Inheriting a property in the UK can be a great financial windfall, but it can also be a burden especially if you’re not sure what to do with it. If you’re thinking about selling your inherited property, read Norwich Accountancy’s guide to help you get started.
Step 1: Assess the Property
What condition is it in? What might it be worth? Use an online valuation tool from one of the property portals or get a valuation from a local estate agent. The valuation will take into consideration the condition of the property, including any damage, wear and tear, and any repairs that may need doing.
Step 2: Decide How to Sell the Property
Once you have assessed the property and got your estimated valuation, decide how to sell the property. There are several options, including:
- Sell the property privately yourself – if you have the time and expertise, this option will save on agent and/or auction fees.
- Sell via a local estate agent or an online agent, – you’ll pay more but you’ll get the benefit of their experience and knowledge of the property market, the local area, and they should work on your behalf to get the best possible price.
- Sell at a property auction – if you need to sell the property quickly, this could be a good option but you may potentially get less than the property’s value.
- Sell to an investor – you can list your property on sites that will place the property in front of property investors. It can lead to a quick sale and also save on agent and/or auction fees.
Step 3: Get the Property Ready to Sell
Prepare the property for sale, including making any repairs, emptying the property of any personal possessions and cleaning the property thoroughly. You may want to consider ‘staging’ the property – hiring furniture to make the property look its best for when potential buyers come to browse.
Step 4: Market the Property
It’s not time to give your estate agent the go-ahead, list your property yourself, go to auction or find an investor.
Step 5: Negotiate with Buyers
Once you have interested buyers, negotiate the best possible price. Remember, this will reflect any repairs or improvements, any fixtures and fittings, or anything else that needs updating.
Step 6: Complete the Sale
Once you’ve agreed on the price, instruct solicitors to carry out the necessary legal work, conduct searches and draw up contracts of sale. Exchange contracts and complete the transfer of ownership, including handing over the title deeds. Don’t forget to set aside some money to pay any fees or taxes, like capital gains tax, that come with the sale of a property.
Here are some bonus tips for you:
- Be patient; don’t expect to sell the property quickly and be prepared for the legal process to take a bit longer.
- Be ready to negotiate but also be prepared to compromise.
- Be organised; there will be a lot of paperwork to read and complete, so the more you can keep track of it all the easier the process will be.
- If you’re not sure about anything, always seek professional advice from a professional.
- Lastly, remember that you may be emotional when the time comes to hand over the keys. Selling an inherited property comes with family ties, so allow yourself to grieve.
Selling an inherited property can be a complex and time-consuming process but by following these steps, it can be a bit easier. At Norwich Accountancy, we hope our guide helps you when you sell your inherited property in the UK.