Sell Inherited House

If you have inherited a property, there is a lot to consider when it comes to selling on an inherited house. It goes without saying that this is likely to be an emotional time and on top of this you will have some big decisions to make.

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If the deceased has made a will then they will have named executors who are responsible for paying any taxes, clearing debts and dividing the estate.

This period of time is called probate and you will not be able to do anything with the inherited house until the period of probate has passed. This could take up to a year to be completed.

Once probate has passed, then you can look at selling the house you have inherited on.

If you want to sell an inherited house for cash for free, we can assist you with any questions you may have and help you to get the process started.

How Long do I have to Sell an Inherited House?

There is no time limit on how long you have to sell an inherited house. If the debts and taxes owed by the deceased have been cleared from the thief estate and no money is owed on a mortgage, then you have the luxury of taking your time with the sale.

If you need to sell the house to pay the mortgage, inheritance tax and or capital gains tax, then you will need to sell the house quite quickly.
Discuss your options with the mortgage provider and ask for a grace period to allow you to clear probate and organise the sale of the house.
Taxes will need to be paid as soon as possible. Capital gains tax allows you 12 months to pay what you owe. This means you need to be organised and look for ways you can sell the house quickly.

Sell an Inherited House Fast

Depending on the period of probate, it may take up to a year to get the process of selling an inherited house started. You can't do anything until probate has passed.

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Once you are the owner of the house you have inherited, then you are free to either move into the house or sell it on as you wish.

Once you have received all the paperwork you need to prove ownership of the house and mortgage details if not paid off from the estate, you can look into your selling options.

Sell Inherited House for Cash

If you are in the position of needing to sell the house to clear the mortgage and pay any taxes owed, you will be looking to sell your inherited house fast for cash.

You can do this relatively quickly so you can pay what you owe in taxes. This option will mean you can get a high percentage of the current market value of the house but not the full value.

The process is carried out quickly and you can have the money in your account without having to pay fees or arranging viewings for potential buyers.

Making sure the house is in its best condition will mean you can get more for the house in market value.

Get the Most Money for Inherited House

If you have the time and are looking to increase value, then it may be worth considering taking on some small jobs before you start the selling process.

Tidy Outside Spaces. Look at driveways, gardens and the exterior of the house. Remove and rubbish, trim back bushes and mow the lawn so it looks clear, neat and tidy.
Clean Brickwork, Rendering and Gutters. Fix any broken section of the house and clean the gutters to make sure they aren’t hiding any nasty surprises.
Clear the house. It is going to be a hard process when it comes to clearing a loved one possessions from a house. However, it is also one of the easiest ways to help sell the house quickly.

If you are looking to sell the house quickly for cash, the main house buying companies won't be put off the cosmetic appearance of the house. They will focus on the findings in the survey when it comes to agreeing to a quick sale price.

If you want to look at other options, then selling your inherited house by auction could help you to sell it quickly too. You will need to pay fees to the auction house for selling this way and there are no guarantees you will get full market value or even sell the house this way.

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How to Sell a House you Inherited

The process of selling a house you inherit is slightly different to the normal selling process.

Find A Will. If the person who has passed has a will, then this will make things easier. The executor of the will be responsible for probate which is the period of time to pay any taxes, including inheritance tax, mortgage and debts. you can't sell the house until probate has cleared.
Apply for Probate. If there is no will, then you will need to apply for probate or a grant of representation to handle the estate of the deceased. you will then be responsible for paying any inheritance tax, learning debits and paying any mortgage on the property. A mortgage company will likely be able to grant you a grace period on payments whilst probate clears.
Pay Capital Gains Tax. As you are intending to sell the property you will need to pay capital gains tax on any profit you make when the property sells. This is after you deduct your personal tax allowance and any fees you have had to pay due to the selling process.
Sell The House. Once all the legalities have been sorted, probate has passed and you have paid any taxes associated with inheriting a house, you can move on with selling the house. this is where you can look at your different options, including selling your inherited house fast for cash.

If you need any help to sell your inherited house quickly, then our team can discuss your options and assist you during this time. Get in touch with us today to see how we can help you sell your house quickly.