fbpx

Inheriting a Property

Inheriting a Property

Inheriting a property may not always be a straightforward task for most people. Most Australians are unaware of the implications of inheriting a property so it may be essential to seek professional help should you find yourself in a situation where you are assuming ownership of a property.

WHY DO YOU NEED BRYDENS LAWYERS?

Having property transferred to you by way of inheritance may not be as simple as one may think so it is a good idea to seek professional help to fully understand the implications of such a transfer and where it may leave you if you decide to inherit property from someone who has passed.

In circumstances where an individual may inherit property, Brydens Lawyers can assist in evaluating the benefits and issues which may arise in assuming ownership of a property.

Such issues may include asking yourself the following questions:

  • What is the value of the property at the time of inheritance? You may wish to seek 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 shared inheritance? Sharing an inheritance will require you to share the same goal for the inherited property together with the other beneficiary who is sharing the benefit of the inherited property.
  • Will the property be kept by you or disposed of? Retaining or disposing of the inherited property may require you to act quickly so as to not expose yourself to liabilities passed on by the deceased.
  • Is there a mortgage currently registered on title? If there is a mortgage on 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 so as to not become liable for the debts of the deceased person.
  • Are there tax implications (for example, capital gains tax) following the inheritance or the possible sale of the inherited property? 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 a main residence of the deceased and may therefore not attract capital gains tax.
  • 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 which has not been accounted for in your financial situation

WHAT WILL BRYDENS LAWYERS ORGANISE FOR YOU?

After considering your options, you may decide to sell the inherited property.

If you decide that it may be viable in the long run to dispose of or sell the property in instances where the property has an outstanding mortgage or may be minimal in value, a conveyancer can assist in organising the sale of your inherited property from start to finish.

This may include:

  • Providing initial advice and drafting Contract for Sale of Land
  • Exchanging contracts and holding deposits
  • Preparation of discharge of mortgage

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 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.

WHEN SHOULD YOU CONSULT BRYDENS LAWYERS?

You should aim to consult with our Wills and Estates Team once 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 of the deceased passed.

Book a free lawyer consultation now

Start your claim now

Meet the team that will represent you

No win no fee*

conditions apply

Languages

From start to finish, Brydens Lawyers made the conveyancing process so easy! I couldn’t be happier with the service provided- I would definitely recommend them to anyone in need of legal assistance. 

Alex Twal of the Wests Tigers.

 

When you are making the biggest financial commitment of your life you want someone acting for you who is meticulous and thorough, yet still able to take the time to walk you through the process and put your mind at ease. Celeste and her team at Brydens Lawyers were there supporting, explaining and smoothing over any problems every step of the way! I could not recommend Celeste and her team more highly.

Stephen from Sydney, a client of our Conveyancing division.

Celeste and the team were diligent, professional and supportive in the current climate with the COVID-19 pandemic. The service was second to none and I will be recommending them to all my family and friends.

Liam from Sydney, a client of our Conveyancing division.

Celeste was amazing. She was available to us throughout the entire process of buying our new home; advising on the contract before we even made an offer through to our seamless settlement. Celeste anticipated our needs and handled everything. I would highly recommend Celeste for buying and selling your property.

A client of our Conveyancing division.

Celeste and the team at Brydens Lawyers have been helping me with my legal requirements for over 10 years now. When it comes to property sales and purchases, everything is done efficiently. They are thorough in their work and communicate well. Thank you for a job well done!

A client of our Conveyancing division.

Just wanted to say a big thank you to the Brydens Lawyers team for their help throughout the process of buying our home. Would happily use Brydens Lawyers again.

A client of our Conveyancing division.

Very professional and thorough service and I am very proud to say that there have been nil variations once the fee was agreed. I have enjoyed discounted rates over the last 20 years and Celeste is someone that I could trust with my wallet. I am very privileged to deal with Celeste as well as her support staff.

A client of our Conveyancing division.

Over the past 15 years I have engaged Brydens to act for my clients and myself personally in property transactions on scores of occasions, and on each and every occasion Celeste and the Brydens Conveyancing team have done a consistently fantastic job. Whether acting in the sale or the purchase of property, their professionalism, knowledge and expertise has been second to none. I would not hesitate to recommend Brydens to anyone looking for a first-rate Conveyancer.

Darren W, a client of our Conveyancing division.

CONTACT US TODAY


LIVERPOOL HEAD OFFICE

Lvl 2, 203 Northumberland Street,
Liverpool NSW 2170

SUBSCRIBE TO OUR NEWSLETTER


SUBSCRIBER