If you’re aiming to sell a property you inherited, perhaps to pay off debt and inheritance tax, then you should talk to us!
- We offer a cash offer within 7 to 28 days of initial contact.
- We use our legal team, surveyors, and specialists to complete the purchase.
- We have cash on hand, and we never need a mortgage.
- You get FAIR MARKET value for your property fast.
- You never pay any fee, no matter what.
- You can sell us any property in any state.
Get a free, no-obligation cash offer from Shyft and money in your account fast!
Sale of Inherited Home
When a loved one passes, it means dealing with more than just grief. You need to take care of what they leave behind. At best, dealing with an inherited property, inheritance tax, and siblings is difficult. Some of your family will want to keep the property, and some will want to sell it. If you keep it, do you have enough money to meet the 40% inheritance tax on the estate?
Many sales for the reason of keeping the family happy and meeting tax and debt obligations. That said, you need to pay inheritance tax within six months of the death and selling a property for at least fair value is almost impossible at this time. At least without using a company like ours.
Understand their last wishes
Before you take any steps to sell your inherited home, be sure of the deceased’s intention. Also, ensure all parties have mutually agreed to sell the property, and there isn’t any ambiguity in the decision. This is to ensure you’re not obstructed or caused adverse stress later.
A will can help clarify this understanding between all parties, including the deceased. To find out if a will was left and you may not know about it, speak to the family solicitor if there is one. If no will is found, the next of kin is often in charge of the estate and probate.
Applying for probate
Probate is a legal process that offers an executor the power to handle the deceased’s estate. If you’re the executor, you need to apply for probate to be able to sell or manage assets. Once granted, this also gives you access to bank accounts. It can take several weeks to 12 months to obtain probate, which is a major challenge if inheritance tax needs to be paid from the estate’s assets. This must be completed within six months of the death stated on the death certificate.
That said, you don’t need probate if the estate is co-owned by a partner or has a net worth below that defined by the government. Check out the governmental website relating to inheritance tax, and you’ll find a calculator that can help you work out if you need to pay anything in tax.
Do You have to pay taxes on the sale of an inherited property?
If you’re not a spouse, civil partner, or next of kin, you may have to pay inheritance tax. This can be if the total estate exceeds £325,000. However, inheritance tax doesn’t apply when co-partners are involved, like a spouse or civil partner. Direct descendants like children and grandchildren only have to pay inheritance tax on properties above £450,000.
Get expert help
After you finalise the legal requirements necessary to have power over the property, you can sell it. This, unfortunately, is often a long-winded process, especially when you add in need for finding surveyors, solicitors to draw up contracts, and finding estate agents to assess the fair value of the property and put it up for sale.
If you’re required to pay inheritance tax, this must be finalised within six months of the death and can easily be 40% of the estate’s worth. If you don’t have this money or the money to clear debts, you may have issues accessing the property’s equity.
A fast house sale company like WeBuyAnyHome Experts can buy your property through its extensive cash reserves, take all the risk of selling a property, and give you fair value. In addition, you don’t have to worry about dealing with multiple parties; there’s no mortgage to secure or housing chains to deal with.
We specialise in selling inherited properties or where owners need to cash out fast. We, however, don’t try to undercut the fair value of the home or charge you some hidden fee to make our money.
Instead, we make our money on the sale of the property later. So if you need a guaranteed sale, please contact us. You can have money in your account within 7 to 28 days; we can even tell you when we’ll pay you the money, and you can decide when the handover day is.
How to sell your inherited house fast
If you want a fast and completely integrated way of selling your home, please give us a call. On our initial call, we’ll ask you for some basic details about you and the property. Then, we’ll send out our team to assess the property onsite and give you a no-obligation cash offer within 24 hours. We don’t use some generic calculator; we instead evaluate your property in relation to surrounding house prices, providing a true fair value for the property.