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Inheriting Property

By: Beth Morrisey MLIS - Updated: 14 Feb 2017 | comments*Discuss
 
Property private Property inheritance

When someone dies any private property (or shares in a private property) that (s)he owned will become a part of his or her estate. This estate will be distributed according to the law either by the executor (someone named in the deceased’s will) or administrator (someone appointed by law in the event that no will was left). Depending on the type of property held and the instructions left in the will, there are many ways in which an individual could inherit property and many rights and responsibilities that come along with such an inheritance.

Ways of Inheriting Property

There are three main ways in which private property can be inherited. The first is if the deceased and the inheritor were living together in a property held as a “joint tenancy”. Upon the death, the surviving member of this agreement inherits the entire property automatically. The second common way of inheriting property is if the property was owned as a “tenancy in common”, then the inheritor will be awarded the deceased’s share in the property either as stipulated in the deceased’s will or according to the laws of intestacy/succession (in the event that no will exists). Finally, if the deceased owned the property outright then it will be inherited according to the deceased’s will or the laws of intestacy/succession (again if no will exists).

Debts and Inherited Property

Property that is inherited will usually not be released to the inheritor until all debts have been cleared from the deceased’s estate. However, it may be that outstanding debts exist and the property must be sold in order to make up these debts. If such is the case, the inheritor should be informed of these developments and should be kept informed about the process by the executor or administrator of the will. Generally if the property was held as a joint tenancy then all other avenues of paying debts will be explored before the idea of selling the property must be raised, but if it is impossible to pay these debts otherwise then selling may be the only option. Working with a solicitor will help make all details clear about specific cases.

Uses of an Inherited Property

Sometimes the properties inherited after a death are already inhabited by tenants. Whether or not this arrangement will continue is up to the new owner. However, if it does continue then the new owner becomes the landlord and must shoulder all of the responsibilities of this position as stipulated by the law. Regardless of whether the new owner is hoping to sell the property, inhabit the property him/herself or continue renting the property to others, a solicitor should be consulted to ensure that all laws are followed regarding these transactions. If a new owner does intend to move into the property, (s)he should consult a solicitor regarding the existence of any tenants, registering the property in his/her name, nominating the property as his/her main home with the Tax Office, taking on mortgage payments, paying any applicable taxes and anything else related to his/her specific situation.

Inheriting property is not usually a straightforward affair. There are many ways of inheriting property, and many more issues that must be dealt with such as taxes on the property, the property being used to pay off debts, relationships with existing tenants living in the property, tax issues surrounding the property becoming the owner’s main home, the new owner taking over the mortgage on the property and much more. If possible, the guidance of a solicitor should always be sought in case of private property inheritance.

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Before my dad died he told my brother and I that he left he's half of his house to us now his wife has died we found out the house was put into her name in 1990 , can any help as to where we stand as we don't know where his will is
Boo - 14-Feb-17 @ 12:29 PM
Mazey - Your Question:
I was wondering my mother bought her council house and dad was there she died sudden and then dad died I am now left with the house what do I do there was no will

Our Response:
If there is no Will, the children inherit the estate which will have to go through the probate process. A solicitor will be able to help you with this.
FacingBereavement - 14-Feb-17 @ 10:26 AM
I was wondering my mother bought her council house and dad was there she died sudden and then dad died I am now left with the house what do I do there was no will
Mazey - 12-Feb-17 @ 6:03 PM
My grandparents have left me their house in their will, it was in separate names, my grandad passed away so his half is in trust. My nan is still alive and now unfortunately in a perminent care home. I have POA and applied for court of protection, I would like to move into my grandparents property but am unsure if this is permitted or how to go about it. Any advise ?
Roberto - 11-Feb-17 @ 8:00 AM
Flowe - Your Question:
My dad died leaving no will and has a house (in his name as was my grans) which his unmarried partner is living in. There's myself and my sister who stands to inherit the property which we will need to sell off to pay for dads previous mortgage arrears. However how do I get the property as the partner is still in it. Many thanks

