Bereavement is an awful thing that we will all experience at some point in our lives. Inheriting luxury property is a bitter-sweet experience and there will be a lot of questions on your mind during this period of time.
Typically, Probate solicitors will help you through this troubling time and will handle your estate for you.
This guide will help you through your troubling time and will help to give you clarity on everything you need to know about inheriting luxury property.
When do I have to act?
In the event of your loved one passing, banks and lenders offer a period of time for you to grieve and to come to terms with your loss. Despite popular disbelief, banks and lenders are very considerate during this time and will allow you to process your loss, as well as this, and more importantly, after losing a loved one, they allow you the time to process and deal with your relative’s debt, property, taxes and money they will have left behind.
It’s common practice for these companies to allow up to a year for you to deal with any inheritance taxes and mortgages you may have been left.
What are my long-term options?
If you have been left with a luxury property, then you have three options to choose from. You can either sell the house, rent it out, or move into it. This will depend on your financial situation and the circumstances that the property has been left in.
For example, if you have been left a large property that still requires mortgage repayments, then your decision will rest on your income and whether or not you can meet these repayments. Looking at beginning the property conveyancing process for your newly inherited luxury property means that you will be left with a large sum, which can be really whereas renting will provide you will a comfortable monthly income that can be really helpful.
Making the right decision:
Your loved ones will leaves an executor as the decision maker to divide the property or to sell it. If you have inherited the property, then you will be the one who is responsible for making this decision. It’s often the case that people who are put into this situation consult with trust solicitors to discuss their options and to make sure that they are making the right decision.
As the person inheriting the property, you will oversee the mortgage and tax repayments etc. In extreme cases, family members can disagree amongst themselves about what to do with the luxury property, in this case, it’s always best practice and most beneficial to involve dispute resolution lawyers, as they will be able to help you reach a fair agreement.
If you are unsure about anything throughout the process, then it’s always a good idea to consult with a professional, who will be able to look at your situation objectively and will help you come to the best resolution.
Courtesy TheTopTier Digital Media