Selling your share of an inherited house is possible, but it involves several steps and considerations. Let’s go through the process and options available to you.
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Selling Your Share of an Inherited House
When you inherit a property with others, you may want to sell your share for various reasons. Here’s what you need to know:
Establish Ownership
First, you must confirm your legal ownership of the property. This typically involves:
- Locating the will
- Applying for probate
- Registering the property in your name
Determine Your Share
Next, identify your exact share of the property. This information should be in the will or determined by the rules of intestacy if there’s no will.
Discuss with Co-owners
Talk to the other owners about your plans to sell. You have several options:
- Sell the entire property and split the proceeds
- Buy out your share
- Sell your share to a third party
Valuation
Get a professional valuation of the property to determine the worth of your share.
Selling Options
You can sell your share in different ways:
- To co-owners
- To a third party
- Through a court order (as a last resort)
Potential tax liabilities
Be aware of potential tax liabilities:
| Tax Type | When It Applies |
|---|---|
| Inheritance Tax | If the estate’s value exceeds £325,000 |
| Capital Gains Tax | If the property’s value increases between inheritance and sale |
Always consult with a tax advisor specialising in inheritance tax matters.
Legal Process
Engage a solicitor to handle the legal aspects of the sale, including drafting agreements and transferring ownership.
Insider’s Tips
- Always communicate openly with co-owners to avoid disputes
- Get professional advice from a solicitor and tax expert
- Consider the emotional value of the property before deciding to sell
- Be prepared for a potentially lengthy process
- Keep all documents related to the inheritance and sale
Can I sell my share of inherited property to a stranger?
Yes, in theory you can sell to a third party, but co-owners often have the right of first refusal.
What if I want to keep the inherited property but my sibling wants to sell?
You have options:
- Buy your sibling’s share
- Rent out their share to them
- Agree to sell the property later
Can I force a sale of inherited property?
You can’t force a sale if other beneficiaries don’t agree. However, you can apply to court for an ‘order for sale’ as a last resort.
How do I buy out my sibling’s share of inherited property?
To buy out a sibling’s share:
- Get a professional valuation
- Agree on a price
- Secure financing if needed
- Use a solicitor to transfer ownership
Fast, Fair & Stress-Free Property Sale
Selling an inherited property through traditional methods can be a real headache. Estate agents often take months to find a buyer, leaving you stuck paying bills and maintenance costs. Auctions seem quick, but there’s no guarantee your property will sell, and you might end up accepting a much lower price than you’d hoped.
Why put yourself through all that stress? Property Saviour offers a simpler, faster solution. We’ll buy your inherited property directly, with no estate agent fees, no lengthy waits, and no risk of the sale falling through. Our process is straightforward and transparent, and we can complete the purchase in as little as 10 days. Plus, we’ll cover your legal fees and handle all the paperwork, making the whole experience hassle-free.
Don’t let your inherited property become a burden. Get in touch with Property Saviour today for a no-obligation cash offer. We’re here to help you move forward quickly and easily. Give us a ring or request a call back – we’re ready to take the weight off your shoulders and put cash in your pocket.
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.
