Although this is a lovely position to be in, having a property gifted as an inheritance, comes with its own problems. Often there are high emotions, due to the circumstances of the inheritance, and perhaps a number of new owners coming to grips with the best situation for everyone. Potentially the property is not to the required standard for letting it out, energy performance levels must not be lower than Band E, and quite often these properties have been neglected for many years and require modernising before they can be marketed.
*Data Source: Homelet Insurance 2018
If you have inherited a property that you are considering keeping as a rental property, you may need to bring it up to the required standard. At Austin D'arcy, we can assist you with checking the property for any structural issues and also assist in bringing it cosmetically up to scratch for the current rental market. In addition, we can put you in touch with tax and financial advisors who deal with this type of rental investment and will ensure your investment is working effectively for you.