However, once you have dealt with the emotional aspect, you need to think about the practical side of things. If the car is unwanted, you might consider selling it to get some extra cash. But can you sell an inherited car in the UK? What are the legal and administrative considerations you need to keep in mind? In this blog post, we will answer these questions and provide you with a comprehensive guide on selling an inherited car in the UK.
Establishing Legal Ownership
The first step in selling an inherited car is establishing legal ownership through a Grant of Probate. This document confirms that you are legally entitled to sell the car and distribute the assets of the deceased. If the value of the estate is less than £5000, you might not need to obtain a Grant of Probate. However, it is always best to check with a legal professional to ensure that you follow the correct legal procedure.
Gathering Necessary Vehicle Documentation
Once you have established legal ownership, you need to gather the necessary vehicle documentation. This includes the V5C, service history, MOT certificates, and insurance records. The V5C is particularly important as it proves the legal ownership of the car and contains important information such as the registered keeper and current mileage. If you are missing any of the necessary documentation, you might need to obtain duplicates from the relevant authorities.
Notifying the DVLA of the Change in Ownership
Before selling the car, you need to notify the DVLA of the change in ownership. Failure to do so might result in penalties and legal action. You can notify the DVLA by completing a V5C/2 form and sending it to them. Alternatively, you can do it online through the DVLA's website. Make sure that you keep a copy of the completed form for your records.
Methods of Selling an Inherited Car
There are several methods of selling an inherited car, each with its own advantages and disadvantages. You can sell the car privately through classified ads or online marketplaces. This method might give you the best price for the car, but it can be time-consuming and stressful.
You can also use a car buying service such as Sell2Swansway. This method is quick and hassle-free, but you might not get the best price for the car. Finally, you can sell the car at an auction. This method might give you the best price, but you need to pay auction fees and might have to wait for the next auction date.
Selling an inherited car in the UK might seem like a daunting task, but it doesn't have to be. By following the necessary legal and administrative procedures and choosing the right selling method, you can sell the car quickly and easily. Remember to seek professional advice if you are unsure about any aspect of the sale. We hope you found this guide useful and informative. Good luck with selling your inherited car!