Selling an Inherited Flat: Process and Taxes
When you can sell an inherited flat, the income tax implications, and how to proceed if there are multiple heirs.
When can you sell an inherited flat?
You can only complete the sale once the inheritance proceedings have officially concluded and your ownership title is formally registered in the Land Registry. However, a reservation agreement can be drafted in advance to ensure the transaction proceeds swiftly as soon as registration takes place.
Income tax
Proceeds from the sale of an inherited property are exempt from income tax if the deceased was a direct-line relative (such as a parent or grandparent) or a spouse. In other cases, the statutory holding period applies, though the deceased’s period of ownership is counted towards it.
We recommend verifying your specific circumstances with a qualified tax advisor; we would be delighted to put you in touch with a trusted professional.
Multiple heirs
If the flat is inherited by more than one person, all co-owners must consent to the sale. The purchase proceeds are then distributed directly from the solicitor's escrow account according to each party's respective share, preventing any potential disputes.