Selling a house what needs a total overhaul

[Notsleepingx]

Very stressed. Selling parental home as got to pay large IHT bill. It's been on the market for a week with only 3 viewings.

Ohhh ...I am not talking about 10's or hundreds of thousands !

I would say about K5 ISH .

Her estate would need to be over £1m for inheritance tax to be due. If she has a house in London that might be the case, but very few people are ever liable for IHT.

How much money are we talking to pay IHT ?

That is both parents allowances normally which is 650 odd K, plus there is some house allowance as well ?

And you only pay tax on the amount over. Unless you have 10 brothers and sisters you must be in for a fair amount of money. But in which case the IHT will be split between all of you.

I am pretty sure there are IHT bridging loans/finance available if you decide you do not want to sell quickly. Otherwise there are possibilities like auction if you want a fast sale.

Why £1 million? IHT for a single person is £325k, if you’re leaving a property to a dependent it rises to £500k. We’ve had to pay tax on everything over £500k.

Sorry to scare you Bizzey. It has been a nightmare for us, but partially because it’s an old small holding, half finished and with land. They even granted probate for us then went back on it and sent a district valuer out to look at the property and assess the value. Hopefully with a more “normal” property it would be much easier. For what it’s worth, the district valuer wasn’t remotely interested in contents of the property or their value. Our solicitor estimated his furniture and belongings at a few hundred pounds. He had an old banger of a car, nothing especially valuable.

Thank you @Roryhon ....we are not in the £ 1 million bracket !... But the figures are concerning.

I don't think we were well advised on ht original will.

That all needs looking in to ...