{"id":14984,"date":"2021-04-09T15:44:09","date_gmt":"2021-04-09T15:44:09","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=14984"},"modified":"2021-04-09T16:03:01","modified_gmt":"2021-04-09T16:03:01","slug":"what-do-you-do-if-you-inherit-a-property","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/what-do-you-do-if-you-inherit-a-property\/","title":{"rendered":"What Do You Do If You Inherit A Property?"},"content":{"rendered":"

Inheriting a property can be intimidating and seem like a lot of responsibility, especially if you already have your own home and are unsure what to do with the one you have just accrued.\u00a0 Here\u2019s what to do if you inherit a property and you\u2019re unsure of the next steps.\u00a0<\/span><\/p>\n

\"inheriting<\/p>\n

Think about what you want\u00a0<\/b>\u00a0<\/span><\/h2>\n

It might seem like a stupid thing to say, but really thinking about what you want to do with the property before jumping into any decisions is key.\u00a0\u00a0<\/span><\/p>\n

Think about the property\u2019s location,\u00a0it\u2019s\u00a0worth and how much of a responsibility it would be for you to take on.\u00a0\u00a0<\/span><\/p>\n

Remember that properties require a lot of upkeep<\/strong><\/a> so\u00a0if the building is left empty\u00a0for a long period of\u00a0time\u00a0it might attract unwanted attention or lead to damage occurring. For example, a property left empty over winter could start to accumulate damp and water pipes could become frozen, resulting in bursts and lasting damage.\u00a0\u00a0<\/span><\/p>\n

Also consider the properties condition. Is it already in a state of disrepair? Would it cost a lot of money to fix up\u00a0and\u00a0do you have the funds\u00a0to do so if needed?\u00a0\u00a0<\/span><\/p>\n

Consider the legalities<\/b>\u00a0<\/span><\/h2>\n

Think about how you have inherited the property and the type of paperwork that will need to be filed. Having a copy of the will to hand will help you understand exactly what you have inherited and how.\u00a0\u00a0<\/span><\/p>\n

You can request a solicitor gets involved and clearly explains the will and conditions of inheritance to you so that you know exactly what you are getting into.\u00a0\u00a0<\/span><\/p>\n

If the property\u00a0were\u00a0in debt\u00a0when the deceased passes, you might not be inheriting as much as you might think and would have to pay off the debts on the property before it becomes yours.\u00a0\u00a0<\/span><\/p>\n

Also, if you decide to keep the house and already own your own home, you\u2019ll have to nominate one of the two as a second home and make your local tax office aware as you can only receive relief from capital gains tax<\/strong><\/a> on the home that you consider to be your main one.\u00a0\u00a0<\/span><\/p>\n

Other options<\/b>\u00a0<\/span><\/h2>\n

If you decide you want to sell the house, then you will need all the necessary paperwork to do so and will still need to have the property valuated by a surveyor. You will receive the money once the property is sold, minus any outstanding debt and unpaid bills.\u00a0\u00a0<\/span><\/p>\n

If you want to keep the property but can\u2019t afford to run two homes<\/span>,\u00a0consider becoming a landlord<\/strong><\/a>\u00a0and\u00a0letting out the property. This way you will have full ownership but will receive monthly rent to help offset the costs of owning two properties.\u00a0\u00a0<\/span><\/p>\n

You can also decide to keep the house in the family and add the property to your will and allow your children or grandchildren to inherit the property once you pass away.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Inheriting a property can be intimidating and seem like a lot of responsibility, especially if you already have your own home and are unsure what to do with the one you have just accrued.\u00a0 Here\u2019s what to do if you inherit a property and you\u2019re unsure of the next steps.\u00a0 Think about what you want\u00a0\u00a0 […]<\/p>\n","protected":false},"author":7,"featured_media":14987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3822],"tags":[9792,19720],"acf":[],"yoast_head":"\nWhat Do You Do If You Inherit A Property? - OpenBusinessCouncil Directory<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/what-do-you-do-if-you-inherit-a-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Do You Do If You Inherit A Property?\" \/>\n<meta property=\"og:description\" content=\"Inheriting a property can be intimidating and seem like a lot of responsibility, especially if you already have your own home and are unsure what to do with the one you have just accrued.\u00a0 Here\u2019s what to do if you inherit a property and you\u2019re unsure of the next steps.\u00a0 Think about what you want\u00a0\u00a0 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/what-do-you-do-if-you-inherit-a-property\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-09T15:44:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-09T16:03:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2021\/04\/Inheritance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/what-do-you-do-if-you-inherit-a-property\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/what-do-you-do-if-you-inherit-a-property\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"What Do You Do If You Inherit A Property?\",\"datePublished\":\"2021-04-09T15:44:09+00:00\",\"dateModified\":\"2021-04-09T16:03:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/what-do-you-do-if-you-inherit-a-property\/\"},\"wordCount\":495,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"keywords\":[\"property\",\"tax\"],\"articleSection\":[\"Resources\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/what-do-you-do-if-you-inherit-a-property\/\",\"url\":\"https:\/\/www.footballthink.com\/what-do-you-do-if-you-inherit-a-property\/\",\"name\":\"What Do You Do If You Inherit A Property? 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