Inheriting property is not straightforward. Whether you are selling inherited property, renting it out, or living in it, there will be various decisions that will need to be made. For example, there will be tax implications together with making sure that the correct people are named in contracts who have the necessary authority to deal with the property.
Property Inheritance Law – Points to Note:
- The property could have been held under a ‘joint tenancy’ meaning that the surviving owner will inherit the freehold of the property automatically.
- If the property was owned with another person as “tenants in common” then the terms of their will(s) determine who inherits it.
- If there is no will, who inherits the property is subject to the laws of intestacy.
- If you already own a home and also decide to keep the house you inherited, you’ll need to decide which property is your main residence, as you can only have relief from capital gains tax for your main home.
- If you inherit a property that has a tenant, you become the landlord. With that come responsibilities, the tenant has legal rights, which will need to be taken into account if you decide to sell the property.
- It is possible that other people will share an interest in the property either through bequests in the will or a lifetime trust.
- It is also possible that someone might challenge the will and claim an entitlement against the estate by bringing an Inheritance Act claim.
- The guidance of a solicitor should always be sought in case of private property inheritance.
Property Inheritance at Newtons Solicitors
Our property inheritance team will guide you through the complexities of transferring ownership of property following a death, particularly if:
- you have inherited your family home;
- you are acting as a personal representative;
- you are a beneficiary and wish to keep a property gifted to you, or if it needs to be sold; or
- you think there might be a claim against the estate.
For advice regarding inheriting property, contact us today.
Please call us to find out how we can help.
We can talk on the phone or arrange a meeting where we can discuss your options and give you a clear idea of timeframes and costs.
Alternatively, please contact us online and we’ll call you back when it’s convenient for you.