Inheriting a house can be both a blessing and a burden. On one hand, you have a valuable asset that can potentially bring in a significant amount of money. On the other hand, you may not have the time, resources, or desire to manage the property. In this situation, selling inherited property may be the best option. So, what’s the initial move when it comes to selling a property you’ve inherited? In this article, we’ll explore the necessary steps to take if you have inherited a house and want to sell.
Understanding the Legal Process
Inheriting a house and and want to sell: the first steps are understand is the legal process. Before you can sell an inherited house, there is a legal process involved. In many situations, the property must go through probate. Probate is the legal procedure for dividing a deceased person’s belongings. The amount of time it takes for this process varies from a few months to a few years. It depends on how complicated the estate is and if there are any disagreements among the beneficiaries. In probate, the court checks if the will is valid and chooses someone to manage the giving away of money and things.
If there is no will, the court will appoint an administrator to handle the process. The executor or administrator will be responsible for paying any outstanding debts and taxes on the property before distributing the remaining assets to the beneficiaries.
You can read more on applying for probate here on the UK government website.
Hiring a Probate Solicitor
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Going through the probate process can be difficult and overwhelming, especially if you are also grieving the loss of someone close to you. Hiring a probate Solicitor can help ease the burden and ensure that the process is handled correctly. They can also provide guidance on any legal issues that may arise during the process.
It’s important to note that the fees for a probate Solicitor will come out of the estate, not your own pocket. This can be a relief for those who may be worried about the cost of hiring an attorney.
Determining the Value of the Property
Before you can sell the inherited house, you’ll need to determine its value. This will help you set a realistic asking price and ensure that you are not selling the property for less than it’s worth. There are a few ways to determine the value of the property:
Speak to a local Estate Agent
A professional Estate Agent will assess the property and provide an estimate of its value. This is typically the most accurate way to determine the value of the property. Some agents will charge for this, here at Skilton & Hogg we offer this service for free.
Research Comparable Properties
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You can also research similar properties in the area to get an idea of the market value. Look at recent sales of similar properties and take into account any differences in size, condition, and location.
Use Online Valuation Tools
There are also online valuation tools available that can provide an estimate of the property’s value based on public records and recent sales data. Although these tools may not be as precise as a professional appraisal, they can provide you with a rough estimate of the property’s worth – use Skilton & Hogg’s instant valuation tool by clicking here.
Deciding on a Selling Method
Once you have a better understanding of the legal process and the value of the property, it’s time to decide on a selling method. There are a few options available:
Sell on the Open Market
Selling inherited property on the open market is the most common option. This involves listing the property with a real estate agent and going through the traditional selling process. While this method may result in the highest sale price, it can also be the most time-consuming and expensive.
Sell via Auction
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Another option is to sell the inherited house to an Investor via Auction. These investors specialise in buying properties quickly and for cash. This can be a good option for those who want to sell the property quickly and avoid the hassle of listing it on the market.
Keep the Property as a Rental
If you have the time and resources, you may also consider keeping the inherited house as a rental property. This can provide a steady stream of income, but it also comes with the responsibility of managing the property and dealing with tenants.
Preparing the Property for Sale
Before putting the inherited house on the market, it’s important to make any necessary repairs and updates to increase its value. This may include painting, replacing outdated fixtures, and making any necessary repairs to the roof, plumbing, or electrical systems.
Staging the Property
Staging the property can also help increase its value and make it more appealing to potential buyers. This involves decluttering, rearranging furniture, and adding decorative touches to make the property more inviting.
Listing the Property
Once the property is ready to be put on the market, it’s time to list it. This involves working with a real estate agent to create a listing, market the property, and schedule showings. It’s important to work with an experienced agent who has a good understanding of the local market and can help you get the best price for the property.
Marketing the Property
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Marketing the property is a crucial step in selling an inherited house. This involves creating a listing that highlights the property’s best features and using various marketing channels to reach potential buyers. Your real estate agent can help you create a marketing plan that will attract the right buyers and get the property sold quickly.
Closing the Sale
Once you have a potential buyer, it’s time to process the sale. This involves signing the necessary paperwork and transferring ownership of the property to the new owner. Your real estate agent and probate Solicitor can guide you through this process and ensure that everything is handled correctly.
Conclusion
Selling an inherited house can be a complex and emotional process, but with the right steps and guidance, it can be done successfully. Understanding the legal process, determining the value of the property, and deciding on a selling method are all important factors to consider. By working with professionals and taking the necessary steps, you can sell the inherited house and move on to the next chapter.
For more information on how to sell an Inherited property in Daventry or Rugby, or information on the steps needed, or for a free valuation call Skilton & Hogg Estate Agents on 01327 624275 or 01788 486100. You can email info@skiltonandhogghomes.co.uk or click here to send your details and we will call you back.
