Can You Quickly Sell an Inherited Property?

Understandably, receiving property as an inheritance from a recently deceased member of your family or a close friend can be an emotionally fraught and stressful experience. You may not want to live in a property that stirs up too many memories and that you have close ties to that are only going to remind you of the person who died.

Selling a home you inherited quickly the traditional way can be a rather long and drawn-out process. There are alternatives. Before we look at those alternatives, though, we are going to discuss some important factors to keep in mind when you inherit property.

Understanding Probate

You’ve probably heard the word probate being mentioned, but unless you are involved in the legal sector or have dealt with wills and estates before, you may not know much else about it. It is essentially the process involved in administering the estate and possessions of someone who has deceased. This process is when those possessions and any money and assets are distributed to relevant people, as directed in the deceased’s will if they had one.

As it is a tricky process to navigate through and depends on various situations and scenarios, it normally takes around 9 to 12 months to complete. However, it may take longer or shorter time depending on how complicated the estate the deceased had is.

Different Stages of Probate

Primarily the reason Probate can take so long is because of the different stages that need to be completed along the way, which are:

  • Gathering all of the important information and documentation, that usually takes around 4 to 8 weeks.
  • Application for representation grant, that can take between 4 and 8 weeks.
  • Dividing the estate up, which can take from 6 to 9 months.

Costs Involved in Inherited Properties

Another reason why inheriting a property can be such a stressful experience is because of all the costs you may be liable to pay as a result. These include:

  • Taxes – Capital Gains Tax, Income Tax and Inheritance Tax
  • Mortgage – you will need to find out if there are still outstanding mortgage payments on the property, as you will need to cover them for at least as long as probate takes.
  • Bills and insurance – similarly to the above, when you inherit property you are legally obliged to pay the associated bills and insurances.

How to Sell Your Property Inheritance Quickly

The great news, as mentioned at the outset, is that you don’t necessarily need to use an estate agent to sell your inheritance home quickly. At Cash Home, we are expert property buyers who will pay reasonable prices for all kinds of properties, including those that have been received by our customers as an inheritance. It is quick, easy and will not cost you anything extra. Although we do need to note that if the value of the property increases from what it was when you inherited it when you sell it, you will be expected to pay the Capital Gains Tax, the difference between the at sale value and the initial value.

Contact one of our team for more information today or use the online contact form to request a no-obligation quote for free.

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