A practical guide to selling your inherited property

Selling an inherited property can be a real challenge. The beneficiaries are often unfamiliar with the process and do not know what to do next. We have prepared a practical guide for you to benefit from your inherited estate: 1. First thing you do is inform your mortgage company that a person has passed away. They would usually give you a few months to sell the property and settle the estate. If property has even a small mortgage, the bank would like you to settle that mortgage because any surplus cash can be distributed to any beneficiaries. 2. Tell your insurance company that your property will empty or unoccupied. Usually first 30 days of unoccupied cover is included. However after this period you will need to search around for empty home insurance cover. Be prepared to pay up to £1,000 for annual cover! Discover how you can qualify for free insurance! 3. Contact your utility firms and inform them that vendor has passed away. If possible have utilities shut down. 4. Drain down the water within the property. This is something you can do yourself. First turn off the boiler, then turn off stop cock. Finally turn on all taps in kitchen and bathrooms to allow water to drain out. This will protect your property from a winter freeze and minimise chances of a burst pipe! 5. Apply for a grant of probate. You will need this before you can sell your property. We can help with this process. We have prepared a fantastic probate guide that covers selling your property. You can access this information by clicking on our link to sell property before probate.