Inherited property from a loved one, but don’t want to let it out and manage tenants? Sell it for cash and enjoy your future.
Whether you are looking to sell an inherited property or trying to plan for the eventuality of someone dying, we understand that this can be a stressful and emotional time.
Property Saviour specialise in buying all types of inherited properties for cash, whatever the condition.
We will buy any property including houses, flats, bungalows, commercial properties, properties with short leases, squatter-occupied properties and even empty derelict properties.
No need to worry if bungalows are harder to sell, as we will buy in any condition.
You may be trying to cope with losing a loved one, struggling to think straight and being unable to decide how to progress with the house or assets. Firstly, we’re sorry you’ve found us in such sad circumstances.
But now you’re here, we’re confident we can help with your property dilemma. We’re a small team of professional and friendly individuals who have helped many clients during this difficult time.
Whether you have obtained a Grant of Probate or awaiting probate whilst exploring the sale of an inherited property, we are here to help.
You can agree to sell to us, and we can assist you with expediting your probate application – and soon as you get it, we will be able to complete the purchase.
Inheritance can come in various forms including:
If your mum or dad have passed and you’ve been left a property in their Will, you may be a little uncertain – scared, even – about how to proceed.
Owning a house you’ve suddenly inherited can be a bit of a shock. You could find yourself drowning in bills and the new responsibilities all add up quickly.
When you have brothers or sisters to consider, you have several choices of how to deal with the property you have inherited:
We’re happy to arrange a video call with all parties to discuss how we can help you so that you each have the same information at the same time.
Watch this video to make an informed choice about your options.
Bereavements bring some of the most painful and worrisome periods in our lives. Your mum, dad, grandma or granddad may have been making calls or researching what to do when they pass.
Unfortunately, some unscrupulous organisations could have been collecting data on them for a while and suddenly, you’ll find people know your business (or it seems that way).
Losing your husband, wife or civil partner is undoubtedly a life-changing experience. So many emotions, so much paperwork and so many things to attend to.
Inhering their house, or their part of the house, could mean you can live out your future in financial comfort.
Depending on the circumstances, some people eventually decide to sell up and move on to help themselves heal from the trauma of bereavement. If your loved one died in the house, or you were a long-term carer for them, we can help you release cash from their estate.
You won’t need to move until you’re ready; we’ll work with you to find a date to exchange contracts so you won’t end up sofa-surfing in between.
You can only truly inherit property under the rules of intestacy (known as “dying intestate”) if you were married or had a legal civil partner. You’ll still need to apply for probate to get legal permission to deal with your husband, wife or partner’s debts and personal affairs.
Once the estate has been valued – usually by a specialist probate solicitor – you can work out whether you can cover any remaining debts with your savings or income.
Often, selling the property will be the only option to release you from the obligation, but we can make this quick and painless to help you avoid possible repossession.
You must inform the relevant authorities, such as the Department of Work and Pensions, who administer your benefits.
Whether you get PIP (Personal Independence Payment), ESA (Employment Support Allowance) or Universal Credit – they have specialist advisors who will help you navigate what to do next. You’ll need to tell them you have a ‘change in circumstances’ and give them the new address.
If you live alone, with no children and no savings, you can live in the inherited house without affecting your benefit entitlement.
Other situations can be more complex – please ask our team about your specific circumstances. If you’ll be better off selling the house, we’ll give you honest, impartial advice to help you decide.
We’ll never push you into a sale; we have a proud reputation and your wellbeing is important to us. We use a local rate Leeds phone number – 0113 320 6700 – so the call should be free from your mobile (if you have an unlimited minutes plan) or you can ask us to call you back.
Please advise us if you have additional needs such as anxiety, autism, learning disabilities or cognitive impairments such as dementia.
We can’t promise to be perfect, but we’ll try our best to make you feel at ease; we’ll explain everything with clarity, at a pace to suit you, while you ask as many questions as you need to feel reassured and safe with us.
We’d be happy to listen if you have any feedback on how you felt using our website or services.
When you inherit a house with a mortgage, since the deceased’s debts still have to be paid, you may find that there is not enough left after the settlement of the estate to pay the balance outstanding on the mortgage.
Sometimes the life insurance policy of the deceased will cover part, or all, of the mortgage debt. But if this option isn’t available, you must pay the monthly mortgage payments yourself – or risk repossession.
Perhaps you’re not currently employed full-time or self-employed with variable income?
Maybe you’re sick, disabled or on benefits? Or you already have your own mortgage and a family to support, so you can’t find the extra monthly payments from your household budget.
A daunting thought for many, especially with all the red tape and legal processes you have to endure, many of our clients feel that selling the property for cash is simply a less stressful option. According to ONS Wealth and Asset Survey, you aren’t alone.
Free of the burden, you can then use the proceeds from the sale to buy a property of your choice or treat yourself to a car, holiday or home improvements.
The standard inheritance tax rate in England is 40%. However, there is a tax-free threshold of £325,000, which means that you do not have to pay inheritance tax on the first £325,000 of your estate.
