Selling an inherited house isn’t always easy, particularly after losing a loved one. It can become a real struggle if you have an emotional attachment to the property if you lived there.
As an Executor of the deceased’s estate, you must make financial decisions, such as selling or renting out your inherited house. If you sell an inherited property, there may be tax implications too.
Complications often arise when a property is left to siblings, as they might have conflicting priorities.
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How long do I have to sell an inherited house?
The first step is to obtain a Grant of Probate. This document gives you the legal power to:
- sell the property on behalf of the deceased
- pay any relevant taxes
- settle probate bills
- distribute remaining funds to the beneficiaries.
Obtaining a Grant of Probate is currently taking up to two months.
You need to check:
- if your inherited property has a mortgage as this will need to be paid to stop repossession proceedings
- if the deceased had life insurance which can be used to pay off the mortgage or additional inheritance money to pay the bills.
Once you have received your Grant of Probate, you can immediately sell the property.
When you inherit a property, you also inherit responsibilities. There are many possibilities for you as the owner of an inherited house; you can choose to keep the property and make it your primary home, or on rare occasions, families prefer to rent the property.
For many people, the best option is to sell the inherited house, pay off any existing mortgage and distribute the rest of the funds among family members. We will show you how to sell your inherited property
Property Saviour give you the option to avoid the hassle of traditional house-selling methods. We understand that people want a fair price for their probate property when looking to sell.
It could be challenging and exhausting maintaining your inherited property clean and being well prepared for nosy buyers to come for walk-throughs, and you end up bargaining with buyers and dealing with dodgy estate agents.
Inherited homes often need updating to make them appealing to buyers but, most importantly, so that they can become mortgageable. Regardless of the property’s condition, we will make you a cash offer, enabling you to sell your house fast.
Sadly in our industry, there are many We Buy Any House companies that aren’t real cash buyers. These are their tactics to pull you in:
- make you an unbelievable offer that seems too good to be true
- make you sign a six-month exclusivity contract, meaning you can’t sell to anyone else
- instruct a fault-finding surveyor to find as many faults as possible with your property and then use them to chip away at the initially offered price
- drop their offer price on the completion date
We are different. The price we offer you is the price you will receive with zero deductions.
Don’t hesitate to contact us even if you think that the inherited property is too run-down for resale. We are non-judgemental professional property buyers.
We’ll gladly purchase your house without delay, and we will always offer an honest and reasonable price. We will make you a cash offer today and agree to a completion date, usually within 10 days or sooner.
How long does an Executor have to sell a house?
There’s no prescribed timescale by which an Executor must sell a probate property. However, most Executors understand that the longer the process takes it is likely to increase bills and potentially increase the risk of an empty property.
If you have tried to sell an inherited house on the open market and haven’t had much luck, then you need a specialist probate property buyer like Property Saviour.
What happens when two siblings inherited a house?
If you are a joint beneficiary of an inherited property, then it is best to agree what to do with the property to save disagreements, frustration, and unpleasantness in future. These are some of the options available to you:
- Live in the property together, but eventually, one of you will have to move out, requiring a sale
- One sibling lives in the property, assuming that it is safe and legal to do so
- One sibling buys out the other(s) and keep the property as a rental property
- The house is rented, and rental income is equally shared
- The house is sold, and proceeds are distributed between siblings.
If you are thinking “I want to sell my house and live in my inherited one” you can read our guide on pros and cons.
How to sell parents’ house after death?
In our experience, the transfer of property between siblings can only occur if one sibling (the one who is buying deceased estate property) has the financial means to buy out the other sibling. Banks are reluctant to lend on deceased estates because they believe properties require some attention in most cases.
The sibling who is the beneficiary can force the sale of inherited property if they are an Executor or if they believe that property is taking forever to sell.
Selling estate property to the family can lead to frustrations and disputes between siblings, particularly if they need the money now. With uncertainty in the housing market, the holding period of inherited property can vary depending on price, condition, and local area.
This isn’t ideal when probate estate bills are mounting up. Inheriting a house with a mortgage means additional interest is added with extra charges for late or delayed payments that can reduce the amount of inheritance pot amongst beneficiaries.
If your brother or sister started living in an inherited house, it is impossible for a traditional buyer to expect a vacant possession. This is not an issue for true cash buyers.
In this scenario, a cash property buyer like Property Saviour can help. We can guarantee to buy your inherited property for cash and quickly. This means that you are in total control of selling your inherited property. There are no chains and no delays. To settle your inheritance quickly and sell an inherited property in “as is” condition, please call us on 0113 320 6700.
How to sell a house you inherited via Estate Agent?
