When a family member owns a property, chances are that you may find yourself inheriting the property upon their death. Despite the sad loss of the relative (previous owner), the idea of inheriting property may seem an exciting expectation. Then again, it can come with some frustrating and nasty surprises. If the property has been left sorely to you, then this can make things a little easier as the responsibility lies entirely with you as the new owner. When you inherit the property jointly however (perhaps with another sibling); then you will all need to come to a mutual agreement regarding the future of the property. You could opt to get a fast house sale and split the profit. At times, one or both of you may wish to live in the property. Such an action may trigger disputes between the involved families. Even better, you could choose to live in the property or sell your hom
e, you could choose to rent it out thus providing you with a long term rental income, among other available options.
Unfortunately, if there be any outstanding debts attached to the property, they will have to be settled before any assets such as property can be distributed to the heirs by the executor of the will. Once you have gained ownership of the property, there are potentially many obstacles. For instance, if the property inherited has been rented with existing tenants in it. The will may outline that the current occupants can remain in the property leaving you with a limited choice. In such a case, it is advisable then to talk to the tenant and come to an amicable agreement regarding the future tenancy or your wish to sell the property.
In other cases, the property may be in a state of disrepair. This may force you to make essential maintenance to it. If you cannot afford these repairs however, then you may be left with no alternative but t
o get a fast sale before it deteriorates further. Another alternative is to get a mortgage on the property to cover the cost of repairs. In this case, you will need to register yourself as the new owner with the land registry. If the owner who left you the property still had a mortgage outstanding on their home then unfortunately you will also inherit the debt that comes with it and be responsible for the remainder of the mortgage payments. You can however, look to change the type of mortgage held on the property, which may make it more affordable. If you cannot afford the repayments, you could be at risk of losing your home to repossession so it is important to get advice wherever possible. If you own it jointly with another person, you could opt to buy their share of the property, and likewise they could also buy your share making them the sole owner of the property.