Our Response:
You need to find out whether the partner is a joint owner , a tenant in common or was simply living there. If the unmarried partner has no claim to the property, you should seek professional legal advice as to how best to evict him or her.
FacingBereavement - 7-Feb-17 @ 12:12 PM
My dad died leaving no will and has a house (in his name as was my grans) which his unmarried partner is living in. There's myself and my sister who stands to inherit the property which we will need to sell off to pay for dads previous mortgage arrears. However how do I get the property as the partner is still in it. Many thanks
Flowe - 6-Feb-17 @ 10:24 AM
My husband and his sister have inherited their parents house as per the will states. His sister has been living in the house and has changed the locks and my husband has had no access to the house. His sister did this without telling him and his belongings were still in the house. We have hired a lawyer but only thing that we were able to get were his belongings. Does my husband have the right to charge her rent as his residence was at this house until she changed the locks. Thank the lord we were dating at the time she changed the locks and I had my own place and he was able to live with me but paid part of the rent.
Distressed - 4-Feb-17 @ 7:52 PM
My mother recently passed away. Last year she signed over the house to my younger brother to avoid paying a large credit card debt. The will does say that everything should be divided equally but excludes any property "disposed of". Does that mean my younger brother is entitled to 100% of the profits on the house?
RobW - 1-Feb-17 @ 8:23 PM
SAD - Your Question:
My partner's father died on 1/12/2016 and he left a will naming his three children as executors, of which one was my partner. He left his 3 acre small holding to my partner on condition that he paid his brother £50.000 to his brother within 2 years of the date of his death. The solicitor says that my partner cannot move in until he has paid the money without the consent of the other two executors, who have also been left things in the will. Is this a correct matter of the law.

Our Response:
Yes, if inheriting the small holding was a condition of paying the £50,000 then he should pay that first.
FacingBereavement - 6-Jan-17 @ 2:07 PM
My partner's father died on 1/12/2016 and he left a will naming his three children as executors, of which one was my partner. He left his 3 acre small holding to my partner on condition that he paid his brother £50.000 to his brother within 2years of the date of his death. The solicitor says that my partner cannot move in until he has paid the money without the consent of the other two executors, who have also been left things in the will. Is this a correct matter of the law.
SAD - 5-Jan-17 @ 5:31 PM
My uncle has just died he owns the house as tenants in common with my aunt 50% share each. Uncle left his 50% share to be split equally between my sister and myself as his nieces there is still an outstanding mortgage of around 30000 left to pay over the next two and a half years on a house valuation around 220000 my aunt only has the state pension and cannot afford the monthly payments my sister and myself would like to remortgage our share of the house to pay off the mortgage and some other debts so that she can afford to remain in the house ideally we'd like to do this on an interest-only mortgage over a longer term basically until she either dies or sells or goes into care and we sell up and pay remaining balancewould there be any problems with this? we both work with good incomes have other mortgages and aloan of this amount should not be a problem.
Sindy - 24-Dec-16 @ 11:26 PM
Nikki - Your Question:
Question my grandmother who is still living and has 2 sons still living willed her house to my dad who is now passed and he in turn had it willed to me now question is can my grandmother change the original will as to who inhearts the house or if she gets to where she has to go to a assistad living center can it be changed where the house can be sold to pay off all her debts

Our Response:
Yes if your father died before he could inherit the house still belongs to your grandmother and can be taken into account if she needs to pay for care.
FacingBereavement - 21-Dec-16 @ 11:36 AM
Question my grandmother who is still living and has 2 sons still living willed her house to my dad who is now passed and he in turn had it willed to me now question is can my grandmother change the original will as to who inhearts the house or if she gets to where she has to go to a assistad living center can it be changed where the house can be sold to pay off all her debts
Nikki - 20-Dec-16 @ 11:23 AM
Confused- Your Question:
My mum has died.my brother is on the deeds as co owner and says property automatically becomes his is this correct?

Our Response:
There are two phaThis depends whether he is "joint tenant" or "tenant in common". If your mum and brother were joint tenants then yes the property becomes his. If they were tenants in common your mum's share of the property will be part of her estate and willbe inherited by whoever is in the Will.
FacingBereavement - 8-Dec-16 @ 2:18 PM
My mum has died .my brother is on the deeds as co owner and says property automatically becomes his is this correct?
Confused - 7-Dec-16 @ 7:39 AM
Hi my mum died and left her house free of debt to my sister and myself. When do we become home owners? Just in relation to a loan I want to apply for.
ade - 6-Dec-16 @ 9:39 PM
Bella - Your Question:
My Aunty passed leaving her property to her two sons! They put the house up for sale and before it was sold, one of the sons died! Does the property automatically go to the surviving son (survivorship law) or does the deceased son's half go to he's wife?

