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Selling Inherited Property - Top 10 Tips

 

  1. Find out if there is any mortgage on the property and if so, you’ll need the relevant paperwork such as the mortgage account number to find out the outstanding amount.
  2. Before you decide to sell, just take a bit of time to work out if this is the best option or if it’s worth doing the place up and even renting it out for a while to secure an investment.
  3. Check whether anyone in the family might like to buy the property before you sell on the open market, but take care and take appropriate advice if sold at an undervalue.
  4. Talk to the people that are carrying out probate – when can you actually market and then sell the property?
  5. If it is taking some months to complete probate, can you legally rent out or do the property up in the meantime?
  6. Talk to a property tax advisor if you are going to retain the property as you will need to declare the information to the Inland Revenue and property tax is complicated, so you’ll need specialist advice. Contact us if you need to find a property tax advisor, via enquiries@designsonproperty.co.uk or tel 0845 838 1763.
  7. Make sure you make the property presentable. Don’t necessarily ‘empty’ the property as it is often easier to sell with furniture remaining and work out the best way to make sure it’s heated if required when the agent does viewings.
  8. Secure a valuation on the property for a ‘quick sale’ and price to ‘accept’ and a recommended marketing price and advise the agent on how quickly you want the property to sell.
  9. Agree with the agent who is doing viewings, especially if the property is empty and you are some distance away.
  10. It is essential to maintain the property insurance and there is normally a duty to inform the insurance company if a property is to be left vacant - failure to inform them could invalidate any insurance. Additonally, ensure regular checks are made on the property and keep the garden and property neat and tidy.

 

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