Could you be liable to pay Inheritance Tax?
If you owned property jointly as joint tenants with the deceased and you weren’t their spouse or registered civil partner, you’ll have to pay any Inheritance Tax due on the property when you inherit it.
If you owned property jointly as tenants in common with the deceased and weren’t their spouse or registered civil partner, but inherited their share under the will, the deceased’s executor or personal representative must pay any Inheritance Tax or debts before distributing the estate among the beneficiaries.
They’ll usually try to do this by using funds from other parts of the estate. However, if there’s a shortfall, you as the remaining owner are responsible for that shortfall and HM Revenue & Customs (HMRC) and other creditors have the right to approach you.
If there isn’t enough money in the rest of the estate to pay the outstanding tax or other debts, you may need to sell the property.