I’ve inherited a house. Now what?
It’s a question many face when they suddenly inherit a house without any prior knowledge on the situation. In this article, we’ll run through what you need to consider if you’ve inherited a house.
Inheriting a house can be a fortune for some and a headache for others. There are several things you can do when you’ve inherited a house – move in, sell or rent it.
But there are also many other implications you might have to consider, such as inheriting a house with a mortgage, paying inheritance taxes on an inherited house.
But don’t worry. Everything you need to know about inheriting a house is explained below, including what happens if you inherit a property with a mortgage.
Firstly, you need to decide whether you want to sell, rent it or move into your inherited house.
Second step: Read the will!
Does the deceased have a valid will? Are you fully aware of everything the deceased has put in the will? If you’re not sure how to proceed, it’s always best to consult with a professional, such as a solicitor.
What you should know: Its highly likely that probate will commence to make sure all debts are paid and everything is distributed as it should be. Having a will does not avoid the probate process.
If the will is not valid, the court will follow the state laws of intestacy.
I inherited a house and decided to sell it. What do I have to do?
When deciding to sell your inherited house, here are the first steps you need to take:
- Confirm your ownership.
- Get advice from a financial planner.
- See a tax advisor.
- Check out the condition of the house.
Does the house need a repair or upgrade to increase its value?
Are there some repairs or improvements you need to make?
Make a list of all items and note down all problems that need repairing. Then, get in touch with all necessary professionals that will help you sell your house and give you the best quote. Please note that in most cases, especially when dealing with estate agents, this could take months, depending on the state of your house.
Do you wish to sell your house FAST to a cash buyer? Call K&G Lettings Limited and we’ll give you a quote in just 24 hours – we are happy to accept houses that need repairs.
I inherited a house with a mortgage. Help!
Inheriting a house with a mortgage instantly brings up a lot of questions that sometimes remain unanswered and result in long-term complications. Here’s what you should know:
A house with a mortgage can be inherited just like any other property.
What you need to do is make arrangements to pay off the mortgage. If you’re inheriting your parent’s home you MUST ensure mortgage payments are met, or an arrangement made with the mortgage company to defer these until the sale, or remortgage of the property into your name.
Make sure you consult your solicitors and financial planners – find any other implications that come with inheriting a house with a mortgage in your country.
Do I pay taxes when I inherited a house?
Selling your inherited house can mean that you will most likely have to pay Inheritance taxes if the deceased’s estate can’t or doesn’t pay it. There are plenty of tax implications that can come with an inherited house, so make sure to review documents carefully and always consult with financial and tax advisers.
Thinking of renting your inherited house?
Becoming a landlord comes with plenty of responsibilities. Make sure you read our articles to get all necessary information on renting an inherited home.
Ready to sell your inherited house in Goole, Hull, Skegness, Yorkshire or Lincolnshire?
Sell it to a house-buying company.
This gives you the best of both worlds! You won’t have to worry about any repairs, you save on estate agent costs and you can receive a quote in just 24 hours.
Get a Cash Offer Within 24 Hours
K&G Lettings Limited buy houses in Hull, Goole, Skegness, Yorkshire and Lincolnshire. We work fast to get you a no-obligation cash offer for you house within 24 hours.
Our customers comment all the time about how they prefer our approach. You won’t get a hard sell with us. If you are not completely satisfied with the offer we make to buy your house, you don’t have to accept it. No charge. No fees.
We’d love to talk to you today about the house and your situation. We’re here to help even if you decide not to sell your house.
Give us a call at 01482 961961 or fill out the form below to get started. We look forward to talking with you.
