Apply online, agree a price, set a date Make me an offer

A Guide to Property Inheritance

Dealing with property and legal issues is the last thing anyone wants to do after the death of a loved one. But it’s something that has to be done eventually. Property inheritance, in particular, is often a complex issue to deal with, so it’s important to know how to approach it from the outset.

If you’re facing the difficult issue of dealing with property inheritance, you need answers to a few crucial questions.

There isn’t a will. What do I do?

If a close relative passed away without a Will, you could apply for a grant of representation. This gives you access you the deceased’s financial affairs, bank accounts, and assets.

What does the law say about property inheritance?

Property inheritance tax

Inheritance tax applies to estates worth over £325,000. If the deceased’s estate is worth more than this, the tax is payable at a rate of 40% on anything over this threshold. This tax doesn’t apply if the deceased was your spouse or civil partner, however.

What should be my first steps?

The first thing to do in relation to inherited property is to check whether or not there’s an outstanding mortgage. If there is, you should be able to negotiate a brief delay in repayments. This gives you time to mourn and decide what you’re going to do with the property.

If you’re the administrator of the estate or the executor of the Will, you’ll need to declare the full value of the estate to HMRC within a year of the deceased’s passing.

If the property is standing empty, you should buy unoccupied insurance immediately. This should cover damage to the property, vandalism, and theft. The terms of your policy may require you to check the condition of the home every week or so.

What can I do with my inherited property?

Move in

If you’ve inherited the property alone, there’s nothing stopping you from moving in immediately after probate is complete. But you’ll need to take on the mortgage repayments, and you’ll be liable for any debts attached to the property.

Sell the property

Property inheritance: Selling a house

You may already own your own home — in which case owning a second may not be appealing. You may not want to take on mortgage repayments. Or you might want to avoid maintaining and renting out the property. Whatever your reasons are, you might want to sell as quickly as possible.

If you’re in a hurry to raise funds or simply move on, selling to a national home buyer might be the best option. SellPropertyFastCash buys residential property for up to 100% of its market value. And because there’s no property chain or negotiations involved, you could have the proceeds in your bank account within a month.

If the inherited property increases in value between the death of the owner and the date of completion, you may be liable for capital gains tax.

Let the property

You have the option of letting your property for an additional income. But you’ll have to maintain the home and satisfy all the legal requirements of landlords in the UK. This may not be something you want to take on at this stressful time in your life.

And if you let your property, you’ll need to declare the income for tax purposes.

Property inheritance is always a tricky issue to manage, as it only ever occurs when a loved one passes away. Decide what you want to do with the home, and get the necessary advice from professionals as soon as possible.

Can Certain Features Add Value to My Home?

Making big home improvements is always a big step. We all want to make our home better, but deciding which improvements should take precedence isn’t always easy. If you’re planning to sell your property in a few years, adding features that increase its value might be the best course of action.

But which features should be at the top of your shopping list? We take a look.

A converted basement

If you have the money to convert your cellar into a comfortable living space, you can increase the market value of your home by up to 30 per cent. You won’t need to obtain planning permission, and how you use the room is up to you. However, basement conversions are often more expensive than extensions.

An extended kitchen

Can certain features add value to my home?

They say that the kitchen is the heart of the home. We are spending more time than ever in our kitchens. We don’t just cook there now — we socialise and catch up with loved ones over drinks and food. For this reason, we need more space. And more of us want to separate laundry from cooking.

Add an extension to your kitchen to create a larger dining or communal area, can add value to your home. If you have the budget to add a utility room as well, you can increase the market value of your home by up to 15 per cent.

A converted loft

Converting your loft is a cost-effective way to add more living space to your home. And the more space there is, the more valuable your property is. A properly extended loft with stairs, doors, windows and utilities is usually expensive. But it’s a lot cheaper than converting a basement or building an extension. Turn your loft into two extra bedrooms with en-suite facilities, and you stand to increase the value of your home by up to 15 per cent.

Can certain features add value to my home?

Exactly the same goes for a garage. In fact, converting most garages is cheaper, as this space often already has power and a water supply.

Planning permission

You don’t always have to invest in significant improvements to increase the value of your home. Just by getting planning permission for major extensions and improvements, you can make your property a lot more attractive to buyers. If all the legal permissions are in place, you can expect the value of your home to increase by up to 10 per cent.

A conservatory

Adding a conservatory is a cost-effective way to increase the value of your home. A conservatory that extends into your back garden can increase the value of your property by up to five per cent. But put a real roof on it, and the value of your home can increase by up to 10 per cent if the new space is large enough.

