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How Do I Sell A House I’ve Inherited?

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How do I sell a house I’ve inherited? Losing a loved one can be a difficult and emotional experience, and dealing with the practicalities of their estate can be overwhelming.

One of the most significant assets they may leave behind is property, which can be a valuable inheritance and a significant responsibility. In this guide, we will walk you through the process of selling an inherited property, including the legal processes, taxes, and market conditions.

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How do I sell a house I've inherited?

Before selling an inherited property, it is essential to understand the legal process involved. Probate is the legal process of administering the estate of a deceased person, which includes distributing their assets according to their will.

If the deceased person did not leave a will, the estate will be distributed according to the rules of intestacy. The executor of the will, or the person responsible for administering the estate, must apply for a Grant of Probate, which gives them the legal authority to manage the estate.

Transferring Ownership of an Inherited Property

During probate, the executors of the will need to transfer ownership of the property into the beneficiary’s name. This involves filling out forms with the Land Registry.

Once probate is complete and the will has been administered, ownership of the property will officially transfer to you, and you can register your ownership at the Land Registry

Taxes and Inheritance

Inheritance tax is payable on the estate of the deceased person if its value exceeds £325,000. The tax rate is 40% of the value above this threshold.

However, there are some exemptions and reliefs available, such as the spouse exemption, which allows a spouse to inherit the estate without paying inheritance tax. Capital gains tax is also payable on the profit made from selling an inherited property. The tax rate depends on the individual’s income tax band and the profit made from the sale.

how do i sell a house i've inherited
Capital gains tax is also payable on the profit made from selling an inherited property.

Can I sell an inherited property without probate?

No, you cannot sell an inherited property until probate is granted (if probate is required). Probate is the legal process of administering the estate of a deceased person, and it is necessary to obtain a Grant of Probate before selling the property.

How long does it take to sell an inherited property?

The time it takes to sell an inherited property depends on the selling option chosen. Selling with an estate agent can take several months while selling at auction typically takes 8-12 weeks. Selling to Property Saviour can take as little as 10 days.

Do I need to pay capital gains tax on an inherited property?

Yes, you may need to pay capital gains tax on an inherited property if you sell it for a profit. The tax rate depends on your income tax band and the profit made from the sale.

Selling Options

These are some selling options available for you to consider:

 

Selling with an Estate Agent

Selling with an estate agent is a traditional method of selling a property. The agent will market the property, handle viewings, and negotiate offers on behalf of the seller. The pros of selling with an estate agent include wide market exposure, professional negotiation skills, and handling of paperwork and legal processes. However, the cons include commission fees, no guarantee of a sale, and the potential for a long sales process.

 

Selling at Auction

Selling at auction is a faster method of selling a property, typically taking 8-12 weeks. The pros of selling at auction include a quick sale, guaranteed sale on the fall of the hammer, and no estate agent fees. However, the cons include the risk of selling below market value, no control over the sale price, and the potential for a low sale price.  Watch out for being tied into a long-term contract!

 

Selling to Property Saviour

Property Saviour is a cash house-buying company that offers a quick and hassle-free sale. The pros of selling to Property Saviour include a quick sale, guaranteed sale, no estate agent fees, and no need for refurbishment or repairs. However, the cons include a lower sale price compared to market value.  But if you value speed and certainty, this could be the right option for you.

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  • 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.
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  • No long exclusivity agreement to sign because we are the buyers.
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