Inheriting a property can be a bittersweet experience, blending cherished memories with practical decisions. Whether you're emotionally attached or simply managing an estate, understanding the selling process is crucial. Here's a handy beginner's guide to help you navigate this journey.

1. Establish Legal Ownership

First things first, ensure that probate is granted if necessary, and the property is legally transferred to you. This step is vital, as you'll need to prove ownership when it's time to sell.

2. Understand the Tax Implications

Taxes can be tricky! Depending on the estate's value, you might face Inheritance Tax. Plus, if the property's value has increased since the previous owner's passing and you’re not residing there, Capital Gains Tax could come into play. Seeking professional advice is wise here.

3. Decide What to Do with the Property

Consider whether to keep, rent, or sell the property. Selling is often the simplest route, especially if there are multiple beneficiaries involved.

4. Prepare the Property for Sale

An empty home can feel a bit lifeless, so think about light staging or tidying to showcase the property at its best. Address any maintenance issues and ensure all necessary paperwork, like Energy Performance Certificates, is ready.

5. Be Mindful of Timings

Emotions can run high, so take your time and don't rush decisions. Ask questions and let your estate agent guide you through each step.

Selling an inherited property doesn't have to be daunting. With the right support, such as the expert guidance we offer at Maddisons Residential, you can make informed, practical choices while honouring the home's legacy. Remember, staying organised and informed is key to a smooth process.

 

 

 

If you need advice and help on buying or selling a property, please contact us to speak with one of our award-winning team who will be able to help you.