Inheriting property is not usually a straightforward affair.
When you inherit a property, there will be decisions to be made.
You may want to sell it, rent it out, or live in it. There could be tax to pay on the property. If you inherited the property along with others, you will need to make decisions with them.
Points to note:
- The property could have been held under a ‘joint tenancy’ meaning that the surviving owner will inherit the property automatically.
- If the property was owned outright by the deceased, or jointly by owners who have died, the terms of their will(s) determine who inherits.
- If the property was owned as a ‘tenancy in common’, again, the terms of the will determines.
- 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 – 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.
If possible, the guidance of a solicitor should always be sought in case of private property inheritance.
Our residential property team will guide you through the complexities of transferring ownership of property following a death particularly if:
- If you have inherited your family home.
- Are acting as a personal representative.
- If you are a beneficiary and wish to keep a property gifted to you, or if it needs to be sold.