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ʎqɐqɹǝʞɐɥs

You Inherit A House In A Will

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I'd move in, buy myself an BMW X5 / Audi TT with my deposit, and never worry about House prices or this site again !!

Only joking !!

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is there a time limit in which to carry out the will,

could wait and sell if price drops below IHT limit

or get a loan for the tax still a valuable asset to have if you can use it,

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You are renting and find yourself the beneficiary of an empty house left in a will. What do you do?

The simple answer is "it depends".

It depends on the location, size, type of property, condition, etc.

If it was where I wanted to live, the size I wanted, and had a roof and running water, I'd probably move in.

I have no desire to make money out of housing, so STR would not be something I'd consider for long.

If my circumstances were different and I was an OO, I'd likely sell the inherited property as I have no interest in being a landlord.

NDL

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I'd move in, buy myself an BMW X5 / Audi TT with my deposit, and never worry about House prices or this site again !!

Only joking !!

Same here. And I'm not joking :)

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I believe there's an HPC meet coming up sometime soon.

How about sellng the place, flying us all off to a fab week in Bali with all expenses paid?

Come on, be a sport!

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Guest Charlie The Tramp
You are renting and find yourself the beneficiary of an empty house left in a will. What do you do?

Congratulations shaker, don`t be silly and fritter it away. <_<

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Yeah, as usual, Charlie's right.

So I suggest you spend the money on charlie and women, you wouldn't want to fritter it all away.

(But the Bali offer still stands) B)

No yet again you guys have me wrong. I have not inherited diddly squat nor the button fluff out of Right Freds Deads belly button. I was just curious. :)

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if it wasint where or what i wanted i would sell it, then buy another with the money that was.

Then i would start to enjoy the money i earn for working instead of saving,saving,saving it.

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MAX the mortgage. Go on hols, buy new car , fast women.

Get some idiot, sho cannot work out that it would be cheaper to build their own place, to pay massive rent for it.

.......

.......

NOT!!

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Funny I was talking to my neighbor who has been trying to sell an inherited bungalow

Agent put it up for £140000

Will not sell but got 6 viewers and a offer of £105000

A similar bungalow up the road is up for sale for £170000

So he rejected the offer and is going to invest £10000 updating the kitchen and bathroom and try to sell again after x-mas. If he has no luck in selling then he will rent it out.

Some people – I did try to tell him but he started with the property always goes up in the long run.

Also with inherited property you have the problem with splitting it if there are other family members – imagine if you were 1 of 3 and the other 2 wanted to rent it out!

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Also with inherited property you have the problem with splitting it if there are other family members – imagine if you were 1 of 3 and the other 2 wanted to rent it out!

That situation would be unlikely to arise. If the property was left to 3 family members it would be sold and the proceeds split between the three unless they all explicitly agreed to take on part ownership. So if one wanted t sell it would be sold or that person's share bought out by the other two.

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Defintley the first advice given: I'd move in, buy myself an BMW X5 / Audi TT with my deposit, and never worry about House prices or this site again !!

When is the next HPC meet?

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Sell it to pay the inheritance tax bill.

You cant , any outstanding IHT has to be paid before you can sell the property.

So if say it was worth £300k , IHT starts at £275k as I'm aware @ 40%. 40% of £25k = £10k . You have to find 10K before you do anything , ie borrow it or whatever.

Worse though is if it gets stuck in probate as I understand it .

Say it was worth £500k = a £90k IHT bill which has to be paid first while a house could get stuck in probate for years sometimes.

D

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Well, assuming it was a close member of my family that left it to me, I would have no conscience about enjoying this "unearned wealth".

They sure as hell will have worked hard and earned it.

NDL

I would guess that in most cases if the family member bought it a few decades back, say 1970, then the chances are that 90% of the value is unearned capital gain. So do you still think they worked hard and earned it?

frugalista

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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