discuss this with them before any decisions are made.
If you are the sole inheritor there are a few things to consider before you go ahead:
• Does the property have any debts? The value of the deceased person’s share is counted as part of their estate. The personal representative or executor for the deceased person’s estate is responsible for settling all financial affairs. They must ensure that all debts and any tax due is paid before they distribute the assets of the estate.
• Does the property have a mortgage? If you inherit a property which has a mortgage, you’ll be responsible for the monthly payments even if you don’t live there. If you are unable to pay these, there is a risk the property could be repossessed. An adviser will be able to help you work out your options or negotiate with your lender.
• Are there any tenants in the property? If you inherit a property that has a tenant you will have to take their legal rights into account. Giving them proper notice is important and it’s important to seek legal advice to help you negotiate their contract if you don’t understand the agreement.
If you already own a property, or the property is not right for you to live in, you may decide to sell it
If you are selling this with joint inheritors you will need to agree who is going to manage the sale of the property and agree on the minimum price you will all accept.
If you are ready to proceed with the sale you have two options:
If the property is in disrepair, you’ve been saddled with a mortgage that’s in arrears or the property is located far from your residence, you may be reluctant to invest the time and money to put it on the market. In this case, you can opt for a quick sale with a Private Buying Company such as We Buy Any Home.
Whilst We Buy Any Home treats each and every customer fairly you will find that, as within any industry, there are some private buying companies that don’t always act in your best interest.
We Buy Any Home offers you a guaranteed sale within 7 days. We also make you the highest possible offer at the beginning of the process and don’t lower this offer as you get further down the line. There are also no fees to pay and we will pay your solicitors fee for the property sale. This can be a great option if you’re looking to make a quick sale and we’ve got plenty of information on our site for your reference.
If you prefer to put the house on the market you will need to prepare the property for sale and then put the property on the market. Make sure you choose your agent carefully and that you trust them to enter your empty property and conduct viewings if you can’t be there yourself.
Remember, if the deceased owned the property in their name, a grant of probate will be required before you can sell the property. This comes in the form of a certificate which will be issued by the court. This confirms the validity of the will and grants you the authority to deal with the estate. Do not underestimate the timescale required to obtain this grant. It can take up to three months. Take a look at our guide on selling a house in probate for more information.
If the property is in a good area or is in good condition you may decide that whilst you don’t want to live there, you want to rent the property out.
This is a great option providing:
There are options available for you to have full management of the property (a Let-only option) whereby a letting agent handles the legal process of moving your tenants in and doing their inventory or you can opt to go for full management of the property. For those adverse to night time phone calls about broken boilers, full management may be the way to go!
Remember that if you rent the property out you’ll have to pay tax on any profit you make from the rental income. You’ll also need to make sure the property is in full possession of energy, gas and electrical safety performance certificates.
Ultimately making a decision at a difficult time can be extremely difficult. If you need any advice there are plenty of independent advice bureaus you can consult. Equally the experts at We Buy Any Home are on hand to answer any queries you might have about selling your property. Simply get in touch.