The Legacy Ladder

While it’s the only chance for many younger people to own a property, inheritance can throw up difficulties and surprises, writes Fiona Brandhorst

MANY of the younger generation, the so-called millennials, are now banking on an inheritance to hop on the property ladder. According to a recent report, an astonishing 18 million-plus people in the UK are expecting to inherit all or part of a property worth almost £350,000.

The research by bridging lender MFS also reveals that 67 per cent of those surveyed had no intention of living in the property and would be looking to sell it as soon as possible, either re-investing the money or handing it down to the next generation.

However, selling an inherited property can be a fraught experience. Dealing with clearing the house, the complexities of inheritance tax and dividing the proceeds with relatives can be stressful.

When Lydia King’s father died, leaving the family home to her and her brother who lives in Australia, she felt mixed emotions when it came to selling up.