Inherited Property – How do I sell it? So you have inherited property? Now, what do you do? Laura Richardson explains in her latest article . . .
Unless your name is on the deed of the property already, then in order to sell an inherited property you will be required to wait until the Grant of Probate has been completed. Probate is the process that grants the legal right for the Executors to deal with the deceased’s Estate. Once this has been obtained, then the process of selling the property can begin.
Costs
The process of selling inherited property is similar to selling any other property. Once Probate has been granted, the legal fees associated with selling the property should be the same rate as if you were selling your own property.
Costs may arise if you have to arrange for the house to be cleared. This can be done by yourself, in which case it may be possible to do this without spending any money. However, you may not be able to do this if you need to dispose of large amounts of rubbish or get rid of unsellable, unwanted items as you may have to pay for a collection skip or similar. If you choose to have the clearance done by a professional company then this will incur costs dependent upon the amount and type of belongings needing to be cleared.
It is important to note that the property may need a different type of insurance if it is left unoccupied for a period of time. There may also be other bills that need to be considered, including Council Tax, utility bills for example for if the property is left vacant for a longer period of time, especially over the winter months then you will need to periodically heat the property to avoid damp issues.
Benefits
There are benefits to selling inherited property; many buyers are keen to purchase a Probate property as they often have the potential for renovation works, and are sold with ‘no chain’. This can sometimes lead to a quick sale. According to a recent survey, around 10% of properties are ‘Probate sales’ meaning that buyers are becoming more aware of the benefits of purchasing these properties.
Whether you are in Chelmsford or the surrounding areas of Essex, if you would like to discuss selling a Probate property, contact Andrew Douglas Wills and Legal Services today to arrange a free initial consultation to discuss your requirements.
If you would like to keep up with our latest posts and advice about estate planning through the regular advice that we provide to our clients in this regard, then please also feel free to –
Follow us on Twitter at https://twitter.com/ADouglasWills.
Follow us on Facebook at https://www.facebook.com/AndrewDouglasWills.
