Selling a house you have inherited can be a difficult task, especially during a time of grief and emotional turmoil. However, understanding the process and the steps involved can make it more manageable.
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How to Sell a House I Have Inherited?
Selling an inherited property involves several steps, from consulting the will to paying inheritance tax and preparing the property for sale. Here’s a comprehensive guide to help you through the process.
1. Consult the Will
The first step in selling an inherited property is to consult the will of the deceased. This document will name the executor and the beneficiaries, and it will provide instructions on how the estate should be divided.
- Find the Will: Locate the will, which may be stored in a safe, filing cabinet, or with a solicitor.
- Understand the Will: Determine if you are the sole beneficiary or if the property is to be divided among multiple beneficiaries.
2. Apply for Probate
Probate is the legal process that gives you the authority to deal with the deceased person’s estate. It is essential to apply for probate before you can sell the inherited property.
- Check if Probate is Required: Not all estates require probate. For example, if the property was jointly owned, it will automatically pass to the surviving owners.
- Apply for Probate: If you are the executor, you will need to apply for probate to gain legal authority over the estate.
3. Pay Inheritance Tax
Inheritance tax is payable on estates valued above £325,000. However, there are exceptions, such as if the estate is left to a spouse or civil partner.
- Value the Estate: Determine the value of the estate to see if it exceeds the £325,000 threshold.
- Pay Inheritance Tax: If applicable, pay the inheritance tax within six months of the date of death.
4. Prepare the Property for Sale
Preparing the property for sale involves cleaning, tidying, and possibly refurbishing it to make it more attractive to potential buyers.
- Clean and Tidy: Ensure the property is clean and tidy to make it more presentable.
- Refurbish if Necessary: Consider refurbishing the property if it is in poor condition, but be aware that this can be time-consuming and costly. However, you can sell it as is.
5. Choose a Selling Method
There are three main methods to sell an inherited property: through an estate agent, by auction, or to a house buying company.
- Estate Agent: Traditional method, but can be slow and involves viewings and chains.
- Auction: Faster than estate agents, but the selling price is unknown until auction day.
- House Buying Company: Quick and certain sale, but you may sell for 70-75% of the market value. Make certain that your chosen cash housing buying doesn’t have a habit of borrowing money which can lead to lots of delays. More on this later.
6. Consider the Costs
Selling an inherited property involves various costs, including estate agent fees, auction fees, conveyancing fees, and removal costs.
- Estate Agent Fees: Varying fees, usually a percentage of the selling price.
- Auction Fees: Fees for auction services, plus legal fees.
- Conveyancing Fees: Fixed fees for legal services, plus disbursements.
- Removal Costs: Costs for removing furniture and other items from the property.
Selling Methods Comparison
This table summarises different sale methods, expected timescale for selling as well as success rate.
| Selling Method | Time to Sell | Success Rate | Sale Price | Viewings/Chains | Fees |
|---|---|---|---|---|---|
| Estate Agent | 14-23 weeks | 51% | Highest possible | Yes | £000s |
| Auction | 6-8 weeks | 55% | Unknown until auction | Yes | Varying |
| House Buying Company | 2 weeks | 100% | 70-75% of market value | No | None |
Insider’s Tips
- Choose a Reputable House Buying Company: Avoid any cash buying companies who needs to ‘borrow’ money to buy your property. If they lie about their cash buying status, what else are lying about?
- Consult a Solicitor: Seek advice from a solicitor experienced in wills and probate to ensure you follow the correct procedures.
- Check for Outstanding Mortgages: Determine if there are any outstanding mortgages on the property and contact the lender to understand their terms.
- Consider Insurance: Ensure you have the appropriate insurance for the property, whether it is unoccupied, rented out, or if you move in.
Tired of Waiting?
Selling a property through traditional estate agents can be a lengthy and frustrating process. The constant viewings, negotiations, and uncertainty can take a toll on your mental health and well-being. And, there’s always a risk of the sale falling through, leaving you back at square one. Auctioning your property can also be a gamble, with no guarantee of a sale and the possibility of selling for a lower price than expected.
In contrast, selling to Property Saviour offers a stress-free and guaranteed sale. We buy any property, regardless of its condition or location, and can complete the sale in as little as 10 days. Our team of experts will guide you through the process, ensuring a smooth and hassle-free transaction.
With Property Saviour, you can avoid the pains of selling through estate agents and auction houses, and get a fair price for your property without the fuss.
By choosing Property Saviour, you can break free from the chains of traditional property selling and unlock a quick sale. Our service is designed to provide a fast and efficient solution for those who need to sell their property quickly, whether due to financial constraints, personal circumstances, or other reasons. You can sell your property with confidence and move on with your life.
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.
