Probate Valuation Of Chattels: Inheritance of a private property

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2023-01-28

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2021-09-14

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2021-05-21

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2021-02-24

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2021-02-05

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2020-11-26

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2020-11-25

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2020-11-05

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Ruth Lawrence

2020-08-22

The team arrived bang on time and began work immediately. They continued for five solid days and completed the entire clearance of my late uncles house, which was a case of extreme hoarding over many decades. They even removed carpets, curtains and swept up so the house was ready for sale. They were exeptionally hard working, polite and charged a reasonable price for this incredibly difficult job. Terrific service, absolutely recommended.

For those NOT requiring a full house contents valuations,
we suggest you use The Antique Appraisal Company.

All valuations are conducted in accordance with HMRC guidelines and fully guaranteed against rejection.

Inheritance of a private property

There are a few things you can do when inheriting a house or other private accommodations. You can sell it, rent it out or live in it. You also need to find out if you have to pay tax on it. If you only inherited a part of it, you will have to make decisions with the other owner(s)

Tax and inherited property

The administrator or executor will have to sort out any financial affairs related to the property. If you decide to rent it out, you will have to pay tax on any rental income that you receive on it. If you want to sell it, you will need to pay tax on any profit that you get as a result of the sale. Finally, if you decide to keep the property, you will have to decide which property you want to nominate as your ‘primary home’ as you will be expected to pay Capital Gains Tax on your main home only.

If someone is living in the inherited property

If the property has a tenant, you can agree with them to continue living in the property. In this situation you will become the landlord and take on any responsibilities associated with that. Get more advice from a solicitor or lawyer if you find yourself in this situation.

Putting the property in your name

Once you inherit a property, you can register your ownership at the Land Registry. This is not compulsory unless its sold or mortgaged, but it will save you a lot of trouble in the future if you need to prove yourself as the owner.

Mortgage payments

Keep in mind that if the property has a mortgage, you will have to pay it off even if you don’t live there. Otherwise, it will be repossessed and sold to pay off the mortgage.

Property trusts

A ‘trust’ is a way to hold and manage money or property for those who can’t do it themselves. When you receive a property that’s held in a trust, you are a ‘beneficiary’. The ‘trustee’ is the legal owner of the property who has to deal with all the legal ramifications as bound by the will.

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