I’ve inherited a property – what next…?

Inheriting a property from a family member when they have passed away can be an emotional experience. Loss is something we all go through at some point during our lifetime and with up to 40% of the population set to inherit at some point during their life, research shows that a huge 70% of those people do not want to live in the property that has been passed down.

Welcome to Connect UK’s Auction Academy – Here to answer all your property auction questions.

Now, whether the inherited property is solely yours or must be shared between you and other members of the family, generally a choice is made to sell the property and split the equity between the inheritors.

The auction route proves perfect for this type of sale due to the speed of the sale process and the elimination of fall throughs.

The last thing you need at this sensitive time is long negotiation processes and seller chains.

So why sell by auction…?

Speed – Once the gavel falls, contracts are exchanged and the sale is legally binding. Completion is then only 28 days later. Even if an offer is accepted before the auction day, the sale will still adhere to the auction terms, meaning exchange on the day and completion still set, for 28days later.

Security – Auction means no fall throughs. With one private treaty sale in every four falling through, the auction route eliminates this risk as the buyer is legally committed from the day of exchange.

Maximum price achieved – You’re looking to achieve the best possible price, right?
With an extensive marketing process, followed by the competitiveness of the room and the variety of bids from numerous sources, the sale price in the room is pushed up organically.

Can I sell through auction if there is a mortgage left on the property?

Of course. The sale will generate enough funds to pay off the mortgage – and what’s left will be shared among the beneficiaries.

Inherited property proves perfect for sale by auction.

Check out our other videos on property legal packs and can I control the selling price of my property.

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