8 important things to consider when selling an inherited property

If you’re planning on selling an inherited property, read through these important considerations before doing so. They’ll save you time, money and heartache.

1. Applying for probate

The first thing that you need to do after inheriting a property is to apply for probate. It’s easy to do so yourself, or through a solicitor. Go through all of the necessary paperwork to establish the assets and liabilities that have been left behind by the deceased. Often, this means looking at the property, bank accounts and other forms of finance. As soon as this has been completed, you can then apply for probate and begin the process.

2. Your emotions

Your emotions are undoubtedly going to come into play when selling the property of a loved one. The chances are that you have made many memories in the property, so you should weigh this up before putting the property on the market. As LearnVest points out in Forbes Magazine, though, it’s important to treat the sale of your property as a business when it is on the market, so that you can get as much money for it as possible.

3. Showing people around the property

The process of showing people around a property can be challenging at the best of times, but even more so in the case of a probate property. If you can’t face visiting the property for fear of bringing back painful memories, we recommend asking a friend or family member to represent you at house viewings. You could also leave the work up to your estate agent.

4. Clearing the property

If the property is filled with furniture and possessions, then it’s important to empty it before putting it on the market. Selling inherited property through a specialist company such as Probate Purchasers means that you won’t need to clear it, saving time and anguish.

5. New inheritance tax rules

The government’s new inheritance tax rate, which is imposed at 40 percent on estates of those who die above a threshold of £325,000, is an important consideration when selling your property. Make sure you weigh up the potential tax you’d need to pay before selling.

6. The cost of selling the property

Consider whether it’s economical to sell your home using a high street estate agent, and examine other options such as selling your home to a probate property company or online.

7. Dealing with utility bills

If you’re trying to sell an inherited property, you’ll need to sort out payments such as final bills for gas and electricity, as well as council tax and potential court actions. You’ll also need to take out empty house insurance if the property will remain unoccupied.

8. The future

Nobody can predict the future, but it’s important to plan for it. What do you plan to do with the funds you raise through selling your inherited property? Would you be better off renting out the property to bring in a guaranteed monthly income?