Can I sell my inherited property?
Published by Property Saviour
The UK's No.1 Fast House Sale Company
March 10, 2018 - Read time: 3 minutes
Can I sell my inherited property online? This is probably one of the most commonly asked questions online.
The short anwer is that yes you can provided you are the Executor and you have obtained a grant of probate. Our guides below explain how to obtain a grant of probate and sell your inherited property.
Read our guide on how to sell your inherited property.
Grant of probate is relatively easily to obtain. You will need a grant of probate in order to be able to sell the property on legally as its rightful guardian. We receive enquiries from beneficiaries asking if they are in a position to sell their inherited property and we deal with some of the more complex probate property purchases particularly when the Executor is a professional such as an Accountant or a Lawyer.
If you are a beneficiary of a probate property, and many of our clients are, then you need to check what fees the professional executor is going to charge you. Sometimes, this could be as much as 25% to 30% of entire inherited estate – and this means that as a beneficiary you could be seriously out of pocket!
The good news is that we deal with these matters on a daily basis, and we can help you navigate the complex probate matters – and there is a way out of this, but only if you know what to do.
Hopefully your executor is a good, honest individual who will put your interest first – and 90% of cases, this is the case – even with professionally appointed executor such as Bankers, Lawyers and Accountants. But you are within your right as a beneficiary to ask your executor what their fee will be for disposing off the estate, and even challenge them on their fee if you feel it is prohibitively expensive.
You as a beneficiary may be look for a quick sale of your inherited house, and need certainty that estate will be wound up efficiently without any delay. It is highly unlikely that you will end up with an inherited tax bill because the threshold is £500,000. In all cases, check with a qualified accountant on your tax position as we are not qualified to give you tax advice.
The other benefits of selling your inherited property for cash is that your inherited estate can be wound up quickly and this means that any fees you will pay are reduced substantially rather than dragging on for months or years, and we have seen that to be the case. There are also less hidden costs such as council tax bills, standing day-charges for utilities, empty property insurance and mortgage payments and interest being added up daily. The property may not be fully insured once it has been unoccupied for more than 30 days continuously. Insuring an empty property can cost thousands of pounds per year, and they also attract attention of squatters, criminals who want to steal copper pipes amongst other things and unruly children “playing at your property” and vandalising it.
Property Saviour will guarantee to say yes to buy your empty probate property regardless of its condition. We will pay you a fair cash offer in return for a guaranteed quick sale. We can also give you a cash advance should you need to clear up outstanding bills before we complete. Our average completion timeframe is 19 days from start to finish – and this means that you are in total control. We can give you daily or weekly update on progress of your sale via text message, phone calls or emails whichever method you prefer. We are not estate agents, there are zero commissions to be deducted and zero fees to be paid. Did we mention, we will also pay for your legal fees in relation to sale of your property?
So call us on 0113 320 6700 or make an enquiry now to get started.