Inheriting your parent’s house comes with an array of emotions and can be a challenging time as you may still be dealing with the grief of losing them. It’s not easy to carry on with daily commitments and responsibilities during a time of loss, and it’s even more difficult to manage the probate process on your own.
You may have a lot of questions on your mind right now including, ‘what should I do next?’, which is why we’ve put together this step by step guide to help answer those queries when inheriting your parents’ home.
If you’re at the stage where you’d like to find out how much your inherited house is worth, you can simply contact us to receive a free, no-obligation valuation.
If There is No Will, Who Inherits the House?
Inherited property can be a difficult subject to touch on and can, in some cases, cause family conflicts however this isn’t always the case. In some instances you may be the only one in line for inheritance which makes the process much more straightforward.
If there is no will left, carers, friends, relations by marriage and unmarried partners will not be able to inherit anything so, as the son or daughter, you will inherit the estate.
Do I Need to Pay Taxes if I Inherit the Property?
Inheritance Tax is a tax on the estate (money, possessions and property) of your parent. However there isn’t normally a tax to pay if the value of the estate is below a £325,000 threshold or if the estate (above £350,000) is left to a spouse, civil partner, charity or community sports club.
You can find out more about inheritance tax and as well as the different rates over on the UK Government website.
What Should I Do When I Inherit a House?
- Wait Until the Probate process is complete
- Prepare a Short-Term Plan
- Secure the Home and Turn off Supplies from the Mains
- Decide whether to sell the property.
Probate Process
If you have just inherited a property, you won’t have to make an immediate decisions as nothing can be done until the probate process is over.
Probate is the period in which executors of the will begin to settle the debts and handle the affairs of the deceased before distributing the assets.
While the probate process can take several months to complete (and even longer if there is no will in place), Property Rescue has specialist solicitors on hand to handle probate sales which can help speed up the process enormously.
While the estate is being settled, we’d recommend preparing a short-term plan to maintain the home at this time. This can be things like, ensuring the house is secured and turning off supplies from the mains. Any long-term plans such as upholding mortgage expenses and utilities won’t be a priority on your list if you’re looking to sell your inherited property fast.
Dealing with Property Maintenance
As with all properties, a certain level of maintenance is always required. This could be anything from cutting the grass to repairing a leak to ensure no long-lasting damage. You can visit the property and write down a list of any repairs that are needed before beginning to hire professional handymen to carry out the work.
How to Sell an Inherited Property
Once the probate process has been taken care of and all necessary paperwork has been filed, you now own the home and may decide to sell it on.
With the financial responsibilities that come with a property, selling the house for a clean break may help you to move on and also to save you the time, money and energy of refurbishing the place.
Your best and easiest solution would be to find a reputable property buying company who can step in and purchase the house from you.
Professional homebuyers like Property Rescue have a wealth of knowledge and experience when it comes to the purchasing process and can offer you a speedy route to avoid putting your house on the market, which would be time-consuming.
Let’s have a look at a few of the benefits of selling an inherited property:
Less stress and financial responsibility – It’s no doubt that any property comes with its fair share of upkeep and investment. Selling the home means you won’t have to worry about the work that comes with being a landlord or homeowner.
Selling can be quicker than you think – Although selling on the open market is notorious for taking its time, there are alternative ways to sell. You can use a property buying company who buys your home within days and takes care of the entire process for you.
Offers ease during an emotionally difficult time – Losing a parent is a really difficult time for anyone and emotions can be heightened when you think of the energy that will be required to take on an inherited property. By selling the house, you can smoothly move on and receive upfront cash that can help during this time.
How Can Property Rescue Help me?
As a reputable property buying company who have been in the business for nearly 20 years, our dedicated team of experts have developed an enormous wealth of knowledge surrounding fast property sales.
We have dealt with many cases where people are looking to sell their inherited property so we understand the sensitivity and service required to help you. No matter the circumstance or condition of the home, we can exchange contracts in as little as 48 hours if need be.
Here’s how it works:
- You make contact with us at Property Rescue
- We’ll value your home and make you an offer
- You decide whether you want to sell your home quickly and if you’re happy, we’ll send an agreement for you to sign
- We contact our team of lawyers and begin the purchasing process
- You’ll receive the funds from the house sale
- In any urgent cases, we can exchange contracts in just a few days
Ready to see you no-obligation cash offer? Simply get in touch with a member of our team to get started.