Inheriting a property through a Will can be both a blessing and a burden. On one hand, you’ve received a valuable asset. But on the other, you’re now faced with the daunting task of selling a house left to you in a Will – a process that’s often fraught with legal hurdles and emotional turmoil.
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What Happens If You Are Left a House in a Will?
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.
Do You Need Probate to Sell a House?
In short, yes – you absolutely need to get a Grant of Probate before even thinking about selling a house left in a Will.
Trying to sell without proper legal authority is a massive no-no that could seriously backfire.
The probate process can take months, especially if the estate is complex or contested. But once that box is ticked, you’re finally free to explore your options for offloading the inherited home.
What tax do I pay if I inherit a house?
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.
The 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.
Capital Gains Tax Allowances and Exemptions
There is an annual tax-free capital gains allowance (£12,300 for 2023/24) that can be deducted from any gains made on the sale.
If the property was the deceased’s main residence, you may qualify for full private residence relief, which makes the gain completely exempt from capital gains tax. Even if it wasn’t their main home, letting relief may allow up to £40,000 of the gain to be exempt if the property was let at any point.
Can I Sell a House Left to Me in a Will?
Dealing with an inherited house can be a daunting 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.
