A Comprehensive Guide to Selling an Inherited Property
ShareHave you recently inherited a property? If so, you may be feeling a mix of emotions right now. As well as feeling grief over the loss of your loved one and gratitude for their gift to you, you may also be feeling overwhelmed at the prospect of selling the property. Selling an inherited property can be a challenging process, not least because of the legal and financial complexities involved. However, with the right approach and guidance, you can navigate it successfully. Read our comprehensive guide to help ensure a smooth and successful sale.
Understand the legal process
If you plan on selling an inherited property, you’ll need to first familiarise yourself with the legal process. The property will need to go through probate, which is concerned with dealing with the estate of someone who has died. During probate, the ownership of the property will transfer to the beneficiaries named in the will or to the next of kin if there is no will. If the deceased person had a will, the executor named in it must apply for a Grant of Probate. If there’s no will, a close relative will need to apply for a Grant of Letters of Administration. This gives this individual authority to deal with the estate, including the sale of the property.
Value the property
A key step in selling an inherited property is to get it valued. Once probate has been granted, get in touch with different estate agents in Romford to arrange for property valuations. It’s a good idea to get multiple valuations as this will provide a more accurate idea of the property’s market value, allowing you to set a realistic asking price and attract serious buyers.
Consider Capital Gains Tax
When selling an inherited property, you might be liable for Capital Gains Tax (CGT) on any profit made since the date of inheritance. This gain is based on the difference between the sale price and the market value at the time of inheritance. We recommend consulting with a tax advisor to better understand your tax obligations when selling an inherited property.
Choose the right estate agent
Choosing the right estate agent is an important step in selling your inherited property successfully. Ideally, opt for an agent who not only has a good knowledge of the local market, but also plenty of experience in selling inherited properties. They can provide valuable advice on pricing, marketing strategies and negotiating with buyers, whilst also helping you navigate any challenges that may arise during the sale process.
Don’t be tempted to simply choose the estate agent who values your property the highest. An inflated valuation can lead to the property sitting on the market for too long. Instead, look for an agent with a realistic approach, a solid track record and positive reviews from clients.
Get in touch with our experienced estate agents and start the process of selling your inherited property today. Arrange a valuation and find out how much it could be worth.