Inheriting a property can seem like a financial blessing. But it can quickly become a financial burden if you’re stuck with a property in Guildford that’s empty and costing you money.
What should you do with your inherited property?
First, you should take a look at the condition of the property and its immediate location. Does it need work in order to sell it, or to be able to live in it?
Next, is it in a desirable area? Is there a high demand for that type of property in that location? These factors need to be taken into consideration when deciding if you want to sell it, rent it out or live in it.
And that choice becomes even more complicated if you only inherit a share in the property. In this scenario, any decisions need to be made with the full cooperation of the other owners.
Which option you choose may well rest on how much it’s going to cost you.
What costs are you likely to incur?
If the property has a mortgage attached, then you’ll become responsible for the monthly payments, even if you don’t live there.
If you’re unable to meet mortgage repayments, then the property may be repossessed and sold to pay the remainder of the mortgage.
You could decide to keep the property as a second home. However, if you do this, you’ll have to nominate one of your houses as your main home. The taxman will need to know which, as you can only have relief from capital gains tax on your main residence.
Why sell your property in Guildford
All the time the property is sitting empty, it’s costing you money – whether that’s through maintenance or simply being unable to access the value of the house.
A cash sale lets you quickly take advantage of your inheritance without incurring all the obligations of being responsible for the property.
If the property is jointly owned, a cash sales is a good solution as it prevents arguments over ongoing costs. Each party can walk away with their share and no more hassles – and no further decision-making required.
The longer joint decision-making is needed, the higher the risk of arguments that could cause lasting damage to relationships.
Many owners favour the fast cash sale option as they may have already been through a lengthy period of probate. This is when the will and transfers of a deceased’s estate are processed for the beneficiaries.
If there are no complications, a grant of probate can be issued within six to eight weeks. And then finalisation of issues of inheritance and the estate can take a further three to six months.
However, if there are complications or someone contests the will, it can take even longer.
Once these hurdles have been overcome, the beneficiary may well prefer a fast cash sale rather than going through more months of uncertainty by having to find a suitable buyer.
A cash sale takes away the burden of ownership and replaces it with the freedom and flexibility of having the money to fulfil your dreams.
Would you like to sell your inherited property in Guildford?
Please get in touch with Mark Lloyd at Sell My House Quickly Guildford if you have any questions, or you want to request a competitive cash offer to buy your property.
Call: 0800 465373
Text/Whats app: 07703 189658
Or simply complete the contact form and we will respond by return.