This is a question that many of us may one day ask. They say that time waits for no one and one day, our parents or grandparents will die, leaving their property to be inherited by their heirs. You may have inherited a piece of land that and now you’re wondering what to do with it and how to handle it.
Are you looking to hold onto it and offer it to rent, or do you want to sell it? If so, how?
In this article, we will outline what it means to have inherited Land. This land could be in Yorkshire, Lincolnshire or anywhere in the UK. We will discuss the different options you have for your inherited land. We hope that by the end of the article, you will have a better understanding of your options and the next steps that best suit you.
What is Inherited Property or Land?
Inherited property is any property that was passed on to another person following a benefactor’s death. They are known as the heir. Typically, the benefactor who had original land ownership of the inherited land was a someone you knew or perhaps a family member. All will have detailed their intention to leave the land to you in their will.
What To Know When Inheriting Land
One thing you have to understand is that an inheritance land differs from actual land ownership. There are still steps to follow to transfer the inherited land into your name. This is legal process which will change the ownership from the benefactor to you. You must still follow a legal process after the probate process.
Transferring ownership of the inherited property to an heir can also become more complicated if there are multiple heirs, such as an extended family. A common example is when people inherit land and have multiple siblings all with an equal share let to them within the will.
To summarise, there are two legal rights involved in this process: your right to inherit land and your right to gain and own that inherited land.
What To Do With My Inherited Land
The main options for inherited property are selling the land, developing or building on the land, or just holding onto the land. Here are some important considerations to help you decide what to do with your land inheritance.
A good starting point is to ask yourself these questions:
- Do family members who have an emotional attachment to the inherited land? If so, is there a way you can preserve this connection by, for example, planting a tree as a mark of respect for the person who has died, or by developing the land for use by the family?
- Besides your family, does the land also have multiple people with an emotional connection to it? If the land has been in the family for generations this tie may be deeply established. Is the emotional connection enough reason to hold onto the property?
- Could holding onto the land benefit the next generation of your family? Or could you do more with the money from a sale, such as paying the house deposit, school or university fees for your child?
- Is the inherited land, appropriate for development? Could you build on the land, or repurpose its use? If so, you could investigate selling land to a developer.
- Have you considered offering the land for rent? There is potential that you could rent the land each year, or even participate in a crop share agreement if its farmland?
Holding onto the inherited property may mean it gains value over time. You can pass the land onto the next generation and keep it in the family. However, if no one has plans to do anything with the land, the money spent just to own (maintenance, development, potential taxes) the land may actually mean you have less money.
If you are inheriting vacant land, building a home or turning it into a getaway with accommodation on site could appeal to you. But if you don’t have the time or money to put into such a project, selling the inherited land may make the post financial and emotional sense…
Selling Inherited Land
If you decide to sell your inherited property, you have to choose whether to work with an estate agent, sell the land yourself, or work with a cash land buyer.
Selling the land yourself will require the most amount of work, as it’s up to the seller to take care of marketing, negotiating with buyers, showing the land (if requested), and handling the sales process with a solicitor or conveyancer.
An estate agent will cost the most but should save you time because the agent should have experience with land sales. There is a hefty commission to pay land agents (8% to 10%) – but, if you have a busy schedule, live a long way from the land, or want to get the greatest price for your land, it may be your best option.
A cash land buyer is by far the fastest option when inheriting land you want to sell. At K&G Lettings Limited, we can buy your land in as little as 7 days. We invest in land across the United Kingdom and make free, no obligation cash offers . If you’re interested to know what we could pay for your land, give us a call – 01482 961961! Or email land@kandglettings.co.uk .
Final Thoughts: What To Do With Inherited Land
Inheriting land can be both an emotional roller coaster, elation knowing someone has wanted you to receive something from their estate on their passing, but also the sadness that this means you have lost someone you knew.
If you are in the middle of inheriting land, your emotions may still be cycling between grief, shock, and being frozen, all at the same time. Unfortunately the paperwork and the process often brings you back to the realities of dealing with an inherited property or land. If these items are not dealt with you may lose the inherited property or land.
Inheriting land can be a very long and painful process, but it is a necessity. Potentially, a good way of viewing this, is to complete the process so that your loved one may rest in peace, knowing that their inheritance has passed on in the way they had hoped.
We hope you have a better idea of what to do with your inherited land.
If you have more questions about selling inherited property or how to find cash buyers for your land, don’t hesitate to contact us! We would be happy to answer any questions if you want to give us a call today on 01482 961961, Text ‘SellMyLand’ to 07984388819, email Land@kandglettings.co.uk or complete the form below to get your price and start your sale.
Get a fair all cash offer on your unwanted land by completing the form below. We’re professional land buyers and can make you a no-hassle no-obligation offer on your property. We specialise in buying land all over the United Kingdom, but particularly in Yorkshire and Lincolnshire.
Get Started: Get Your Cash Offer Below…
We are direct land buyers who pay cash. There are no commissions, no fees, and no obligation whatsoever. Start below by contacting us, so we can send your cash offer…
