How Can I Sell My Inherited House Fast In The UK
Dealing with the death of a family member is a terrible crisis.
Such situations, however, are often compounded with financial and legal stress related to the estate settlement of the deceased member.
In such times, people inheriting properties often end up thinking – “How can I sell my house fast?”.
The legal process of selling an inherited house is cumbersome. If you’re short of time, it’s best you familiarise yourself with the process without losing any more time.
Understanding the rules
The process involved in selling an inherited house is called probate.
What is Probate?
Probate is a process where the beneficiary or the executor of the will is expected to deal with the properties assets and liabilities left behind by the deceased person. The executor nominated by the deceased person is usually responsible to execute the probate.
In the absence of such an executor, the responsibility falls to the beneficiaries of the deceased’s estate.
In order to process the probate, a Grant of Probate (otherwise known as Letters of Administration) is required. This can be procured by contacting the local Probate Registry and submitting the required documents along with a copy of the death certificate.
In case of absence of a will or multiple beneficiaries, the probate process can take up to a year to finalise the distribution of the estate amongst the beneficiaries. In most cases, solicitors need to be hired by the respective beneficiaries to finalise the probate.
During this process, you will also need to get a probate house valuation from HMRC (HM Revenue and Customs). Once the probate is finalised, it’s time to put the house up for sale.
How to Sell an Inherited Property
There are usually two different processes when it comes to selling an inherited property. First, putting the house up on the open market by doing it yourself, or with the help of any relative or friend. Second, you can sell your house to a property buying company.
If you’re in a hurry and thinking how can I sell my house fast, you should take up the second option.
The first option is usually is a timely process, where there is no guarantee of a sale. It might take 1 day or 1 year depending upon the market and buyer sentiment. Hiring a freelancer can help, but even that does not guarantee a fast sale.
The second option lets you offload your property within days, as compared to months or years. Property buying companies usually deal with transactions in cash and this means that you do not end up being part of a sale that includes a chain of houses.
Additionally, with estate agents and individual property listing significant legal fees need to be paid, whereas, with property buying companies the fees are usually taken care of on the beneficiary’s behalf.
In conclusion, working with a property buying company is a faster process that costs less and has significantly less hassle. Once you have the probate process finalised, getting the house sold is a much easier and less strenuous process when working with a property buying company.
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