You have three main options when you’re left a property – sell it, rent it out, or move into it yourself. With each, there are important considerations.
Probate
The probate process will need to be completed before you pick up the keys and let yourself in. This can take up to a year and you may have to pay inheritance tax.
Mortgage Status
While you’re waiting for probate, contact the lender if there’s a mortgage. Once the property is legally yours, you’ll be responsible for repayments, even if you don’t live there. It’s also a good idea to register yourself as the new owner with the Land Registry, although it’s only a legal obligation when you come to sell, or if you plan to take a mortgage out on it.
Selling
If the property’s not nearby, the best thing is to find an experienced estate agent who can handle the sale using their knowledge of the local property market.
Renting It Out
You may have to pay income tax and maintenance costs. You’ll also have to follow relevant laws, such as providing an Energy Performance Certificate (EPC), a Gas Safety Certificate and smoke and carbon monoxide alarms. If you sell later, capital gains tax will be due on any increase in value of a property that is not your primary residence.
Moving Into The Property Yourself
If there’s a mortgage, you’ll have to put it in your name. Finally, you may want to seek professional legal and/or financial advice.
