Sale of inherited home
The passing of a loved one means dealing with a lot more than grief. In instances where a deceased person leaves behind inheritance, the beneficiary has to face the decision of what to do with it. An inherited property is something that you may have to deal with following the death of a relative or friend. In this case, several options are available to you, including putting the property up for sale. However, selling an inherited home can be a long and arduous process with a lot to consider, during a difficult time. Any assistance you can receive goes a long way during this difficult period of bereavement will go a long way.
Understand their last wishes
Before you take any steps towards the sale of an inherited home, ensure you are clear about the last wishes of the deceased. You will need to review the Will to learn about the distribution of the estate according to the deceased. A Will simplifies things, legally speaking. You can’t sell a house you inherited without showing that it was left to you. Check if the person who passed away has named an executor – the individual responsible for managing the estate. A Will can prevent disputes, especially if it’s a family home where different people might make a legitimate claim. If the person who passed away did not say anything about where to find the Will, you should contact their solicitor. How you proceed with the property sale depends on if a Will is involved or not. The next of kin is usually in charge of an estate in the absence of a Will.
Applying for probate
Probate is a legal process that gives an executor the authority to handle the estate of a deceased person. If you are an executor, you need to apply for probate to be able to sell an inherited home. This authorisation gives you additional rights, such as being able to access the bank accounts of a deceased person. It is also how an executor is able to calculate the value of an estate, which is a necessary part of probate. Probate can take anything between several weeks and 12 months, though a Will makes the procedure less complicated. You can apply for probate yourself or involve a solicitor. Note that probate is not required in instances of joint ownership. If a spouse, civil partner or any other relation you have shares in the property, the part belonging to the deceased automatically transfers to you.
Do you have to pay taxes?
If you are not a spouse, civil partner or a direct descendant of the deceased, you will have to pay inheritance tax if the total value of the estate exceeds £325,000. However, this tax doesn’t apply where a spouse or civil partner is the beneficiary of the estate. Direct descendants, including children, grandchildren and step-children pay inheritance tax on property worth more than £450,000.
Get expert help
After handling the legal elements of an inherited house, you can proceed to sell it. Unfortunately, selling any property is hard, and it can be more challenging when dealing with inherited property. Sourcing help from a professional can save you significant time and stress during this difficult period.
A fast house sale company is a practical alternative for selling inherited property fast. Even though you don’t get the full market value of a property, selling to a property buying company eliminates a lot of work. You don’t have to fret about listing the house, arranging viewings or paying legal fees.
Selling inherited property presents unique challenges that may be too much to take on during what is no doubt already a difficult time. A home buying company such as WeBuyAnyHome can do all the work for you, so you can focus on what matters. If you need a quick, guaranteed sale for an inherited property, don’t hesitate to get in contact.
How to sell your inherited house fast
If you want to sell your inherited home fast, we provide an easy and seamless solution. All you need to do is get in touch by entering your postcode above. We’ll ask you for some contact information, as well as some details about your property. We can then give you a free, no obligation cash offer against your house within 24 hours – not using an online valuation tool, but based on what equivalent properties in your area have sold for – an offer which would then, of course, be verified by an in-person valuation.
How the WeBuyAnyHome process works
Each stage of the home selling process is highlighted below to give you an overview of how simple and fast our service is. You could have the cash in your account in as little as seven days.
What happens next?
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The cheapest way to sell your inherited house
If you don’t want to pay any unnecessary fees when you sell your inherited home, get in contact with us today. As well as offering a no-fee solution to selling your property, the advantages of selling with us are…
- We provide a fast and easy way to sell your home.
- We use our own cash funds which means we can buy your property now.
- We offer the quickest way to sell your home – we can complete in as little as 7 days.
- We are the market leader when it comes to the cash home-buying sector.
- We are a founding member of the National Association of Property Buyers (NAPB) and members of The Property Ombudsman (TPO), meaning we follow strict guidelines and offer maximum protection to house-sellers.
WeBuyAnyHome have had adverts featured on TV channels such as ITV and Channel 4. We have also been featured in national publications such as The Sun, The Daily Express and Hello!
Simply enter your postcode into the cash offer tool or hit the cash offer button below.
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/Absolutely Amazing! These guys have been brilliant from start to finish, made our transition to our dream home possible. After we had potential buyers retract their offer on our house for sale several times We Buy Any Home were able to make our dream come true and we were able to secure our perfect house knowing we had a secure offer for our previous property. Cannot recommend them enough.
Brilliant service. I needed to sell my dads house to pay for care home fees and this company was brilliant from start to finish. No hassle and completion was really quick. I would thoroughly recommend them and have already told friends who need to sell quickly about my experience.
I shopped around a lot before finally settling on We Buy Any Home. I felt most comfortable with them after speaking to multiple cash-buying companies. You hear horror stories about similar companies but I can confirm that this company really was fantastic. I knew I was ready to take a slight loss on the property, in exchange for a quick sale and no hassle. They offered a great, hassle free service and I have no regrets in my decision to choose this company over others.
How to Sell an Inherited House FAQs
There is no time limit on selling an inherited property in the UK. The only stipulation is to tell HMRC if the inherited home is your main residence – you have two years to inform them.
Whilst there are no time restrictions on selling it is common for the process to be more complex and prone to delays. If you’d like to sell your house fast get in touch with WeBuyAnyHome today. We have helped numerous customers sell inherited homes in timeframes that suit their needs. You can get a cash offer online today to start the process with us.
You will have to pay Capital Gains Tax when selling an inherited property if the value increases from when the house was inherited to when you sell it. It is the difference in this values that is taxable.
If you are using the inherited property as your main residence you won’t have to pay GCT when you sell. CGT is only paid on properties that aren’t your main home. Therefore, if you were to live in the inherited property and sell your original home, you would have to pay Capital Gains Tax when selling.
If you want to sell your house fast and require guidance due to the complexities of inherited properties, the WeBuyAnyHome team is waiting to help. We can help you sell the property you have inherited with our hassle-free and efficient approach. Simply begin by securing a free cash offer today.
The easiest way to split an inherited property between siblings is to sell it. The proceeds from the sale can then be divided between however many siblings are outlined in the will, and their respective percentage shares if stated.
We can help individuals and family groups sell an inherited property. We cover your legal fees and have a fantastic team of trusted solicitors who can help you through this process. Simply get a cash offer today to see how much your inherited property is worth.
If you already own a home and inherit another, you will need to nominate one which will be your main home. You must inform HMRC within two years of inheriting a property regarding this decision.
This is important when it comes to selling as you will pay CGT on whichever property is not your nominated main home. If you fail to report to HMRC regarding the properties and sell one, they will decide which property was your main home. This could result in you paying tax on a property sale of whatever HMRC considered to be your main home, even if it wasn’t.
If you have inherited a house you’d like to sell, get a no obligation cash offer from us today. As our name suggests, we really do buy any home, and our property experts will be able to help you understand and navigate selling an inherited house.
We are the experts when it comes to a quick house sale. We can buy your inherited home directly from you, acting as a cash house buyer. The WeBuyAnyHome team can purchase the property within seven days if you need and you won’t have to pay a penny – we cover your legal costs too. Get a free cash offer within 24 hours now.
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