Selling an inherited property
When someone writes their will, they often designate a relative or friend who will inherit the property that the person writing the will currently owns. But once they die the recipient might not want to keep the house or flat they’ve inherited. It’s possible to sell an inherited property, but there are key points to learn before selling.
Your questions answered when selling an inherited property
✅ Will I always have to pay fees for selling an inherited house or flat?
No. If you sell an inherited property using the services of an estate agent then you will be expected to pay a potentially large commission if they are able to find you a buyer. Auctioneers will similarly charge you fees for selling the home, but you might be able to pass these on to the buyer. But quick home buyers such as LDN Properties will never charge you any fees.
✅ What's the fastest method for selling an inherited property?
Using a quick home buyer means you’ll typically be able to complete the sale in a few short weeks, which includes the time it takes to exchange contracts on the home and for you to receive the proceeds. An auction can take perhaps a month or longer to sell your home, whilst some properties sold through an estate agent can sit on the market for many months or longer.
✅ I'm listed as the executor of an estate, should I pay a solicitor to do the work?
It depends on the complexity of the estate at issue. It might be advisable to pay for a probate solicitor to handle the execution of a will if the estate is complicated and includes bankruptcies, foreign homes, and other difficult elements. But if the estate is fairly simple to execute you should consider doing this yourself and save money by not having to pay a solicitor any fees.
✅ How do I know whether selling, renting, or moving into an inherited property is right?
The answer to this question will also depend on your unique circumstances. If you have the time and money to be a landlord of a second property you could rent the inherited home out. If you are eager to be a homeowner you should think about moving into it. And if you don’t want the home then you should try to find a buyer and eventually get to enjoy the proceeds.
✅ If I'm named as the executor of a will can I immediately sell any property in the estate?
No. If you are the executor of a will in which there’s an inherited property that the deceased person solely owned, you’ll first have to apply to a probate court for a grant of probate, which is essentially authorisation to sell the house or flat. This process can take up to three months and during that time you are allowed to take certain steps such as getting valuations on the home.
✅ What documents will I have to provide in my application for a grant of probate?
As with many legal situations there are a number of documents that you will have to provide if you want to submit an application for a grant of probate including, but not limited to, statements from relevant banks or other financial institutions, identification, funeral expenses, the original will plus copies, property deeds, details on any mortgage for the inherited home, and more.
✅ What happens if the inherited property has a mortgage that is unpaid?
If the inherited property still has an outstanding mortgage, the proceeds from the deceased person’s estate will be used to pay off that debt. When the total remaining mortgage amount exceeds the value of the estate, any proceeds from selling the home will be used to pay it off. If the home has a joint credit agreement, the debt passes on to the other party in the agreement.
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