What are the blessings and curses of inheriting a property?
Playing Monopoly and collecting a Community Chest card that declares 'You have inherited £100' is only ever a good thing, but does the same ease apply in the real world?
Leaving behind a property is perhaps one of the largest gifts an individual can give, which usually results in a helpful increase in the beneficiary's financial position. However, it can also add stress to an already difficult time if the proper precautions aren’t followed.
Debt after bereavement
If the beneficiary is already living in the property, the home is transferred into their name on the paperwork and the property becomes theirs. But, things can become a little more complex if there are debts against the property - such as a mortgage or other loans.
Bills still need to be paid
A possible issue for those who have inherited a property which they don’t reside in, is that bills continue to come whether the house is occupied or not. Gardens need maintaining, insurance continues and council tax, gas and electricity costs will also need to be funded. This can become quite a burden for somebody not expecting additional costs in their life.
Property market issues
Although still reasonably buoyant, there is no doubt that the property market is cooling, and the length of time it takes to sell a home using an estate agent is increasing. Buyers are finding it progressively harder to raise a mortgage, which has lead to a rise the number of agreed sales being dismissed before completion.
Selling an inherited property quickly
For those with a vacant property still receiving bills which they can’t afford to keep paying, a professional property buyer can solve many of the concerns. They have the ability to purchase homes very quickly, at a guaranteed price. A professional buyer will be acquainted and equipped to deal with many issues that are often synonymous with an inherited property - short leases, older style kitchens and décor or even unwanted furniture.
Reader’s Digest has teamed up with trusted professional property buyers House Buy Fast to form Reader’s Digest Property. Reader’s Digest Property provides a hassle-free way to sell an inherited property - with no fees, a cash purchaser and a quick sale.
To find out how much you could get for your inherited house or flat contact us on 0800 433 7979 or fill out the form below.