How to Sell an Inherited Property
If you have inherited a property there are several reasons why you might choose to sell your house fast for cash.
You could wish to avoid the bother of finding dependable lodgers, you may not have the time to maintain a second property or you simply don’t want to live in the house yourself.
No matter the condition, here at A1 Home Buyers UK our experienced team will make you an instant cash offer to enable you to sell your home fast. We can make a sale in as little as five days!
Nowadays, people who are selling an inherited property often sell through a property buying company like A1 Home Buyers UK which then allows them to use their inheritance in a way that is more suitable for them.
What are the hidden costs when inheriting a house?
At a time when you have lost a love one, managing an inherited house can be the last thing on your mind, hence why so many choose to sell the house for cash. But what else could need to be dealt with?
When you inherit a house you could be liable to pay inheritance tax, income tax and capital gains tax. These all depend on what you choose to do with the property. It is advisable to talk with your lawyer or solicitor to see if and when you need to pay taxes on the property you have inherited.
If you have inherited a house with an outstanding mortgage then you should check the life insurance cover of the person who has passed away. Some life insurance policies do not cover mortgages, so it is essential to check if there are any remaining payments to be made.
Every mortgage lender has a ‘payment after death’ category in the terms and conditions, so refer to that to see what your next step should be.
You may be liable to pay unoccupied, landlord and second home insurance on an inherited property. Unoccupied insurance is paid if your property stays unoccupied for more than 30 days, while if renting out the house then you should take out landlord insurance cover.
If you keep your original house but move into your inherited property then a second home insurance policy will need to be taken out.
The team at A1 Home Buyers UK help you to sell your house fast. The conclusion of the sale can happen in as little time as five days, meaning you no longer have to worry about selling your inherited house.
To find out more, get in touch with us today!