Can I sell a house left to me in a will? This question often arises for many Britons who find themselves inheriting property, as they grapple with the financial and emotional implications of their newfound asset.
Recent data from equity release adviser Key reveals that over 11.6 million people in the UK have received an inheritance in the past decade, with the average inheritance value standing at £65,600. Of these inheritances, 51% come from parents, highlighting the significance of property in intergenerational wealth transfer.
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Can I Sell a House Left to Me in a Will?
The short answer is yes, you can sell a house left to you in a will. However, the process involves several steps and considerations that must be addressed before proceeding with the sale.
When someone passes away and leaves you their home in their Will, you don’t automatically become the legal owner. First, you’ll need to go through the probate process to have the Will validated and the property officially transferred into your name. This involves:
- Applying for a Grant of Probate if you’re the named executor
- Providing details of the deceased’s assets and liabilities
- Paying any outstanding debts or taxes from the estate
- Distributing the remaining assets according to the Will
Only once probate is complete can you truly take ownership and decide to sell the inherited property.
What is the probate process for inherited property?
Probate is the legal process of administering the deceased person’s estate, including their assets and property. This step is essential before you can sell an inherited house. The process typically takes 6-12 months but can be longer for complex estates.
How does inheritance tax affect the sale of an inherited property?
Inheritance tax (IHT) may be due on the estate if its total value exceeds £325,000. The current IHT rate is 40% on the amount above this threshold. However, there are ways to reduce this rate to 36% on certain assets if 10% or more of the estate is bequeathed to charity.
What are the steps to selling an inherited property?
- Obtain probate or letters of administration
- Value the property
- Pay any inheritance tax due
- Transfer ownership
- Decide whether to sell or keep the property
- If selling, choose a selling method (estate agent, auction, or cash buyer)
- Complete the sale and distribute proceeds
Can I sell an inherited property before probate is granted?
While you can market the property before probate is granted, the actual sale cannot be completed until probate is finalised. This is because you need legal authority to transfer ownership of the property.
How do I handle an inherited property with a mortgage?
If the inherited property has an outstanding mortgage:
- The mortgage becomes your responsibility
- You may need to take out a new mortgage in your name
- The deceased’s life insurance policy might cover the remaining mortgage
- You could sell the property to pay off the debt
When is inheritance tax payable?
Inheritance tax must be paid by the end of the sixth month after the person’s death. So, if probate takes longer than six months, the inheritance tax will need to be paid before probate is fully granted. Failing to pay the inheritance tax by this deadline can result in interest charges accruing on the unpaid amount.
It is true that there are two certainties in life—death and taxes. Inheritance tax may be payable. It is typically due before the beneficiaries can receive their inherited assets, including the property sale proceeds.
What are the tax implications of selling an inherited property?
When selling an inherited property, you may be liable for:
- Inheritance tax on the estate
- Capital gains tax on any increase in value since inheritance
- Income tax if you earn rental income from the property before selling
What should I consider when inheriting a property with siblings?
Inheriting a property with siblings can complicate matters. Consider these factors:
- Decide whether to sell or keep the property
- Agree on how to split the proceeds if selling
- Determine how to manage the property if keeping it
- Consider buying out other beneficiaries if one sibling wants to keep the property
How do I prepare an inherited property for sale?
To maximise the value of an inherited property:
- Clear out personal belongings
- Consider basic renovations or repairs
- Ensure the property is clean and presentable
- Obtain necessary certificates (e.g., Energy Performance Certificate)
What are the pros & cons of selling an inherited property?
| Pros | Cons |
|---|---|
| Quick access to funds | Potential emotional difficulty |
| Avoid ongoing property expenses | Loss of potential future appreciation |
| Simplify the inheritance process | Capital gains tax on increased value |
| Opportunity to invest in other areas | Possible family disagreements |
What are the options for selling an inherited property?
There are several ways to sell an inherited property:
- Traditional estate agents
- Online estate agents
- Property auctions
- Cash buying companies
Each option has its pros and cons, which should be carefully considered based on your specific circumstances and timeline.
How can I sell an inherited property quickly?
If you need to sell an inherited property fast, consider these options:
- Auction houses for a quick sale (typically 28 days)
- Cash buying companies for completion in as little as 7 days
- Modern or hybrid estate agents who may offer quicker services
When considering who is the best house buying company, Property Saviour is often mentioned as a reputable option for those looking to sell quickly.
Selling options
Dealing with an inherited house can be a difficult task, especially when you’re tackling the legal complexities and tax implications. But fear not, for Property Saviour is here to be your guiding light through this process. We understand that you may feel overwhelmed, but you needn’t go it alone, even if you’re the sole executor.
At Property Saviour, we pride ourselves on being the champions of simplicity. Our experts will hold your hand and guide you through the probate process, ensuring that every step is crystal clear. We’ll advise you on your specific situation, leaving no stone unturned.
Now, let’s talk about the benefits of a cash sale, shall we? Imagine bidding farewell to the hassles of dealing with estate agents and auctioneers. With a cash sale, you can bypass these middlemen and their pesky fees, putting more money in your pocket.
The Estate Agent’s Downfall
Estate agents can be a real headache. They’ll have you jumping through hoops, staging your property to perfection, and enduring endless viewings. And let’s not forget those hefty commissions they charge, which can put a dent in your inheritance.
The Auctioneer’s Stumbling Block
Auctioneers might seem like a tempting option, but they come with their own set of challenges. You’ll have to adhere to strict timelines, and there’s always the risk of your property not meeting the reserve price, leaving you high and dry.
The Property Saviour Solution
But fear not, for Property Saviour has a solution that will make your life a breeze. We have our very own quick buying company, where we can complete sales in as little as two weeks! That’s right, two weeks! No more waiting around for months on end, wondering when the sale will finally go through.
So, why not let Property Saviour be your knight in shining armour? Contact us today, and let us guide you through this journey with ease and expertise. We’ll ensure that you get the best possible outcome without the headaches and heartaches that often come with selling an inherited property.
Sell with certainty & speed
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
