Probate Estates and Inherited Property
If you find yourself in a position of inheriting a property there are a number of factors that must be considered in order for you to obtain the maximum possible benefit from the estate.
If you are to share the estate with a sibling a mutual agreement with all parties must be agreed before making any decision regarding the future of the property. If you decide to sell quickly this can save significant ongoing costs from solicitors fees, ongoing council tax until the property if sold and expensive estate agent fees.
If the property currently has a mortgage you as the beneficiary of the estate you are now liable to pay this debt. Alongside this many elderly property owners have taken advantage of equity release schemes allowing them to free up the capital in their existing property. Organisations that offer this service will put a legal charge on the property which subsequently impedes you from selling the property before settling the debt owed to them.
Often properties that have been inherited are in a state of disrepair this allows the beneficiary the option to make good the property before taking the next step. These costly repair bills often take away any potential profit from the property meaning the time and money invested could lead to no tangible benefit at the end of the process.
Dealing with estates in probate naturally means a solicitor will be in charge of administrating at times the complicated formalities that come alongside this. Charges from solicitors vary but often the more complex the issue the larger the associated costs.
Unlike the recent media coverage of properties that go to auction houses you will see many lots that go unsold. If the property does not achieve a sale at the auction room as the vendor you are liable to pay all associated fees with the listing proving often as costly as estate agency fees.