Selling an inherited property via an Estate Agent brings about its challenges that an inexperienced Executor may not be aware of. These can include:
- property requiring essential maintenance to bring it up to mortgageable standards as deceased properties tend to be unmortgageable
- delays in obtaining a Grant of Probate can invalidate any searches carried out by the buyer or their mortgage offer expired, or they need to be moved in by a certain date to be in a catchment area for a selective school
- Executor unable to answer all queries relating to the property as he/she may not have intimate knowledge of the property having not lived there at all or for a while.
These scenarios result in frustration, anxiety and, sadly, an abortive sale, meaning that the whole process of finding a buyer must start again. While you sell, the hidden costs of probate property continue to increase. These costs include:
- Empty property council tax – this can be as much as 200% of the normal rate.
- Utilities – standard day charges for gas, water, and electricity.
- Empty property insurance – check whether your inherited property has empty property insurance that covers theft, vandalism and squatters. You may wish to read our guide on protecting your empty probate property.
- Interest will be added to the mortgage balance until the balance is paid in full.
- Professional Executor’s fees – this may be a fixed fee, a percentage of the estate’s value or an hourly basis.
Caution: Prevent your Will from being destroyed or lost
Before you can sell your property via an Estate Agent, he/she will remind you that it is your responsibility to make sure the house is cleared of all its contents.
Before you begin to remove furniture, it is important to first locate the Will and any important documents such as:
- property deeds if property is unregistered
- mortgage statements
- life insurance policy and any items of sentimental value.
The Will should contain the names of any beneficiaries and the appointed Executor. You will need a copy of the original Will.
Some people prefer to handle the house clearance themselves, but it can be time-consuming and emotional. It can be even harder if you live far away from the property and do not have time to deal with it. In this case, we might be able to assist.
An Executor will appoint a house clearance firm.
You can expect to pay anything from £500 to £2,500 for clearance services, depending on the size of the house and the number of furnishings and personal possessions.
Local charities are very happy to receive donations, although they have strict guidelines and typically do not accept any electrical items or furniture that is not certified as fireproof. It is best to check with the charity before you turn up with a vanload of items they may or may not be able to take from you.
If you decide to sell your property to us, we will take care of house clearance on your behalf. We donate items to the British Heart Foundation and give away the remaining items to people in need.
Why isn’t my house selling?
There may be several reasons why your house is not selling. These include:
- condition of the property resulting in it not being mortgageable
- legal issues such as selling an unregistered property or with a short lease
- your potential buyer’s inability to secure a mortgage
- delays with Grant of Probate due to tax complications
- property being over-valued
Your appointed estate agent will have over-valued your property to win your business. The reality sets in after he/she calls you to tell you that the market is tough and you must reduce your price to make your property attractive. Notice how the agent will blame the market and not their pricing. All this time, your costs have risen, meaning your inheritance pot has been reduced.
In the past, Estate Agents relied upon buy-to-let investors to buy properties requiring modernisation, but since anti-landlord new tax changes have come in, landlords are exiting the property market.
If you had an abortive sale, it can be very disappointing. It might be about time you served notice on your estate agent and approached a quick and decisive cash buyer like Property Saviour.
How to sell inherited house to sibling?
Ask your sibling to re-mortgage their existing house to buy out your share. Or your sibling can take out a new mortgage against the inherited house and give you a share.
You won’t be able to force your siblings to sell the inherited house, but you can apply to court for an ‘order for sale’.
Can I sell a house straight away if I inherit it?
You’ll need a Grant of Probate to sell the family home however, you can agree to sell it to a cash house buyer and complete as soon as you have official paperwork.
What happens if I sell an inherited property?
Depending on resale value, you may have to pay capital gains tax and inheritance tax on inherited property. It is always best to get professional advice from a qualified accountant.
Capital gains tax is calculated if the property value has risen from the date of inheritance to the resale date.
How to sell an inherited property to a cash buyer?
This is where Property Saviour can take away the pain of selling your inherited house. Because we are not estate agents, we can offer you our honest appraisal of your property and the current market in your area.
We are genuine cash buyers, meaning we do not rely on a mortgage or bank loan to buy your property. We have the cash, the expertise, and the staff to buy any probate property fast. You can sell your property in its current condition.
We understand that losing a loved one can be an emotionally difficult time for anyone. Therefore, we offer extra help and support to ensure that selling your inherited house is as smooth a experience as possible for you by taking care of the property, helping you with paperwork and guiding you throughout the selling process with daily updates. You can read our genuine reviews.
With us, there are no deductions, and we pay £1,500 towards your legal fees. We also offer to reimburse up to £500 towards your empty insurance policy.
There is no frustrating wait. You can complete the sale within 10 days or quicker if you prefer.
If you are ready to sell, call us on 0113 320 6700 or fill in our enquiry form.
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.
