A guide to selling an inherited property.

The Will

When you inherit a property the first step is to get some good old fashioned legal advice, the will states on it who the Executor and who the beneficiaries are as well. The executor is the named person who is in charge of the estate, this can be a family member but also the Solicitor who set up the will in  the first place. The beneficiary is the person who inherits the estate. The executor or the solicitor can apply for a grant of Probate and there is plenty of useful links for this on line. 

 Apply for probate

Probate gives the executor the legal authority to act on behalf of the deceased. And at this point they will be allowed access to anything that is relevant to the estate i.e.  like bank accounts, investments, etc . The length of time the probate can take depends on how large or complicated the estate itself is i.e. number of properties, bank accounts etc

Speak to the experts

As with most things in life it’s probably prudent to speak to the experts and getting advice from Solicitors, Charted surveyors may save future delays. Remember HMRC will want accurate figures for tax purposes. 

Inheritance tax  

Currently inheritance tax is due on estates of more than £325000 at the rate of 40%,  however there are variations on this and again HMRC will give you UpToDate advice on this matter. 

Selling advice

When the day arrives that you have to sell your loved ones property ask 2 or 3 local agents to give you a valuation and remember ask question of them, how they will market the home, property portals, viewings but more importantly be honest with your concerns with them so hopefully you can work together to achieve the same goal.