Our Response:
Half the property belonged to the son, he died, so his half the property goes to whoever is name in his Will. If he had no Will it goes it his spouse (if it's worth less than £250,000)
FacingBereavement - 24-Nov-16 @ 2:27 PM
My Aunty passed leaving her property to her two sons! They put the house up for sale and before it was sold, one of the sons died! Does the property automatically go to the surviving son (survivorship law) or does the deceased son's half go to he's wife?
Bella - 23-Nov-16 @ 9:38 PM
My wife died in August this year without leaving a will and I am now awaiting probate. She has a quarter share in the family home which I will inherit, there are no other debts or monies to worry about. What is the procedure to transfer the share into my name.
Tony - 10-Nov-16 @ 4:06 PM
My nana died two weeks ago, my mum is the only name on the deeds of my nanas house. On the will it states real and personal estate, so does this mean the property is my mums or not?
Poppy - 26-Oct-16 @ 3:04 PM
My Dad died a year ago leaving no will, I have always lived with him since I was born & Dads partner (unmarried) there are no debts or mortgage, my sister died before my dad & ive found out her child my nephew is intitled to my sisters half, will I be forced to sell the house even though I still live there with my Dads partner, in other words will I be made to sell my home & become homeless albeit with some inheritance
Grace - 12-Oct-16 @ 8:50 PM
Kate - Your Question:
I inherited my dad's house 3 years ago and have lived in it for about18 months. I havent put the deeds in my name yet. I want to give my daughter my own house which she has always lived in. The deeds to this house are in my name. How do I do these transfers without paying cgt.?

Our Response:
You should really seek advice from an independent financial planner on this one as they will be able to take a look at the whole picture and establish both IHT and CGT liabilities.
FacingBereavement - 21-Sep-16 @ 2:38 PM
I inherited my dad's house 3 years ago and have lived in it for about18 months. I havent put the deeds in my name yet. I want to give my daughter my own house which she has always lived in. The deeds to this house are in my name. How do I do these transfers without paying cgt.?
Kate - 20-Sep-16 @ 9:13 AM
Hi my partner died about ten years, we had two boys together my partners mother is still alive she has said that she wants my boys to have her daughters (my parnter)share of the house she has not written a will ,but my parnters mother has two more children and they are saying that they will get my parnters share which one is right kind regards scott
scott janes - 13-Sep-16 @ 12:24 PM
Damo76 - Your Question:
My mum died last month and left her house to me, I've been living in the house with her for 10 years, will I have to pay inheritance tax on the house even though I've been living here myself for 10 years? I don't really want to sell the house but am guessing I might have to if I get a large inheritance tax bill?

Our Response:
Yes it's likely that you will have to pay IHT - £325,000 of the estate will be tax free.
FacingBereavement - 8-Sep-16 @ 2:30 PM
My mum died last month and left her house to me, I've been living in the house with her for 10 years, will I have to pay inheritance tax on the house even though I've been living here myself for 10 years? I don't really want to sell thehouse but am guessing I might have to if I get a large inheritance tax bill?
Damo76 - 7-Sep-16 @ 5:06 PM
My mother passed away in May. In the will her estate was left to me and I decided in order to maintain it a reverse mortgage was the way to go. Should it take a long time to switch ownership of property to me?
annie - 3-Sep-16 @ 9:04 PM
My dad died 8 years ago and he lived with my step mum but wasn't married. They co-owned a house together and my half sister moved in with my mum after he had died. Now I have just found out I was left a share of the house (a quarter) when my dad died. Should j have been told this at the time of his death? Where does that leave me now they want to sell the house?
Flowerfairy - 27-Aug-16 @ 2:46 PM
Rach - Your Question:
My nan died just over a week ago and her partner and her had split and he moved out few weeks before she died. His daughter took all his belongings with him and they never came back for anything else. Few days after she died she claimed there was more things in the house that were her dads but we know there is nothing of his in my nans house of his but she says she will get a solicitor and has rights to money and items in the house but he owned nothing? What's right?

Our Response:
No he has no real rights to any of your nan's property or belongings if they weren't married.
FacingBereavement - 16-Aug-16 @ 9:52 AM
My nan died just over a week ago and her partner and her had split and he moved out few weeks before she died. His daughter took all his belongings with him and they never came back for anything else. Few days after she died she claimed there was more things in the house that were her dads but we know there is nothing of his in my nans house of his but she says she will get a solicitor and has rights to money and items in the house but he owned nothing? What's right?
Rach - 13-Aug-16 @ 1:38 AM
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