Property Inheritance: How Can Brydens Lawyers Help You?
Inheriting property may not be as simple as one may think. To avoid any potential legal pitfalls, it is always a good idea to seek professional legal advice to fully understand the implications of such a transfer. This is true whether you have inherited a residential building or commercial real estate.
In circumstances where an individual will inherit or has inherited property, Brydens Lawyers can assist in evaluating the various outcomes in assuming ownership of the property.
By asking yourself the following questions, Brydens Lawyers can help you gain a thorough understanding of the benefits and issues associated with inheriting a property. This will allow you to make a sound, well-informed decision about the future of the inherited assets:
What is the value of the property at the time of inheritance? You may wish to seek an independent valuation of the property to determine its value and whether it may be worthwhile to invest in or dispose of.
Are you individually inheriting the property or is it a shared inheritance? Sharing an inheritance will require you to share the same goal for the inherited property with the other beneficiary, as they will be sharing in the returns of the inherited asset.
Will you keep the property or sell it? The decision to retain or sell the inherited property will come with its own issues and benefits to be considered.
Is there a mortgage currently registered on the title? If there is a mortgage on the title, you will need to assess whether you are able to make repayments on the mortgage or whether you wish to dispose of the property.
Are there capital gains tax implications following the inheritance? There are tax implications when inheriting a property, especially if the receiver of the property is a charity or a foreign resident. There are instances where the property may have been the primary residence of the deceased, which means you may not need to pay capital gains tax (CGT). You may also be eligible for other types of CGT exemption.
Are you able to support the upkeep of the property in the short- and long-term? You will need to assess the short- and long-term financial effects of retaining an inherited property, as this may be a liability that has not been accounted for in your financial situation.
What Will Brydens Lawyers Organise For You?
SELLING AN INHERITED PROPERTY
After considering your options, you may decide to sell the inherited property. Brydens Lawyers has a team of professional property law experts on hand who can help you organise the sale of your inherited property from start to finish.
These services may include:
Organising contracts: Brydens Lawyers can offer initial advice on the sale process and create a legal document for the Sale of Land specific to your situation that ensures all legal requirements are met.
Assisting with the sale: Our team can manage the exchange of contracts, ensuring that all parties understand their obligations. We will also oversee the holding of deposits, providing a secure and transparent process for both the seller and the buyer.
Discharging the mortgage: If the inherited property has an outstanding mortgage, Brydens Lawyers can liaise with the financial institution to arrange for the discharge of the mortgage upon the sale. This includes advising on any penalties, fees, and processes involved in clearing the property's title, and ensuring a smooth transfer to the new owner.
KEEPING AN INHERITED PROPERTY
If you have decided it is in your best interests to keep the inherited property, rather than sell it, then Brydens can offer legal advice and assistance in the following ways:
Title transfer and registration: Brydens Lawyers can guide you through the process of transferring the property title into your name, ensuring all legal requirements are met for a smooth transition.
Tax advice: We can offer advice on how to integrate the inherited property into your estate plan effectively, considering implications for inheritance tax, possible tax exemptions, whether you need to pay CGT, and more.
Assessing and managing liabilities: If the property comes with outstanding debts or liabilities such as a mortgage or liens, a property law expert can help you understand these obligations and advise on managing or clearing them.
Dispute resolution: In case of disputes related to the property, whether with family members, tenants, or neighbours, a property law expert can offer strategies for resolution and, if necessary, represent your interests in legal proceedings.
Rental management: If you have decided to keep it as an investment property, then we can assist in drafting or reviewing rental agreements to ensure they comply with local laws and regulations, protecting your rights as a landlord. We can also advise on landlord responsibilities, tenant rights, and how to navigate any disputes that may arise.
When Should You Consult Brydens Lawyers?
You should consult with our Wills and Estates team as soon as you have become aware that property may be transferred to you by way of inheritance.
There are often time limits you must adhere to to ensure you are not exposed to certain tax implications or outstanding liabilities at the time the deceased passed. This is why it is imperative that you consult Brydens Lawyers as soon as possible to ensure that you are not exposed to unexpected tax liabilities or other payments. Consulting the property law experts at Brydens on retaining or selling inherited property can ensure the process is handled correctly and as compassionately as possible.
Why Are Brydens Lawyers The Right Representation For You?
At Brydens Lawyers, we ensure that you are provided with the best legal advice when it comes to inheriting a deceased estate and property from a loved one who has passed. Our Wills and Estates Team can assist you in providing sound legal advice from the time of your first consultation right to the settlement of your inherited property. We aim to ensure the process is as smooth and efficient as possible, with minimal disruptions to you and your family during this time.
Contact Brydens Lawyers today to see how we can assist you in these and other matters
