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After inheriting a house, it can be difficult to decide what to do with it. You’ve got a choice, whether you decide to sell the property or would like to look at renting it out. But what are the pros and cons of each option?
It’s important to know that if you sell or rent the property, as you may still end up having to pay tax, whether it be from the rental income that you receive or from the profit you might make if you sell the property.
If you already own a property, and you decide to keep the inherited house as a second home then you’ll need to choose your main home between the two and notify the tax office, as you will only get tax relief from Capital Gains Tax for your primary home.
If you are sharing the inheritance with someone else, and they are living in the property, the first thing that you’ll need to do is to check the will of the deceased and see if there is an outline of their right to stay in the property. If there is not, you will need to come to an agreement with them, confirming if they will continue to live in the property under terms decided between yourselves, or if they will move out to then sell the property.
The house that you have inherited may have already been let out, and if there are tenants in the property, you will assume the responsibilities as the new landlord. These include-
Repairs to the interior and exterior of the property
Ensuring the gas safety of the property
Making sure the furnishings are fire-safe
Getting the house to a standard that is fit for living.
If you want to sell the property that is currently being rented out, you will need to give an appropriate notice period to the tenants. This is standardly a minimum of 2 months with a written notice, and it can only be issued 6 months or more after the tenancy began.
There are a few exceptions; if the property is being used for illegal activity, such as drugs, you’re able to take action within 2 weeks, and if the tenants are in arrears from not paying their rent, the notice period can start from 2 weeks.