Dealing With An Inherited Property Get Help Remortgaging A Property You Have Inherited Get Expert Advice
If you find yourself inheriting a property you can faced with a number of questions to answer, which can be incredibly difficult after the loss of a loved one. One of the first questions which you must consider is do you wish to keep the property or will you be looking to sell the property.
Keeping an Inherited Property If you are looking to keep the property that you inherited to either live in or rent out then you may find yourself having to pay inherited tax on the property which will require to borrow money on your property. Here at First Choice Finance we offer help and advice remortgaging your inherited property. With many years experience arranging residential mortgages and mortgages for buy to let properties. To talk to one of our advisers please call us on 0800 2983000 or complete our simple no obligation enquiry form.
Selling An Inherited Property When you inherit a house you have to go through a number of things before you are able to sell the property, your property may need to go through probate, you may need to pay inheritance tax on the property you must also deal with the utility companies.
When you receive a property in the will you will have to apply for probate before you are able to sell the property. Probate is the process of establishing that you have the legal right and responsibility to deal with the estate. In some situations a property may be inherited by numerous people, when this is the case the sale of the property will often be dealt with by the executor of the will. In some cases you will have multiple executor`s of the will which can be explained on the probate application. If there is no will then a close relative may apply to the probate register to manage the estate. If you are a joint owner in the property then yo may not need to go through probate as in most cases the rules of survivorship will transfer the remaining share of the property to the other joint owner.
When arranging the affairs of the estate it is important the establish the liabilities and assets of the estate, the liabilities will include any mortgage on the property as well as any personal debts, these must be paid off by the estate. Applying for probate can be done by yourself or by a solicitor, if you are looking to start the probate process it may be worth talking to the inheritance and probate helpline 0300 123 1072.
Inheritance Tax In the event of inheritance of an estate over a certain value you may be required to pay inheritance tax, but if you are selling the property to pay the inheritance tax, but would prefer to keep it you could have alternative options, firstly you are able to pay the inheritance tax on a property in installments over 10 years , you can also release equity in the inherited property by remortgaging.
Dealing with utilities
When you are left a property you must deal with the utilities, ensuring they are informed of the death and all the accounts are settled. In the event of you keeping the property you will need to change the accounts into your own account.
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