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At first glance, inheriting a property can be quite exciting and you may have lots of ideas about what you wish to do with it, but unfortunately inheriting a property can bring about just as many headaches as there are many things to consider. You need to decide whether you are going to sell house fast, rent it out or perhaps move into the property yourself. If you have inherited the property with another person such as a family member, you will also need to consult with them and come to a decision together, which can often be harder than it seems.
There are different ways in which you can inherit property. If the property was jointly owned and one of the owners has passed away then the surviving owner will automatically inherit the property, otherwise the will is likely to determine who inherits the property. The executor of the will is usually responsible for dealing with distribution of the estate or settling finances, and any outstanding debts must be settle before assets can be distributed.
If the property you have inherited has someone currently residing in it, then you will need to decide what your intentions are with regard to the property; whether you wish to sell it for example. If so you will need to inform the current tenant, but it’s important to note that their right to remain in the property may be instructed in the will and they also have certain rights if they choose not to leave. This could prove very costly and time consuming. It is always best to try and come to a mutual agreement with the tenant wherever possible.
Once the property is officially passed on to you, you may register your ownership with the Land Registry. This isn’t absolutely necessary and you have no legal obligation unless the property is sold or a mortgage is placed on it, but it does give certain proof that you own the property, and can make things a lot easier in the future.
If the property still has a mortgage on it, unfortunately the remainder of the mortgage and therefore monthly payments are your responsibility, even if you are not living there. And like any other property, if you do not keep up the payments, the mortgage provider may repossess your home in order to pay off the loan. Get advice as soon as possible, and speak to the lender as it may be possible to come to an arrangement in light of the circumstances.
If you choose to rent out the property, you will have to pay tax on profit that is made, and as a landlord you will be responsible for maintaining the property and keeping up with certain laws and regulations, particularly regarding the safety of the property. It is a good idea to get advice if this is your preferred option. If however, you choose to sell the property, you will need to go through the process of conveyancing. There are many options where you can also get a quick house sale.
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