Selling Inherited Property
Selling inherited property can be a stressful and upsetting process, as often it will be a close family relative who has passed on. On top of dealing with grief and funeral arrangements, you are then faced with the legal aspects of an inheritance, such as paperwork, solicitors, and financial responsibilities.
There are at least three steps that you will need to take when someone close to you passes.
- Consult the will – you may find that there are stipulations in the will made by the deceased. These may impact in ways that you may not have considered when selling inherited property.
- Apply for probate – if there is no will, you will need to apply for probate, this will determine the heirs to the inheritance.
- Check whether you need to pay inheritance tax – the threshold for this is £335,000 unless you are the deceased’s child or grandchild, when it increases to £500,000.
- Get the property ready for sale – this can be as ‘simple’ as emptying the property or as difficult as carrying out major renovation works.
When the property has been owned by someone elderly, it may be not have been maintained for a number of years and may need renovation works, this is added stress to an already stressful situation.
When selling through a traditional estate agent, whilst selling a property that requires decorating is not an issue, it can be much harder to sell a property that needs renovation works. If you are not experienced in property renovation, then this can be expensive, time consuming and hard to balance with the additional profit that you may achieve; sellers will often end up out of pocket or do not have the finances needed prior to the sale.
Selling at a Property Auction.
When selling inherited property an auction such as Sutton Kersh Auction House, is often where many people will turn to, it is no secret that many property developers will buy properties in need of refurbishment at property auctions. This can be a practical way to sell should you not want to conduct the property refurbishment works yourself, however, it is not without its disadvantages. The fees at a property auction can be quite high, you are not guaranteed to sell, which means you may have double the listing fees, and you may get less than you were hoping for.
Cash Property Sales
There is another way to selling inherited property; companies like We Buy Any House Liverpool, will buy your property for cash, regardless of the condition. The upside of this, is knowing how much you will receive straight away, there is no guessing or price dropping at the last minute. The fees are much lower as there is no property listing fees and there are no buyer-chains stalling the sale.
You may wonder why We Buy Any House Liverpool can afford to buy at a competitive price given the property refurbishment require; it is because of our experience in the property industry and the relationships that we have with our building contractors.
If you are in a situation where you are selling inherited property in the Liverpool area, then contact We Buy Any House Liverpool. We are more than happy to provide a no-obligation valuation on the property.