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Inherited a Property? The Key things to consider

will property inheritance

Inheriting a property can either be a very welcome gift or an upsetting surprise, but either way it can be a stressful time as you consider what to do with it.

Aside from making sure homeowners insurance is up-to-date, keeping the utilities going and clearing the property of any personal possessions and furniture, you will need to try and make a decision as to whether to sell the property, live in it yourself or rent it out.

Here are the implications of each of these options below, and everything you need to know about loving it, or listing it:

Moving on in:

  • Expect property taxes to rise, maybe significantly, and the house will be revalued at the current market rate.
  • Get a survey carried out so you’re aware of any maintenance or structural issues and their costs that might need to be carried out before the property is safe to inhabit again.
  • Sounds obvious, but if you have siblings and you’ve inherited a home as joint owners — such as through a quitclaim deed that made them instant co-owners at the time of the original owner’s death — they’ll need to agree on what to do with it. If one of the new owners doesn’t want to sell, the others have no recourse except court.
  • If the home was inherited jointly with siblings and you want to live there yourself, they will need to be compensated. This might be in the form of rental payments, or maybe buying them out.

Renting out:

  • Depending on the location and type of property it is, renting it could be a source of income. But beware, and seek advice from someone experienced in renting out properties, so you can get the right tenant in and it doesn’t turn into a stressful nightmare. Here at Bromley Property Company, our experienced property management team can have a chat with you if necessary and guide you in the right direction.
  • Make sure you’ve had a home inspection, addressed any safety issues and taken out a landlord insurance policy. When you’re renting, there’s a lot of liability issues that many people aren’t aware of.

Selling:

  • You won’t pay capital gains tax on any increase in the home’s value during the deceased owner’s lifetime, only on any increase in value between the time of inheritance and when you sell it.
  • Be sure to ask an estate agent his or her opinion on investing in renovations versus selling as-is. Updating can be beneficial, but it’s obviously costly so make sure it’s worth your while financially.
  • As with any sale, but especially for a house that hasn’t been updated in recent years, smaller improvements potentially can go a long way. And you don’t have to do them all yourself. Hire a painter to repaint top-to-bottom in neutral tones, or get a professional landscaper to increase curb appeal. Don’t forget though that a simple declutter and getting rid of ‘stuff’ can make the world of difference.

If you have any queries about inheriting a property, then do get in touch as this is something we frequently deal with and are here to help in anyway we can at what can be an upsetting time.

Give us a call on 0208 462 7155

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Lewis McKale

Director, Residential Sales, Lettings & New Homes

lewis@propertycompanygroup.com

lewis@bromleypropertycompany.com

07507 656 668

020 8462 7155

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Lewis has over 20 years experience in the property industry. As a young negotiator he worked for large South East London Estate Agency and he also worked his way up to Associate Director at a City based Estate Agency by the time he was 25.

He jointly owned and sold a successful business in the East End of London before deciding to come back to his roots and set up Bromley Property Company in late 2016.

Lewis is a life long Bromley Borough resident and hails from West Wickham where he attended Wickham Common Primary School and then Hayes Secondary School.

He's married with three children, all of whom attend local schools. Both himself and his wife are very active with local autistic charities helping with various events.

Football plays a big part in his life, playing for Charlton Athletic youth team in his early days and he is an avid supporter of Bromley FC.

The competitive drive that pushes him on is what helps fuel his passion for the business. This and his in-depth knowledge of the borough is a great combination which helps deliver the results his clients have come to expect.

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Kyle Peters

Director, Land & Commercial

kyle@propertycompanygroup.com

020 8462 7155

07801 577 782

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In a career spanning more than 20 years Kyle has bought, sold and let Real Estate of all types and sizes in every sector of property industry. Throughout this time he was a long serving founder member of one of the South East’s most successful Commercial & Development property agencies. In addition to a successful agency career he has held senior client-side positions in asset & property management and investment and development acquisitions affording Kyle a holistic viewpoint and greater understanding of the entire process than some agents.

Technically knowledgeable and with a keen eye for detail he has a deep understanding of how to effectively market a property and revels in getting amongst the strategy of a transaction to ensure his clients expectations are regularly exceeded.

