The Legacy Ladder

There’s much to consider when inheriting property, not least for the next generation, so seek expert help

- Fiona Brandhorst

MANY of the younger generation, the so-called ‘millennials’, are now banking on an inheritance to hop on the property ladder and according to a recent report, they may not have to wait that long. 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 reinvesting the money or handing it down to the next generation.

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

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.

“My father wasn’t well before he died so we wanted to make the house look more liveable. We kept the gardener on and refreshed the hallway so that it could be sold with dignity,” she says.