01 Sep Sell Inherited Property Fast
Sell Inherited Property Fast
Do you need to Sell Inherited Property Fast? Have you acquired a property that you need to sell fast as it’s costing you money each month? Here at Home House Buyers, we can offer to buy your property within fourteen days and we can also cover all the fees in the transaction also.
Inheriting a property can be a very stressful time with taxes, bills and the worry of it being empty of worrying about also. We speak to many vendors on a day-to-day basis and most are struggling to sell their properties due to a slow market. So if you need to Sell Inherited Property Fast what your options are?
Do we here suggest a fast house sale? So what exactly is a fast house sale and how can it help you? Where here, can offer you to a guaranteed cash offer on your property within 48 hours and we can normally complete it within a matter of weeks. Also, if you are wanting to Sell Inherited Property Fast through us we can offer to pay all of your fees throughout the process including solicitors and surveyors.
For many people, selling inherited property fast on the open market can be difficult with tyre kickers and estate agents giving lip service. We speak to vendors on a day-to-day basis who are spending months sometimes even years to try and sell. So rather than waiting any longer, you can give me a call to receive your free no obligation cash offer.
What is inheritance tax for a property?
In England and Wales, you must pay inheritance tax on a person’s estate (property, finances & belongings) if it is worth more than £325,000. If the deceased left the estate to their children or grandchildren, the threshold goes up to £475,000. This applies to adopted, foster or stepchildren, too. This threshold only applies if the person’s estate is less than £2 million. More information about inheritance tax and passing on a home is available here.
If someone is married or in a civil partnership and their estate is worth less than their personal threshold, it is different. Any unused threshold can be added to their partner’s threshold when they die. This means their threshold can be as much as double the standard rate i.e. £950,000.
People that are executors or administrators of the will have to arrange the payment of inheritance tax. They can use funds from the estate to make this payment.
How to avoid inheritance tax on property
In most circumstances, the estate won’t have to pay any inheritance tax. These can be where the estate:
- all passes to the deceased’s spouse or civil partner, a charity or a community amateur sports club or
- has a value below the inheritance tax threshold of £325,000
You may want to contact a tax accountant or HMRC to work out your family’s own circumstances, remembering these can vary widely. You’ll want to be sure you’ve got this right before deciding whether to sell an inherited house or property.
Can I Sell Inherited Property Fast
As outlined above, there are no restrictions on selling inherited property fast, but the process can be more complex and prone to delays than selling a non-probate property.
The first step to take when you are notified of your inheritance is to confirm your status as the new owner. This will involve determining if there is a will and applying for probate.
Next, make sure that the property is secure. It is not a good idea to leave a house full of furniture and personal belongings unoccupied for any length of time. Remove any valuables and make sure that windows and doors are locked. Depending on how long the property is likely to sit vacantly, installing a few CCTV cameras may be a good idea.
If a property is unoccupied for long enough, maintenance issues can cause significant damage and expense if left unattended. There is also a greater risk of fires, pest infestations and accidents. Ensure that the electricity, gas and water supplies are switched off, and that smoke alarms are active.
The property owner’s death could terminate any insurance that covered the property when they were alive. As soon as possible, contact the insurance provider to inform them of the owner’s death and discuss what this means for insurance purposes. Some lenders will allow the policy to run until it expires, but others may terminate it 30 days after the policyholder’s death.
If the property is likely to remain unoccupied after the current insurance policy lapses or for longer than the continuing policy allows — typically 30 days — you must take out “unoccupied home insurance”. This may carry certain responsibilities, such as periodically visiting the property to check it is secure and in a good state of repair. Policies will differ, but all good unoccupied-home insurance should cover fire, flood, storms, theft and attempted theft, vandalism, damage from impact and damage from oil or water. There are some common exclusions to look out for, such as burglary through the forced entry, works undertaken by builders and contractors (they should have their own insurance) and damage caused by major renovation work.
If you fail to inform the insurance provider that the property is empty, your policy could be invalidated, and if you try to make a claim, the provider may refuse to pay out.
An empty, uncared-for property will be more difficult to sell their inherited house quickly. Engage professional help to speed the probate process along and maintain the property to a good standard if you want a quick sale.
You may need to make some improvements before marketing the property. Check out our guide on How to Add Value to Your Property Before a Sale.
Here at home house buyers we also buy commercial units so we can help you to sell commercial property fast, as our unique service spans across to buying commercial property also.
You can call us at any time to get a cash offer from a member of our sell Inherited Property Fast team on 0800 612 1366 or you can email us here.