Hello, i have been living in a house for three years in a position of caretaker if you like, with it going back to the estate after my death.
I have now been left the property in the owners will and my share of the inheritance tax is 20,000 pound. House has been valued at 250000.
Am going to have to sell and buy another home cause i would have no reserve fund if i pay the tax in one go, i dont want to pay monthly on my pension niether.
So if i sell the property and it fetches more than 250000, 1, will tax man want more and 2, how much more?
The property was left empty for 12 years, and when my marriage ended my ex in laws asked me if i would like to move in and finish the project, and to then live in it rent free till i pass on.
Inside the property is a 133 year old gwr railway carriage thats used as two bedrooms and bathroom toilet shower, so being unusual, the valuations have been between 200,000 and 300,000.
Because of trouble with family, the owner changed his will before he died and left me the property, these were probate valuations.
Honestly dont know what it would sell for, have been advised to place it in an on line auction
ok thank you