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I Inherited a House What Happens Next?

September 6, 2019 By Richard Farrell

Well, you could do one of three things by the law of averages. You could live in it, rent it, or sell it and realise the value. However, in reality things are seldom that simple, especially if the house is in the United Kingdom because there are variations on these three basic themes.

# You could inherit the property if you owned it under ‘joint tenancy’ with your spouse. In this case, you would automatically inherit the other half of the title.

# However, if the deceased person owned the house outright, then their will would have to nominate you as the new owner, or part owner

# If you owned the house under ‘tenancy in common’ that would be a third matter. The will would determine whether or not you inherit the other half

# If you shared your life and your home with someone who died without a will and were not married, you could lose the roof over your head.

A Quick Note for Your Diary before Continuing

Most relationships evolve over time. At the start, one partner may own the home. As love grows it seems unnecessary to change the legalities. An unmarried partner could walk away with nothing if the owner does not leave a will.

If you are uncertain what would happen if you or your partner died then this could be the wakeup call you need. We are not solicitors. Our only gain would be to know you straightened things out while you still could.

Moving On to the Matter of Taxes and Debts

The value of a deceased person’s share of a property is part of their estate. The question of future ownership locks up until the executor has settled the late person’s outstanding debts, and taxes including inheritance tax.

In an extreme case they may have to sell ‘your property’ to finance this. You have three choices. Pay the debts yourself, purchase the property at an auction, or inherit the unspent value as cash.

# If you inherit the home and rent it out then you may have to pay tax on the income, and on any profit if you sell it later.

# If you already own a home, but keep the second one for holidays etc. then you need to nominate the home on which you pay capital gains tax when you sell.

If You Inherit a Property in a Trust

If you inherit a property held in a trust, then you are just a beneficiary entitled to live in it and enjoy it. The trustee in charge of the trust is the owner. They have no free will in this matter. They simply implement what the will says whether you like it or not.

When you inherit a house, things may not be as simple as you may think, as we have illustrated here. Always take expert advice if you are not sure. Remember to record your ownership with the Land Registry, so you can prove that you actually own the property.

Filed Under: Property Valuation Tagged With: inherit a house, inheritance tax, probate valuation, probate valuation guide, rics property valuation for probate

Our House Clearance Services

We provide a full house clearance and property management solution:

  • We clear hoarded houses, regardless how big or how cluttered
  • We clear all types and sizes of property, irrespective of location, or access is restricted or where parking is difficult or not available.
  • We can help avoid water damage by draining the central heating system.
  • We can secure the property and change the locks.
  • We can reinstate the gardens and maintain them whilst the property is empty.
  • We can provide 24 hour security to eliminate the risk of squatting or unlawful occupation.

As well normal house clearances we specialise in clutter clearance and we can clear a hoarded house which may contain years of accumulated possessions, or which have abnormal amounts of general household items, sometimes as a result of compulsive hoarding syndrome.

Equally we can help to clear a property where the occupants were previously unwell and unable to care for themselves or their property which sometimes results in insanitary, dangerous or just plain unpleasant conditions.

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About Richard Farrell

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Client Reviews

Mar 4, 2021
by Ian Corben on Avery Associates
Probate Valuation & House Clearance

A one stop shop from beginning to end for myself as a first time executor.From our first call I was confident Jeff not only understood the issues with... Read More

Thank you Ian and it was a pleasure to assist you, we know how hard this process can be trying to find different service providers can be a nightmare so we feel very happy to ease the burden by providing all the services you require from one port of call.RegardsJeffrey Avery

Mar 4, 2021
by Sarah Lennie on Avery Associates
House Clearance After Probate

I just wanted to give my feedback I have recently moved my mother from her house and had the difficult task of clearing what was left in her... Read More

Feb 1, 2021
by Sally Thompson on Avery Associates
Sensitive House Clearance

You have done an excellent job, given that you had very little time. Brenda and I do appreciate how much you have done and feel it is really kind of you... Read More

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Tel: 0800 567 7769 or 0208 640 0044

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