A new bathroom

If your bathroom is tied, old-fashioned and past its best, replacing it with something modern, functional and stylish could add up to five per cent to the value of your property. And you don’t need to fork out for the latest features and luxury fittings to unlock your home’s price potential.

Always get a realistic estimate of the renovation costs before proceeding with home improvements. If you want to increase the market value of your home, it’s only worth your while if the works cost less than the projected value increase.

What Are the Advantages of Selling to a Property Cash Buyer?

A property cash buyer is someone who makes an offer on a home with the funds required already in their bank account. There’s no need to apply for a mortgage, which means the entire process is concluded a lot faster.

According to stats from the Land Registry, around a third of all house purchases in England and Wales involved a cash buyer in 2017. And this percentage has been rising in recent years. Why? Because there are several advantages involved — and here are a few of the most impressive.

The sale completes quickly

Cash property buyers

A cash buyer has the money needed to buy a property readily available. There’s no need for a lengthy mortgage application — something that often holds up a house sale. By cutting out the involvement of banks, a lot of the red tape is removed. Banks perform several checks before releasing funds, which always slows things down.

This is why more and more homeowners want to find cash buyers — whether that’s in the open market or through a house buying company such as Flying Homes.

There’s often a discount for cash

One of the most exciting advantages of being a property cash buyer is the opportunity to get a modest discount on market value. There’s no property chain involved, and no need for a long, drawn-out mortgage application process. This is highly desirable for sellers in a hurry, no need to bother with staging your home for a sale, just sell in an instance! And to attract cash buyers, a lot of homeowners will offer their property at a slightly reduced price.

No complex property chain

A broken property chain is a common cause of collapsed house sales. Some chains are very complex and involve 10 or more parties. When just one mortgage application or survey, the whole chain collapses.

Most chain collapses occur because of problems with finance. But take the need for a mortgage out of the equation, and an entire property chain can be put back together in a day. This is why a lot of sellers who’ve been let down by their buyer actively seek cash buyers.

If you’re in this position, it might be worth bypassing the open market completely. Flying Homes works with cash buyers around the world. If you need to find a buyer in a hurry, selling to a “we buy any house” firm could be your best option.

You’re less likely to be asked to perform repairs or modifications

Cash property buyers

Banks want to know that their cash is being used to purchase a safe home in a reasonable state of repair. Or at the very least, they want to know that the sale price reflects the current condition of the property. For these reasons, banks insist on surveys, searches and a range of other checks before they release cash.

If a problem is discovered that holds up the sale of your home, you’ll be expected to rectify it yourself. And this could be a costly process. But cash buyers don’t often impose such strict stipulations.

What’s the downside of selling to a property cash buyer?

Finding a cash buyer gives you a degree of certainty during the house selling process. But don’t expect a free ride. In return for this increased certainty and shorter timeframe, you’ll probably have to reduce your price expectations. Remember: selling to a property cash buyer gives you a chain-free quick sale. And this could be crucial if you need to raise funds quickly.

Selling your home to a cash buyer makes the entire process faster and less likely to fail. But you might need to lower your price expectations if speed and certainty are your priorities.

Selling Your House Guide

Are you selling your house? Should you employ a professional or do it yourself?

Wondering ‘how to sell my house?’ Who to choose, what’s the best way to market it for sale? Selling your home can be a minefield. Once you have made the massive decision of selling your house and moving, you will need to decide who will take charge of the house selling process.

The use of a proactive and skilled online estate agent will give you an instant network of contacts, local knowledge, excellent negotiation skills and the time required to secure the sale of your property. However, this will involve a significant cost – often a percentage of the final sale price which could be as high as 5%.

Going it alone and selling your property yourself might save you a lot of money, but without the time and knowledge, you run the risk of achieving an inferior final sale price. In some cases, selling a property via an estate agent delivers a higher return, as the cost involved is outweighed by the extra value achieved.

Selling your house – what’s involved

The process of the sale of property – from preparing for viewings to exchanging contracts – is a complex one. Only if you are confident that you have the time and know-how to address the following necessary tasks to sell your property, should you consider a private sale, as mistakes can affect property prices?

  • The valuation and setting a realistic asking price.
  • A comprehensive marketing strategy.
  • Arranging and hosting viewings.
  • Price negotiations.
  • The legal process for progressing a sale.

Whereas you will need to develop contacts, register with private listing services and find the time to manage the entire process, a reliable and reputable estate agent will already have all these in place. The people buying a house in your area will most likely register their interest with local estate agents, giving you an instant market for your property.

