Has Inheritance Tax Taken You By Surprise?

Funeral

Dealing with the loss of a loved one is a stressful and difficult thing. If you find yourself in a situation where you are dealing with the estate of someone that has passed away, then you’ll need to obtain a “grant of probate” before you can distribute the assets set out in their will.

At this stag, you may wish to sell the property of the deceased. At Principal Homebuyers, we understand that this should be done with both care and compassion. We are here to help you sell probate property quickly, and safely.

Are HMRC Demanding a Tax Payment?

Inheritance tax can end up costing hundreds of thousands of pounds, depending on the value of the property that the deceased left behind. It is payable on all assets, not just property. There are plans to raise the threshold for inheritance tax from sale of property that counts as a main residence to £1 million (for a married couple), with the new threshold being phased in between 2017 and 2020. For now, however, the limit is £325,000 – for all assets, not just houses.

There is an additional allowance for a property that is your ‘main residence’, although the amount of this allowance may change as of 2020. It is important that you seek professional financial advice if you have come into a large inheritance.

HMRC may ask for you to pay inheritance tax more quickly than you expect, and that’s where Andy and the rest of the experts at Principal Homebuyers can help you.

We Can Buy Your Property

We can buy probate properties anywhere in the UK, and will consider former council houses, and even properties that would ordinarily be considered un-mortgageable. We will look at prices of comparable properties to help us work out the value of the property you are looking to sell, and will offer a fair cash price. We can be flexible with timescales, and will do our best to work quickly if you need to sell a property to pay a tax bill, or because there is still a mortgage attached to it.

We can help with commercial property and land, as well as homes, so if you have inherited a business property, it is still worth giving us a call. No property is too large or small for us to consider.

Mourning

Confidential Service

Our service is completely confidential. There will be no ‘for sale’ boards erected, and no overt local advertising. The only people who be informed about the sale taking place are those who are directly involved with the sale – such as the solicitor and surveyor. We will do our best to make sure that the sale goes smoothly, saving you agent’s and solicitor’s fees.

We understand that for many the home on sale will be a former family home, with important memories attached to it. Andy and the rest of the team at Principal Homebuyers will make sure to handle the sale in a professional and compassionate manner.

Give us a call today. We’re here to help you manage inheritance tax and estate tax as well as probate property in a stress-free manner.

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