𝗜𝗻𝗵𝗲𝗿𝗶𝘁𝗶𝗻𝗴 𝗮 𝗥𝗲𝗻𝘁𝗮𝗹 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆: 𝗢𝗽𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀 𝗘𝘅𝗽𝗹𝗮𝗶𝗻𝗲𝗱

Just inherited a rental property? Then you may be wondering what your options are. If you don’t want to live in the property yourself, you have two choices:

• Continue renting it out and earn a monthly income.
•  Sell up. Let’s look at what each scenario involves.

𝗥𝗲𝗻𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆

There’s more to being a landlord than just collecting the rent – there are hundreds of rules and regulations to adhere to. For this reason, many new landlords get a letting agent to manage their property for them. This gives them peace of mind and expert support.

𝗦𝗲𝗹𝗹𝗶𝗻𝗴 𝘂𝗽
If you choose to sell with tenants in situ, be aware that you must notify them 24 hours in advance of a viewing, and they can refuse. Alternatively, if you wish to sell the property as a vacant possession you must follow strict eviction procedures. Whatever you decide, speak to a financial adviser to discuss the tax implications of your decision.

𝗜𝗳 𝘆𝗼𝘂’𝘃𝗲 𝗷𝘂𝘀𝘁 𝗯𝗲𝗰𝗼𝗺𝗲 𝗮 𝗳𝗶𝗿𝘀𝘁-𝘁𝗶𝗺𝗲 𝗹𝗮𝗻𝗱𝗹𝗼𝗿𝗱, 𝘄𝗲’𝗿𝗲 𝗵𝗲𝗿𝗲 𝘁𝗼 𝗵𝗲𝗹𝗽.