The Advantages of Choosing an Estate Agent to Sell Your Home

Although it may be sorely tempting to save the money and sell your home privately, (many websites will help to sell your property online), you should remember that there are probably hundreds of houses for sale in your area. Achieving a satisfactory price in an acceptable amount of time is very tricky for the most experienced online estate agents, so it could prove exceptionally challenging and time-consuming to do it yourself. Registered by The Property Ombudsman, many estate agents charge for their expert services, they deliver some advantages:

  • Access to a network of potential buyers.
  • Marketing contacts.
  • Local property market knowledge.
  • Negotiation skills.
  • Ability to manage the viewing process.
  • Expert market experience.
  • Help to find a property to rent if you sell before you see the perfect home.

Choosing the Right Agent for You

House buying and selling is a specialist role, so hiring an agent for the task could prove cost-effective in the long run. However, there could be hundreds of estate agents working in your area, and choosing the best one for the job can be a daunting prospect.

Start the process by asking your family and friends for recommendations based on their personal experiences. You can also use a specialist property advisory service with an online comparison tool that will give you information about agents in your area.

The vast majority of estate agents are skilled, experienced and trustworthy; however, there might be a few who ask you to take photos of your property and compile a description for marketing purposes. Any agent worth their salt will take charge of the marketing process, so proceed with caution if you are asked to do this.

Find out the best ways to sell your house here.

The prospect of negotiating the minefield that is the property market is often a daunting one, but you can sell your house fast by taking advantage of Flying Homes’ simple home buying services. We’ll buy any house without putting you through the stresses and strains of the open market, meaning you can take the time to find property for sale that is perfect for you and your family.

Call Flying Homes now on 0800 68 99 420 or complete the online enquiry form for more information on selling your house!

Selling Your House at Auction

Selling Your House at Auction – Is it Risky or Safe?

If you’re considering selling your house at auction then a quick sale is possible, but it may mean selling at undervalue if there is little interest on the day. In fact the cheapest house sold at auction in the UK could cost about a £1. Yes, £1. And no, you’re not seeing things, it really is true.

There are many run down properties throughout the UK and some of them eventually find themselves in an Auction House and on the auctioneers for sale list, probably because the owners just want a quick sale. But they often don’t put a reserve price on their property, because they’re quite happy to get anything for it – £10,000, £20,000… more? Even in a prosperous town like Leeds, some properties have sold fast for a pittance in the auctions.

At the Auction House, most expect a  bidding war between the various interested parties. Trouble is, what happens if there are no interested parties? Well, if there’s no reserve then £1 could actually buy you a house! Auctioneers don’t exactly ‘market’ the properties on their lists, they are just there to sell them on the day, taking their commission in the process.

Well, if the objective was to sell a property quickly then it’s achieved its aim. But I’m sure the owner wouldn’t be impressed with the sale price (unlike the new owner!)

Okay, let’s say you managed to pick up such a bargain at the Auction House, you have to assume there’s something wrong with it for no one else to bid more than £1 (okay, lets say a few thousand pounds). The roof will need repair no doubt, the interior will be a mess, it will be situated in a ‘not very nice area’ the utilities will all need replacing – basically, there won’t be a single part of the property that won’t need some work doing to it. But still, it’s cheap! Even after spending however much to even rebuild the thing, it’s still got to be a bargain.

Selling your house at the Auction House – pitfalls

Selling a property through an auctioneer can have serious pitfalls; basically it’s a massive risk – and not one that should be taken lightly. Yes you’ll get a fast sale, but there may be better ways to sell a house quickly on the day.

There was one tale of a homeowner who raffled his house off – he sold tickets at £50 each and actually realised his market valuation price before pulling out the winning ticket from a hat. Some lucky punter then got a £200,000 house for £50 – now that’s a bargain! And it didn’t need any real work doing on it either. But it did mean for a happy vendor and an even more happy buyer, plus it was all done within a pre-determined time frame.

These are two very extreme examples of selling a house albeit at a type of auction, but also where two very extreme values which were achieved. But thankfully neither of them are the norm, obviously the usual way is to instruct an estate agent, sell it yourself through your local newspaper or speak to a specialist sell house fast company to do it all for you, it’s your choice. Find out more about Auctions with EIG.

At the end of the day, it’s all down to which route the vendor feels most comfortable with and just how long they can wait for a sale. For some time is the most critical factor and for others it’s money.

But for most, there’s no right and no wrong answers, just quick answers. So if you want an alternative to selling your house at auction, then try selling your property online instead of fast at Auction, call Flying Homes 0800 68 99 420 TODAY, we can help!

Image By Umuiowiadupia (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons

 

Want to ask a question?

Call 0800 68 99 420

Text SALE to 60777

DMCA.com Protection Status