Inheriting a Property? Here Are the Top 5 Questions Vendors Ask

If you’ve recently inherited a property, you’re not alone in wondering what to do next. Selling a probate property can feel overwhelming, with emotions, legal requirements, and financial questions all coming at once.

At Greater London Properties, we’ve helped many clients navigate these exact circumstances — and we know the questions you’re most likely to ask. Here are the top five things vendors want to know after inheriting a property:

1. Do I have to pay inheritance tax on the property?

Inheritance Tax (IHT) is often the biggest concern. The good news is that IHT is usually paid by the estate of the deceased before assets are distributed to beneficiaries. However, if the estate exceeds certain thresholds (currently £325,000 in most cases), tax may be due. If you sell the property later, you might also need to think about Capital Gains Tax. It can be complex, but don’t worry — we can introduce you to trusted tax specialists who will guide you through every step.

2. What happens if there’s a mortgage on the property?

If the inherited property has an outstanding mortgage, you will usually become responsible for those repayments. You may decide to sell quickly to pay off the balance or discuss repayment options with the lender. We can help you value the property straight away to support these conversations.

3. What is the probate process, and can I sell before it’s complete?

Probate is the legal process of administering someone’s estate. Generally, you cannot exchange contracts on a sale until probate is granted, although you can market the property in the meantime. We have handled many probate properties and can explain how best to time the sale so you don’t lose momentum.

4. How do I prepare the property for sale?

Inherited properties are often left with furniture and personal effects. You may need clearance services, or you might want to do a basic tidy-up to maximise the sale price. We’re very happy to advise on what will appeal most to buyers — and recommend trusted clearance or repair services if needed.

5. What will happen to the proceeds of the sale?

After repaying any outstanding debts or taxes, the proceeds of the sale will go to the beneficiaries in line with the will or the rules of intestacy. If you’re unsure, a solicitor can clarify what you are entitled to, and we can connect you with experts who specialise in probate and trust law to make sure everything is in order.