With a natural flair for identifying development opportunities and adding value Kyle works regularly with a number of clients on acquisitions and development & planning consultancy and has specialisms in the retirement, care and affordable housing sectors.

Born and raised in the Bromley area, outside of work Kyle enjoys spending as much time as possible with his young family, travelling and all things car related.

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Stuart Jackson

Sales & Lettings

stuart@bromleypropertycompany.com

020 8462 7155

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Stuart has worked in the property industry for 10 years now.

Previously working in the East End of London specialising in Shoreditch and The City but deciding to come back to his roots and work in Bromley, Stuart brings his enthusiasm, knowledge and hard work to the company and local Bromley residents will all benefit from this.

Stuart is also a local lad that grew up in Keston, attending Keston Primary School and Hayes Secondary School so his local knowledge is second to none. Currently living in Shortlands Stuart prides himself on his excellent customer service levels and is always available to talk about property and will accommodate viewings whenever he can 7 days a week.

Stuart works very close with Lewis in ensuring that Bromley Property Company offer a customer service unlike any other local estate agent making sure all of our clients be it Vendors, Landlords, Buyers or Tenants are all looked after and dealt with in the best way possible.

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Angela McKale

Admin & Marketing
 

angela@bromleypropertycompany.com

020 8462 7155

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Angela has worked supporting Lewis and his team for the last 5 years now and has taken the admin side of the business over and helps to ensure that our clients are given a service that is as efficient as possible.

She is responsible for that majority of the companies marketing and she also looks after the properties on our website as well as ensuring our clients are written to promptly.

Helping to run diaries for the team and ensuring everyone is kept on their toes is a real help and she helps keep things organised and ensures the business runs as efficiently as possible.

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Trevor Doran

Head of Property Management

management@bromleypropertycompany.com

07740 055 025

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Trevor has over 30 years’ experience in maintaining and managing properties.
20 years in the home improvement industry rising to director level served him well as a landlord and since 2009 owning and running his own business specialising purely in property letting and management.
A lifelong Bromley borough resident Trevor runs Bromley Property Company’s letting and management department and continues to operate at the highest possible levels of professionalism and service as the portfolio grows.
Sport and fitness play a big part in Trevor’s life as he tries to keep up with two athletic children currently in sixth form and university. He also follows the fortunes of the ever-improving Bromley FC.

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Amy has worked in Lettings and property management for 10 years starting as a Lettings Negotiator for a corporate Estate Agents in Dartford.

She then worked for an independent Estate Agent in Bexley as a Property Manager and then as Branch Manager for 3 years.

She took some time out when she had her daughter and started working again in Property Management 3 years ago.

Amy has a BA (Hons) Degree in Fashion and enjoys making clothes and she is also classically trained to Grade 6 in Piano.

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Becky Freeman

Digital Marketing & Social Media

becky@bromleypropertycompany.com

020 8462 7155

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Becky brings with her nearly a decade of digital marketing and multi-award nominated lifestyle blogging experience, and has worked with both household names and smaller companies to create content and enhance their social and online presence. She has appeared in various Interiors & lifestyle magazines, written for publications including The Guardian, and appeared on Channel 4’s ‘Kirstie’s Handmade Christmas’ winning her category of Christmas table styling!

After a disappointing experience trying to sell her house with a local high street agent, West Wickham-based Becky had heard great things about Bromley Property Company, swapped to us and quickly sold, and says she couldn't rate Lewis and his team's knowledge of the area and honest valuation highly enough.

As a bit of a property geek with a background in both business and lifestyle marketing, Becky is now on board to oversee all things digital for us through her agency Becky Freeman Digital.

Living and raising 3 children in the local area, Becky loves Bromley and all it has to offer a young family.

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Mary Radovanovich

MAAT, MICB PM.Dip., Accounts
 

mary@bromleypropertycompany.com

020 8462 7155

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Mary has been in the accounting industry for over 23 years and has a license with the AAT and ICB. Mary prides herself on excellent customer service and strongly believes in building a close working relationship with her clients.

Mary deals with the invoice payments and tax for the group as well as assisting with all aspects of accounting.