If You Inherited a House, You Could Inherited Its Problems Too!

INHERITING a house will not be easy because of the likelihood of it being an emotional time and if you lived within the house, it will make it difficult to know what to do. Selling a probate property can be tricky.

Should one sell, move in, do it up or retain it and let it out?

The first challenge is that this will not be just your option, but a shared one if the house has been left to more than just you. In this instance, you will need to agree how to proceed next and this must be in black and white, ideally by using a solicitor.

If you want to move in, for instance, then you'll usually either rent or buy the remainder from your other beneficiaries and it's a good idea to have the property valued by an unbiased local expert agent or surveyor so there are no disagreements on what you need to pay and then any negotiations can be carried out fairly.

In case you solely own the house the decision is yours. If you plan to put up for sale or indeed move in yourself and perhaps secure a mortgage to release some equity, the house will need to be registered in your name through the Land Registry and a legal company can help you do this.

Alternatively, you may want to sell or let the house and it's worth putting some thought into which you do and carefully manage either so that you maximise the returns or secure money quickly, whichever is essential to you. In some instances, circumstances could help you decide.

Is the house currently mortgaged?

If that's the case, you should check if there is insurance which will pay this off, and that is normally the case. If, for any reason there is not, then you will need to contact the bank and talk through what happens next. It's better if you need to retain the property and need a mortgage to talk to an independent mortgage broker such as Mortgage Advice Bureau so you understand all the best options which fit your circumstances.

Does the house need any renovation, for instance making it legal to let? Redecoration is one thing but there may be lots of hidden costs, particularly if don't know much about the property. You can't or shouldn't just move in or let it without checking it's safe for you to do so or let legally to a tenant, even if it's a friend of family member. A RICs or RPSA surveyor can save you a lot of time and energy in determining what needs to be done. If you move in yourself, then get an additional survey on the gas and electrics, if letting, this is crucial as you will need safety certificates to let it legally.

Time and expense: If you take on the house and especially if you decide to let, it will need regular maintenance, and should anything go wrong you will need to have the funds to pay for the expense. Overtime this can cost tens of thousands of pounds for things such as a new boiler, roof or windows.

Investing: Property ultimately is nearly usually a good investment for the future. Letting can provide a consistent income, however, the amount of money you make will be taxed as another source of income and the gains on the property subject to Capital Gains Tax (CGT). Sometimes the extra income may mean you lose some tax benefits you currently receive, so before you decide to keep the property and make money from that, check the tax implications with an independent financial advisor.

Whatever you decide, take professional advice from a legal company, an impartial financial advisor and from the property surveyor.

Conclusion:

When you inherit a property you also inherit responsibilities. There are a number of possible choices for you as the owner of an inherited house, you can choose to keep the property making it your primary residence or typically families opt to rent out the property.. For a lot of people the best option is to sell the property, pay off any existing mortgage and distribute the remaining funds among family members.

We can show you how to sell your Inherited Property

Selling a inherited house isn’t easy, particularly an unpredictable property market. It could be challenging and exhausting keeping the inherited property clean and also being well prepared for buyers to come for walk-throughs and negotiating with buyers and estate agents. Property Saviour gives you an option to stay away from the hassle of traditional house-selling methods. We will be able to buy your inherited property for our own portfolio.

Will you buy an Inherited House that needs Improving

We know that inherited properties often need updating and renovations not only to become attractive to buyers but most importantly to be able to become mortgageable. Regardless of the houses issue we will endeavour to make you an offer for that’s higher than what our competitors can offer and still allows you to sell your house fast. We even have an option where we can invest in renovating the property, we will buy the majority of the house and remaining equity remains yours as a passive property investment. Don’t hesitate to contact us if you think that the inherited property is too rundown for resale. We will gladly purchase your house without delay and we will offer an honest and reasonable price.

Your opportunity to sell your inherited house without trouble

We specialise in buying inherited houses fast. With a traditional estate agent you will have to deal with countless viewings and appointments and it’s often a frustrating wait. With we can agree to purchase your house within 48 hours and we'll endeavour to complete at a timescale that suits you. We cover all of the fees associated with selling your probate house.