Understand their last wishes
Before you take any steps towards the sale of an inherited home, ensure you are clear about the last wishes of the deceased. You will need to review the Will to learn about the distribution of the estate according to the deceased. A Will simplifies things, legally speaking. You can’t sell a house you inherited without showing that it was left to you. Check if the person who passed away has named an executor – the individual responsible for managing the estate. A Will can prevent disputes, especially if it’s a family home where different people might make a legitimate claim. If the person who passed away did not say anything about where to find the Will, you should contact their solicitor. How you proceed with the property sale depends on if a Will is involved or not. The next of kin is usually in charge of an estate in the absence of a Will.
Applying for probate
Probate is a legal process that gives an executor the authority to handle the estate of a deceased person. If you are an executor, you need to apply for probate to be able to sell an inherited home. This authorisation gives you additional rights, such as being able to access the bank accounts of a deceased person. It is also how an executor is able to calculate the value of an estate, which is a necessary part of probate. Probate can take anything between several weeks and 12 months, though a Will makes the procedure less complicated. You can apply for probate yourself or involve a solicitor. Note that probate is not required in instances of joint ownership. If a spouse, civil partner or any other relation you have shares in the property, the part belonging to the deceased automatically transfers to you.
Do you have to pay taxes?
If you are not a spouse, civil partner or a direct descendant of the deceased, you will have to pay inheritance tax if the total value of the estate exceeds £325,000. However, this tax doesn’t apply where a spouse or civil partner is the beneficiary of the estate. Direct descendants, including children, grandchildren and step-children pay inheritance tax on property worth more than £450,000.
Get expert help
After handling the legal elements of an inherited house, you can proceed to sell it. Unfortunately, selling any property is hard, and it can be more challenging when dealing with inherited property. Sourcing help from a professional can save you significant time and stress during this difficult period.
A fast house sale company is a practical alternative for selling inherited property fast. Even though you don’t get the full market value of a property, selling to a property buying company eliminates a lot of work. You don’t have to fret about listing the house, arranging viewings or paying legal fees.
Selling inherited property presents unique challenges that may be too much to take on during what is no doubt already a difficult time. A home buying company such as WeBuyAnyHome can do all the work for you, so you can focus on what matters. If you need a quick, guaranteed sale for an inherited property, don’t hesitate to get in contact.
How to sell your inherited house fast
If you want to sell your inherited home fast, we provide an easy and seamless solution. All you need to do is get in touch by entering your postcode above. We’ll ask you for some contact information, as well as some details about your property. We can then give you a free, no obligation cash offer against your house within 24 hours – not using an online valuation tool, but based on what equivalent properties in your area have sold for – an offer which would then, of course, be verified by an in-person valuation.