How to sell an inherited house

How to sell an inherited house

It can be very difficult to decide what to do with an inherited property, especially if the house has sentimental value to you. Making such decision could be even harder if other relatives object to the heir’s decision to rent or sell the property or if the house has structural issues of any sort. Outstanding mortgage payments or other house related costs could further complicate the sales process. Don’t worry – our expert team is here to help you make the best decision and get the best price for your inherited home. The first things you need to consider is preparing the house for sale, arranging outstanding payments and mortgage, sorting out legal paperwork and resolving structural issues and most importantly, deciding how sell the property.

Selling with We Buy Any House

The fastest and easiest way to sell an inherited house is through a cash buyer like us. We are genuine property buyers and will save you the added stress that comes with selling via other methods. Selling your home for cash through We Buy Any House takes no longer than 7 days and we will work tirelessly to ensure that everything is done seamlessly. You will pay no fees and walk away with the agreed figure.

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Selling Your House Via an Estate Agent

If you do wish to sell your inherited property through an estate agent, you will have to register with one, preferably with an agent who is familiar with the market in your area. Some firms specialise in specific types of properties, such as budget homes, luxury estates or new-builds. So it would help if you know what kind your inherited property you are selling – it might be worth ringing our property experts at webuyanyhouse.net to request your free, no-obligation cash offer, house valuation and experts tips on your best sales route.

Read More – Fees when selling your house

Beware of unrealistic house offers from estate agents – this is a technique used to get home owners to sign sales contracts with the agency. Often estate agents value properties higher than the market value with promises to sell the home for the said price. Later on in the sales process, they drop the price to the original market value or below. A helpful tip is to ask estate agents about their track record with selling properties like the one you have to hand, this should give you an idea on how your inherited property will sell.


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Selling your property by yourself

If you would like to avoid paying estate agent fees or would simply like to market the property yourself, you could do so by advertising your home in newspapers and specific websites. This might save you fees, however you would be required to do all the leg work, conduct house viewings and pay stamp duty, conveyancing fees and cover any other costs. When selling an inherited home without professional help, you wouldn’t be allowed to list your house on major property portals like Rightmove and Zoopla, as only registered professionals can advertise properties there. Although it’s not impossible, it could be difficult to sell your property for the market value by yourself. You could potentially waste months or years of your time.


Preparing Your Inherited House For Sale

Before you sell the house, you will need to make sure that it is attractive to potential buyers. You may want to give it some curb appeal, redecorate or at least clean it and dispose of clutter. The base price to have your house cleaned by a professional is around £10 an hour. Of course, you could do it yourself and ask a few friends to help out to save on cost, but that would cost you plenty of time and effort and the job might not be done to the highest standards. Let light and fresh air in, rearrange the furniture so the rooms seem more spacious and get rid of old-fashioned and outdated furniture and decorations.

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Read more – How do I sell my house faster?

Selling any furniture is an opportunity to make a little bit more money on top of the sale of the house. One drawback to this is that you will need to allow time for someone to buy the furniture – a good way to quickly sell things is to list them on sites such as eBay or Gumtree. Another alternative would be to use Facebook’s “Marketplace” feature if you are on social media. You can save time and put unwanted items to use by donating them to a charity of your choice. If you are looking to sell your inherited home fast, without spending time and funds on house improvements, quick cash sale would be your best option.


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Mortgage and other legal costs

You don’t need to pay stamp duty or income tax when you inherit the property. You may need to pay capital gains tax if you make any profit from selling the house – for more information, head over to gov.uk. Other costs you may encounter are any outstanding payments on utilities, insurance policies or mortgages.

During probate, if you’re named in the Will as the inheritor of a property you, unless specifically stated, will take on responsibility for the asset.  As a result, if there is a mortgage which remains unpaid on the property, you will be responsible for making payments – even if you don’t live there. If you don’t repay the mortgage then there’s a chance that you could lose the property.


Find out more about paying mortgage on inherited properties here.

If you need expert advise, free house valuation and cash offer, do not hesitate to get in touch with us – we have helped thousands of homeowners in the UK.  

 

Written by Damon Whittle