There are also a number of other allowances and exemptions that can reduce or eliminate your inheritance tax liability. For example, you may be able to claim an additional £175,000 allowance if you inherit your main residence from your spouse or civil partner.
If you are concerned about inheritance tax, you should speak to a financial advisor who can help you to understand your options.
Here are some of the most common allowances and exemptions for inheritance tax:
It is important to note that the rules for inheritance tax can be complex. You should speak to a financial advisor if you are unsure whether to pay inheritance tax.
There are two ways to avoid paying Capital Gains Tax (CGT) on an inherited property in the UK:
If you inherit a property and live in it as your main residence, you will not have to pay CGT when selling it. This is because you will be able to claim Private Residence Relief.
To qualify for Private Residence Relief, you must have lived in the property as your main residence for at least two of the last five years. If you have not lived in the property for two out of the last five years, you may still be able to claim Private Residence Relief if you can show that you genuinely intend to live in the property as your main residence.
If you sell the property immediately on inheriting it, you may not have to pay CGT on any profit you make from the sale provided that property hasn’t ‘gained in value’. This is because the gain will be considered a ‘disposal by reason of death’ and exempt from CGT.
However, you should note that if you sell the property immediately, you cannot claim Private Residence Relief if you subsequently decide to live in the property as your main residence.
Here are some additional tips for avoiding CGT on an inherited property:
If you’ve just suffered the loss of a loved one, perhaps after a long illness or stay in residential care, you’re unlikely to be in the right zone emotionally to cope with various methods of sale available to you including:
There are several considerations when it comes to auctioning your inherited property including:
In the so-called Modern Method of Auction, sellers are told it is a free sale because the buyer will pay their fees. The buyer ends up paying £9,600 in ‘buyers’ premium’ which the auctioneer split up with their introducing agent 50:50.
Naturally, the buyer may feel he/she overpaid for the property or cannot raise a mortgage and therefore, walk away! The auctioneer will bank this fee, leaving you high and dry.
Even if you get lucky to sell the property, the buyer will have paid up to £10,000 LESS when bidding and you are worst off – in a ‘free-free auction’.
We don’t believe it is fair that you take all the risk, and the auctioneer gets paid first.
You may be wanting to start a new relationship and clear bad memories of the past by selling your old house. Or perhaps you find yourself in deep financial distress; bailiffs hounding you, multiple CCJs or threats of repossession.
Estate agents can offer you an opportunity to sell your inherited home on the open market. These are considerations that can hinder a quick sale:
Cash house buyers – such as Property Saviour can offer you the following:
A Grant of Probate is a legal document which allows the Executor of the estate to action the Will. You can apply for probate by yourself and save thousands of pounds in fees.
Our guide explains with detailed steps on how to apply for a Grant of Probate.
If the property has a mortage, you find out the name of the lender from the ‘Title Register’ of the property if there is one. This service costs £7 from the Land Registry’s official website.
Find out whether the property has buildings insurance. You will need to purchase a specific empty or unoccupied property insurance cover.
Contact the Water, Gas, Electricity and Council Tax to inform them to put the bills on hold.
Many people feel that letting the property will cause extra stress and unnecessary attachment to it. If memories of the past are likely to be painful, you will probably wish to consider selling your inherited property rather than renting it.
If you decide you want to sell the house you’re due to inherit, Property Saviour can help you on this journey and give you a quick cash offer for your probate property.
When a family member dies suddenly or they have suffered long-term ill health, they may have accumulated a lot of possessions that the next-of-kin no longer wants, nor have space for.
Older people may tend to hoard ‘collections’ of treasured memories. However, out-of-date items and unhygienic waste can pile up. Have you been wondering how to cope with all the clutter before you sell up?
When selling via an estate agent, this is all the seller’s responsibility to deal with – and it can be extremely upsetting.
At Property Saviour, we understand these circumstances can be incredibly painful for the loved ones left behind.
We offer you a free house clearance service with any house sale. Should you require this, please ask. Get in touch to see how we can help you.
You won’t be able to sell inherited house until a Grant of Probate or a Letter of Administration has been issued. You’ll only be able to sell the inherited property if you are an Executor, pay any inheritance tax and distribute the proceeds amongst beneficiaries. Property Saviour can help you sell your inherited property fast.
There’s not a prescribed timeframe by which an inherited house must be sold. However, an Executor should be acting in the interest of the beneficiaries to ensure that probate estate is settled as quickly as possible.
As an Executor, you can sell any ‘probate property’ once you have a Grant of Probate. The property forms part of the deceased’s estate. Probate gives the appointed Executor the legal authority to sell inherited property, pay any taxes and settle the balance amongst beneficiaries.
If an Executor is seen to be dragging out the sale of an inherited property, it could mean to rising probate bills including holding costs of property & legal costs. In this scenario, the beneficiaries can sue the Executor and in one recent case, an Executor has been jailed.
No. All beneficiaries have to agree to the sale before the inherited property can be sold. If there are joint Executors then both must agree.