If you inherited/part inherited a property, what did you do with it?

[Lolapo]

If you inherited some or all of a property, what did you do with the property? Was it what you wanted to do with it e.g. did you want to sell it faster/slower, would you have liked to have kept it and move in but additional stamp duty fees upfront prohibited you? Did you feel like grief would have been easier if weren’t balancing probate and house sale to fund tax in short timeframe? Would you have liked to decorate or refurbish before selling? Did you have to take a lower than market rate to fund fees? Did you rent it out for a while?

What article is this for? You're just firing questions out like a journalist. How about tell us your own experiences?

OP, are you tryig to work out what's best in your circumstances? If so, a bit more information about you and the inheritance, might help us give better replies.

Do you have to pay stamp duty on a property you inherit?

You first @Lolapo

Pleased to say I never had this problem.

sell asap. but in all cases, the original owner had been in a care home for a while so there was plenty of time to prepare.

Sorry about that. I was trying to give some examples, but I can see why it might not come across like that. It was sparked by another thread, along with a horrible situation I am seeing IRL.

No

Sold it.
redecoration not required as in vg condition

you can’t complete until you have probate so the time frame is not fully in your control regardless of speed you would like to move at.

Stamp duty is not payable on the part you inherit, but is on the part you want to buy out. If you already own/have a mortgage, you pay an additional 5% on this due to it being a second home. You can claim this back within a certain timeframe once you sell your own home to live in the inherited one.

Sold it as soon as as I could. It held too many memories and selling it helped with closure.

Left to me and three siblings - we did consider buying them out, doing it up and reselling, but thought if we made a profit, one of them might be a bit funny about it, so we sold it unrenovated, split the proceeds.

The property I inherited saved my sanity. It was in an awful state and I refurbished it from top to bottom. It was immaculate by the time I’d finished. Then I sold it. Having a big project was a distraction from the grief.

It was inherited by 5 people - it was sold at auction.

Inherited between 3 siblings - bought the other 2 out, did it up and moved in.

Sold by the executors as part of the estate, net proceeds added to the estate, and balance split between siblings. None would have wanted to live there or buy the others out.

Couldn't deal with selling on top of grieving , so rented it out for two years . Then wanted to buy siblings out but couldn't afford it . So sold and split the profits three ways . It was a wonderful legacy and allowed us all to gain so much . Sister was able to purchase property as she used it as a deposit . Other siblings paid off large chunk of mortgage . I used it to compensate for being made redundant plus my DCs were coming up to uni age.

My DPs had lived in their house for almost 50 years and DBro and I had grown up there. At first I wanted to keep it but couldn’t afford to buy DBro out- so up for sale it went. The estate agent advised not to bother doing it up (needed lots of work) and said it would sell immediately. He was right and there was a bit of a bidding war with two potential buyers, and sold for much more than expected. After splitting proceeds between DBro and myself, I gave 1/3 each to DD and DS towards house deposits.

DH (only child) inherited three properties from his parents (who were divorced). Sold all three as soon as probate cleared. We didn't want to keep any to rent out, too much hassle. We also didn't want to live in any of them, we preferred our own house.

My estate agent gave me the same advice. I ignored it and made a substantial profit over and above the money the refurbishment cost. I think he’d got a developer mate with their eye on it.

That’s what I expected to happen, but in actual fact it was a recently single mum with two kids. Not relevant to the thread but was pleased as wanted a family to have it rather than someone flipping it to sell/rent it out.

That was what I wanted to avoid. In the event a young family bought it and were delighted with a house where everything was brand new. My parents would have been so pleased.

If I died tomorrow my children would have to sell the house to pay IT. When my mother died we sold her flat as soon as we could, not due to IT (another country with much higher threshold) but there was a high service charge on it and no reason to hang on to it. It was in very good order so no work needed.

One situation has a slow solicitor more of a hindrance than a help, the estate being cash poor, having own place to sell, tax due and jump between 3 to 3 bed taking most of inheritance. Wants to keep family home which would also give more space but the way taxes are structured, the speed at which due and upfront costs, family fallouts, grieving etc sees opportunity slipping. It’s in Greater London.

There’s such a mix of situations on here and different ways of channeling grief.