Dealing with the sale of an inherited property can be an emotionally and legally complex process. Here’s a step-by-step guide to help you navigate through it:
1. The Will
The first step is to ensure the legal aspects are covered. Verify that the will specifies the executor (responsible for the deceased’s estate) and the beneficiaries. If multiple individuals are involved, consider applying for a grant of probate from the Probate Registry.
2. Apply for Probate
Probate grants the executor the legal authority to manage the deceased’s assets, including the property. The process typically takes six to eight weeks for the grant of probate, followed by three to six months or longer to finalize inheritance matters.
3. Consult with Professionals
Consider hiring a solicitor to handle the probate process, minimizing paperwork and potential disputes. Engage a chartered surveyor early on to assess the property’s condition accurately, crucial for probate and HMRC purposes.
4. Understand Inheritance Tax
Inheritance tax applies to estates over £325,000 at a rate of 40%. Exceptions include transfers to spouses, civil partners, charities, or community amateur sports clubs. Note potential capital gains tax on property profits.
5. Selling Strategies
Renovating the property before selling often enhances its appeal to buyers. Light touches like decluttering, fresh paint, and flooring upgrades can make a significant difference. Ensure ample natural light and tidy outdoor spaces for optimal presentation.
Selling an inherited property requires careful planning and attention to detail. Our experienced team at Property Indeed can provide guidance and connect you with trusted professionals to streamline the process. Contact us today for expert assistance.
