How to sell a house you inherited
When it comes to selling inherited property, individuals often have many questions about the legal side, paperwork and financial matters surrounding the process. Of course, selling an inherited house is no different and it can be a very daunting prospect. Coupled with dealing with the emotional side of losing a loved one, selling inherited property is a difficult task. In this article, we will outline all of the important information that you need to know about selling an inherited house.
Check the will
The first thing that you should do is check whether the person who died left a will behind. This will clarify whether the person attributed any names to the property, as well as exactly how they would like the estate to be split.
If a will was not left behind, then you should speak with a solicitor who is experienced in wills and probate.
Apply for probate
Probate is essentially the legal process that arranges and draws up a list of all financial assets of the deceased person’s estate. The purpose for it is to give people the authority from a legal standpoint to deal with a deceased person’s estate.
Sell your inherited property
By the time you reach this stage, you have three options. You will have the choice to go through traditional estate agents, have an auction house sale, or go through a regulated property buying company.
FastCash4Houses can help you with this step. At FastCash4Houses, we will give you a maximum no-obligation cash offer, up to 100% of the property value. If you go through us, we will cut out needing to go through an estate agent and their fees. All you have to do is tell us about the property and we will process the property valuation. Within 24 hours, we will then give you a cash offer. It could not be easier!
Pay inheritance tax, Capital Gains Tax, Income tax
This step may or may not be necessary, depending on the circumstances. To calculate if you have to pay inheritance tax, you can use the online HMRC calculator, or talk this through with an accountant. It is essential that if you have to pay capital gains tax that you do so immediately, within just 30 days of the sale of the property. If not, they will charge interest and may also invoke a penalty notice, Income tax will only be payable if you have used the property to produce an income, such as if you choose to rent it out.
In any case, FastCash4Houses is here to support you during this sensitive, and often difficult journey of selling an inherited house. We have plenty of experience in the field of buying and selling property, so if you have any questions, please do not hesitate to get in contact with our friendly team today. We are here to support and guide you through any process of buying and selling a home.
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