Selling an Inherited House
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It can be a complex matter to sell property that occurs at a distressing time in life, such as after the death of a loved spouse, long-term partner, or family member. Some of the administration and legalities entailed in selling the property make it time consuming and tricky, but there are ways you can cut the stress involved and these are discussed in more detail below.
Things to consider if you inherit a property
Some of the primary considerations revolving around the sale include:
- applying for probate
- probate and the sale of the real estate
- how you handle selling the property if you need to pay inheritance tax
- what beneficiaries need to know
- handling utility providers
- capital gains tax
- deciding who will sell the property
How to sell property you inherited
The first thing you will need to do after receiving your inheritance, is to establish your ownership of the property. Even if the will of the deceased person states that you are the beneficiary that will inherit the home you will still be required to apply for probate before you have the ability to sell the property legally. It is much easier if you are a named beneficiary who has been granted a share of the estate by any direct inheritor.
The term named beneficiary refers to any beneficiary named in a will, a trust, an insurance policy, pension plan accounts, IRAs, or any other instrument, who receives the benefits. Named beneficiaries are the beneficial owners of the property and will share in the proceeds at the time of disposition. In some cases, such as an annuity policy, the policyholder and the named beneficiary may be the same person.
Probate is the legal procedure you will need to undertake so you have the rights to handle the estate of somebody after they die. It’s not always essential to be granted probate when selling the property, as rules are slightly different if you are an executor of the estate.
If you are an executor of the estate you need to apply for probate in order to receive the authorisation to deal with the entire estate of the deceased person, for example accessing their bank account and paying any outstanding bills as well as sharing out any assets or money between all the named beneficiaries. You can find out more about probate, wills and inheritances on the UK government website .
You won’t require probate if you already own a joint share in the property and the other owner’s share is passed on to you upon their death. Where you own a joint bank account with the deceased, your bank will only need to be shown the death certificate in order for money to be transferred into your sole name.
How to apply for probate
You don’t need a solicitor to apply for probate as you can do it yourself, but the forms are quite complex so you may prefer to seek legal advice. Once you’ve tied up all the loose ends from a financial and business point of view, you just need to complete a probate application form, known as a PA1 and this should be submitted to the probate registry along with all required documentation.
Whether or not inheritance tax is involved, you will also be required to fill in a form and submit it to HMRC.
Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. There’s normally no need to pay if either the value of your estate is below the £325,000 threshold, or you leave everything to your spouse or civil partner, a charity or a community amateur sports club.
Commissioner for Oaths
Once your probate application has been received you need to swear an oath before a Commissioner for Oaths or a local probate officer. Solicitors can act as commissioners for oaths. The oath is just a legal confirmation that all the details provided are accurate and honest.
Once all these steps are complete, you can go ahead and sell the house. This can be particularly critical if there are other beneficiaries to the estate, and they are pushing for a quick settlement and pay out of cash from the sale of the property. You will need to think about the way in which to market your new home. Go through the available options which include traditional estate agents, online estate agents or cash buyers.
Each option will have pros and cons depending on what you’re looking for in your house sale. What experience you have in preparing and selling property on the open market will also make a massive difference.
Getting a home ready to sell can take a lot of time. Particularly if you are not from the area or are new to the house you’re going to have to renovate.
This is often why people who inherit property feel bewildered by the prospect of having to renovate a property which is alien to them. This whilst also being in one of the most stressful and upsetting times in life. People often come to us because they want to make the whole process easier for them. And that is exactly what we do. From when you first contact us, to when the sale is completed, we take care of the hard work.
Forget about having to renovate, paint, replace carpets. We will buy any property in any condition. This is not something that a traditional estate agent could ever offer you, as they can never guarantee a sale.
Selling a house you inherited
The sale of a house is not always a speedy matter if you decide to go with an estate agent, as it will be very dependent upon the buoyancy of the property market at the time. This can be a little worrying if you need the property to be sold quickly to pay inheritance tax.
Further, you may feel the need to spruce up your property prior to marketing the home, which could be considerable decorating, gardening or tidying jobs.
These often come at a higher price than expected, and you must also make sure that you don’t decorate in a way that alienates potential buyers.
Property trends come and go, sometimes faster than you might think. Try to ensure you decorate in a way that won’t raise any eyebrows, without making the property look boring.
Getting your fast sale
You can put the property on the market straight away but even if the house sells quickly, you won’t be able to finalise the sale until probate is granted. This can be very worrying if selling is urgent due to financial commitments or a need to pay out other beneficiaries of the estate.
If you decide to opt for a cash buyer like We Buy any Home UK, though, you don’t have to worry about the stress caused by creating a good impression on regular home buyers viewing your property. One of the quickest ways of selling any house with no hassles at all is with We Buy any Home UK.
People often overlook how much investment it can actually take to sell a property on the open market.
Particularly with properties that have been inherited, there is often a need to decorate the home to bring it in line with what is currently on trend. Even just painting the rooms a new colour and refreshing gloss work can often cost far more than expected.
This also doesn’t take into account the amount of time it can take to freshen a property up. And as people often find, weeks can soon turn into months. Before you know it you’ve wasted months of time and money on what turns out to be a long term project.
We’re here to help
We have decades of experience in the property industry. We have shown time and time again that if you’re in a tough spot regarding your home, we are right people to help you.
Whether you’re in need of an urgent sale, or you’re just weighing up your options, We Buy Any Home UK are here to help. \Offering you a free, no obligation cash offer on any property. We can also complete in as little as 7 days!
We can give you a fair cash payout for your property, just as soon as all you have finalised all the legal paperwork and probate is officially in place. Selling in this manner is simple, free of stress and provides the quick sale you need.
When you sell your home through us, you’re cutting out all the time and worry that can be spent trying to market and sell a property and will benefit from cash when it’s needed, whether that’s to pay out additional beneficiaries, downsize into a smaller home, or to take advantage of the cash locked into a jointly owned home.
You can find out more about our free and easy service by filling out our simple form.
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