Monday, 16 July 2018
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This Old House - Do-it-Yourself

Guide to Selling Inherited Property

Written by Posted On Wednesday, 14 February 2018 08:18
Guide to Selling Property Guide to Selling Property Pexels

If a loved one has left you a property in their will, you are in a lucky position. You will have to take correct action in order to fully benefit from this inherited property.

You can do many of these steps yourself rather than appointing a solicitor.

Probate solicitors charge thousands of pounds, the longer it takes to sell the probate property, the bigger the bill will be. They will not be in a rush to sell your inherited property and the process could take as long as 3 years.

An inherited property legally has to be sold to pass on proceeds to beneficiaries, as a share of the estate. Managing a probate estate without problems involves dealing with numerous factors that many people are unaware of.

You need to ensure that the house is provided with vacant possession. Check the existence of a Will that should contain names of beneficiaries and the executor. The executor must apply for a grant of probate document, from the Probate Registry. You will need to provide the death certificate, a copy of the will and your ID documentation along with an administration fee.  This can be done by a solicitor or you can do it yourself!

When a grant of probate has been approved, the executor can sell the property.

Ideally you will need to empty the property of its possessions. You can employ a house clearance company; their charges vary from £250 to £1,000 depending on the size of the possessions. Local charities may also be interested in taking the furniture away. Charities, such as Mind, provide house clearance services, usually at a cost.

You could also hire a van, usually £40 to £80 per day, and take items to your local council recycling point. Check with the local council if you need a disposal permit and show this with your hire agreement to confirm that it is not commercial waste. Take plenty of pictures of the furniture in situ before loading the van.

Contact your insurance company and ask for a full perils empty home insurance. It may not be insured under standard insurance due to its empty status.

Ensure the property is well maintained and secured with anti-snap locks. In order to deter thieves it's advisable to visit the property regularly, putting up blinds or curtains and turning on lights. Speak to your neighbours and develop a good relationship, as they will keep an eye on the property when you are away.

Drain the property of water. Water can escape through burst pipes in summer or winter. Firstly turn off your boiler and electricity at the mains. Turn off the stop cock and then turn on all taps in the property, wait until the water has fully drained and turn off all the taps.

Having to deal with legal probate issues during a period of mourning is the last thing anyone wants. It is imperative that the legacy of your loved on is preserved with a peace of mind sale to a ethical firm like Property Saviour. We always provide a fair offer for you property. We aim to exchange contracts within 10 days. Fully insure your empty property. Clear the property of its possessions. Pay an extra £500 towards your legal fees. We are sympathetic and friendly. Purchase your property regardless of its condition or location. We do not charge any fees. Pay for you RICS valuation or EPC certificates saving you between £320 and £500.

Listing Additional Info

  • State: New York
  • Address: 2170 Angus Road
  • City: New York
  • Zipcode: 10001
  • SOLD: no
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Tauseef Shah

I'm a Young Energetic Blogger and Digital Marketing Expert. When not at work, Love to play Games.

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