Bereavement is an awful thing that we will all experience at some point in our lives. Inheriting luxury property is a bitter-sweet experience and there will be a lot of questions on your mind during this period of time.
Typically, Probate solicitors will help you through this troubling time and will handle your estate for you.
This guide will help you through your troubling time and will help to give you clarity on everything you need to know about inheriting luxury property.
When do I have to act"
In the event of your loved one passing, banks and lenders offer a period of time for you to grieve and to come to terms with your loss. Despite popular disbelief, banks and lenders are very considerate during this time and will allow you to process your loss, as well as this, and more importantly, after losing a loved one, they allow you the time to process and deal with your relative?s debt, property, taxes and money they will have left behind. It?s common practice for these companies to allow up to a year for you to deal with any inheritance taxes and mortgages you may have been left.
What are my long-term options"
If you have been left with a luxury property, then you have three options to choose from. You can either sell the house, rent it out, or move into it. This will depend on your financial situation and the circumstances that the property has been left in.
For example, if you have been left a large property that still requires mortgage repayments, then yo...