Inheritance warning as most Brits ‘can’t afford’ to inherit property | Personal Finance | Finance

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However, tackling improvements head-on can significantly reduce the fee. Mr Davies said: “If the property is in a reasonable condition and just needs sprucing up with a fresh lick of paint, then you could also save money by doing this yourself.

“If you’re putting the property on the market for sale or rent, then painting everything in white or neutral shades is typically recommended by property experts. Before ripping out carpets, see if they could just do with a good clean.

“It’s cheap and easy to hire a carpet cleaner for 48 hours and this can often make a world of difference.”

Shop around for insurance and a solicitor

Solicitor’s fees are usually the largest cost, averaging around £12,000. However, Mr Davies noted that if a specific solicitor wasn’t dictated in the Will, the named executor may be able to shop around to ensure they receive the best value for money.

He said: “Solicitor fees do vary, but it’s important to read reviews or seek out personal recommendations to ensure you’ll still get a good service before you switch.”

Even an empty home will need insuring. Comparison sites are a good tool to use to help identify the best deals.

Mr Davies said: “Keep in mind the value of the property, fixtures and fittings, and any potential issues that could be more likely to occur such as flooding or leaks.”

Author: Dhanraj7978

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