The passing of a loved one is an awful thing that we all experience at some point in life. Inheriting a luxury property during this time is a bittersweet experience, it’s come at a sad time for an upsetting reason, but the property will offer your life a lot of potential for change.
During the time of inheriting a property you will have a lot of questions running through your mind, usually, you can use the help of probate solicitors to guide you through the process and handle the estate for you.
This guide will help you through some of the common questions you may have before you start to speak to a third party:
When Should I Begin?
When a loved one passes away both banks and other lenders offer a period for you to grieve and process all the new information. Once you’ve come to terms with your loss, you should begin to deal with your relative’s accounts such as taxes, debt, property and any money they’ve left behind, despite having a bad reputation at times, banks and lenders also give you additional time to deal with these areas too. At this point the bank is going to give you time a respect so don’t worry too much about rushing around, just keep them in the loop.
It’s commonly known that these companies offer up to a year for you to process any inheritance taxes and mortgages you may have been left with.
What are the Long-Term Options?
If you have been left with a luxury property, there are three option to consider. You can either sell the property, rent it out or move into it. It all depends on your financial situation and your personal view on the property and what it means to you.
If for example, you have been left with a big property that still requires mortgage repayments, your decision will rest upon your ability to meet the payments. Using conveyancing solicitors will help you gather the realistic option to move forward with if you decide to sell or rent it.
Making Decisions
Your loved one who has recently passed will leave an executor as the decision maker to divide the property or sell it. Usually, when a property has been left to several people it needs to be sold in order for everyone to receive a fair share. It’s important to speak to a third party to help decide the best personal and financial outcomes for all parties involved and have an impartial take on the circumstances.
If you find that family member can’t come to an agreement on areas involving the property or will, its best practice to involve a lawyer to help bring order and fairness to the problems. Using a professional is normally the best procedure, it can help avoid paying additional taxes and help to negate any problem from occurring. It’s not something you will deal with regularly so you’re more likely to miss steps is a professional isn’t called for.