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Selling An Inherited House

A Useful Guide For A Straightforward Sale

Inheriting a house can be sudden, stressful and confusing. There are many options available to you when it comes to selling an inherited house but it can be difficult to decide which one to choose.

As well as the many options to consider, there are other factors you may not have had to consider before. For instance, you may be liable to pay capital gains tax or to pay inheritance on your inherited property.

Our helpful guide will give you an overview of your options, the taxes on selling inherited property and important points to consider so that you can make your decision with confidence.

Whatever you decide to do, our aim is to make the process of selling an inherited property as quick and simple as possible. 

Read on to discover the steps involved in selling inherited property.

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Why Selling An Inherited Property UK Can Be Difficult

We understand that it can be a difficult time when it comes to selling inherited property. Here are several things to consider before you make your decision.

As a property buying company, our team are experienced in helping people sell their homes for a variety of reasons. This can be because of inheritance, a broken chain, divorce or simply because you want to sell your house fast, without a lengthy sale process with an estate agent.

 

Grief

 

The loss of a loved one is hard, not to mention the stress of inheriting a house and selling it. There are often memories and emotions tied up in your inherited property which can make the decision to sell, rent or buy even harder.

At an emotional time, it is important that you take the time to consider your options and discuss your decision with experts if you’re unsure of what step to take next.

On the other hand, you may inherit a property you didn’t know would be your responsibility. Suddenly, you find yourself in a situation with important decisions to make.

 

"321 Move really helped the entire family work through what was a very difficult and emotional situation"

Steve Jones

 

Time

 

Family and work commitments mean that you don’t always have the time or energy to devote to the long process of putting a house on the market. A traditional sale with your local estate agents can be a lengthy process that requires time and patience.

 

Limited Resources

 

If you decide to sell the inherited property through your local estate agents, you will need resources and time to get the house ready for viewings. This can include repairs and improvements such as painting and cleaning. Improvements can be costly, both in expenses and in your time.

 

Selling an inherited property UK - What Are My Options?

 

Buy

You or a family member can purchase the inherited property and choose to live in it.

Rent

If you’re looking for an extra source of income, you can choose to become a landlord of your property and choose to rent it to others.

Sell

You can also choose to sell the inherited property through a local estate agent.

 

A Quick Sale

 

Looking for a quick sale? We can help. The price we offer you is the price you get, without any solicitor or estate agent fees. Our genuine cash offer will be with you within 14 days of the sale, and we will help you to avoid the hassle that comes with selling an inherited property.

  • It’s hassle free
  • No solicitor fees
  • You’re in control

It’s a great way to remove the pressure off yourself and move on quickly with your life.

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What Are The Tax Implications Of Selling An Inherited House?

We always recommend that you seek expert legal advice before you embark on the sale of your property as you may be liable to pay inheritance tax or capital gains tax. A quick call with a solicitor can help you figure out any fees you are liable for and when. The sooner you do this, the sooner you can move on and ensure you are not liable for any overdue charges.

As well as the tax implications of selling an inherited house, there may be other costs you need to consider:

 

Mortgage

 

You may need to get in touch with the mortgage company to find out whether the mortgage on the inherited property is fully paid or whether payment is still due. The provider may have special terms to adhere to in a situation of bereavement and inherited properties.

 

Council Tax

 

The inherited property will still be liable for council tax, even if it is unoccupied. Again, it’s always worth getting in touch with your local council to find out if there are discounts available to you if you find yourself with an empty property.

 

Home Insurance

The amount of insurance you are liable for depends on your plans for the inherited property. You have the choice of selling, buying or renting the property. You will still need to take out insurance if the house is unoccupied for 30 days or more.

Find out about the latest government information on taxes on selling an inherited house.

 

Inheritance Tax

 

You may have to pay Inheritance Tax (also known as IHT) on the deceased's estate. Inheritance tax includes a tax on property, possessions, and money.

You do not usually need to pay Inheritance tax if you meet the following criteria:

  • The value of the person's estate is below the Nill Rate Band (NRB) of £325,000
  • If the estate above the threshold is left to a spouse or civil partner
  • Or the estate is left to an exempt beneficiary, for instance, a charity.

However, if the value of the person's estate exceeds the Nill Rate Band, the estate above the threshold may be liable to pay inheritance tax at 40 %.

If you do not pay the Inheritance tax within 6 months, you may be charged interest by HMRC.

The Money Advice Service has more useful information about tax when selling an inherited property.

 

Selling An Inherited House – Capital Gains Tax

 

If the inherited property goes up in price before it is sold, it may be sold for more money than it was worth at the time of inheritance. This is known as being liable for capital gains tax. In this instance, the amount of tax you are liable to pay on capital gains depends on many factors, including the rate of Income Tax you pay.

Your solicitor or financial advisor will be able to guide you through this, however a quick house sale will help you to avoid capital gains tax.

HMRC also has a handy calculator to work out how much Capital Gains Tax you are liable for.

 

Income Tax

 

If you decide to rent the inherited property, you will need to pay Income Tax on the income you earn from rental.

Read more about how long does it take to sell a house through probate

 

Sell Your House With 321 Move

 

There are many reasons why a quick and simple sale can benefit you, especially in a sudden or distressing situation. Our friendly, expert team are passionate about helping you navigate life’s biggest moments with care.

We purchase your inherited property using our own cash, so that you can get the best price for your property. You receive 100% of our final offer price and don’t contribute to any fees associated with the selling process, unlike traditional estate agents.

  • Guaranteed offer in 24 hours
  • No fees, no chain
  • Proven track record in inherited property purchasing
  • Private and discreet
  • Timescale to suit you
  • All property types, in any condition
  • Minimise and avoid capital gains tax

The cash can be in your bank within 14 days. It’s quick, simple and can minimise the stress of a traditional house sale with an estate agent. Any home improvements and fees are taken care of so that you can begin to move on from any emotional attachments from the inherited property.

 

 

Our Process

 

Our team are on hand to provide you with an offer within 24 hours. This allows you to start the selling process as soon as possible. It also helps you to decide whether you want to go ahead with the offer, knowing the full cash amount we can offer for your house.

Are You Happy With Your Offer?

If you’re happy with your offer, we will exchange contracts that allow us to legally buy your inherited house.

Sale!

You can then arrange to hand over the property at a time and date that suits you.

Our team prides itself on being open, honest and experienced in the property sector. We know that inheriting a house and selling it can be a busy or stressful time, but we are here to help you every step of the way. Got a question for us? Check out our frequently asked questions.

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Get In Touch With Us

Need a hand selling an inherited property UK?

We’re available 24/7 to save you time, money and sell your house fast in Leeds. It’s quick, simple and we can’t wait to hear from you. Our expert team is here to give advice and answer any questions you may have about selling your house with us. If you haven't used property buying companies before, we are here to help.

There are several ways you can get in touch with us:

  • Call us for free on 0800 8600 321
  • Fill in our online contact form
  • Request a call back using the form below

Take a look at our contact page for more information.

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