Tenants in common not agreeing on asking price

Carrying-on

Hi.

This is a bit hypothetical but I'm worried that it will eventually become a real problem.

My parents each had an equal share in the family home. They were tenants in common not the more usual joint tenants. In my father's will his half was left to my siblings but the house was left in trust so that my mother could continue to live in the house without fear of her children forcing a sale of the house.

My mother I know intends to leave her half to me.

When it comes to it if there is disagreement about the asking price, or the final sale price, how are these things decided? I fear my well-off siblings may be happy enough to go for a quick sale just to generate some cash whereas I need every penny I can get.

Edit: My subject title isn't right as when it comes to selling my mum's house her children won't be tenants in common for the property but just people with a share in the sale proceeds.

So, how do any people with a separate share in a house sale ever settle major disagreements about asking prices/sale prices? Can someone insist a house is sold at the valuation of a surveyor for example?

RAS

This very much depends on the terms of the will. It may be that the executor actaully does the selling and then distributes the estate.

Carrying-on

RAS wrote: »

This very much depends on the terms of the will. It may be that the executor actaully does the selling and then distributes the estate.

But as my mother only can leave a half share of the house could her executor really be enabled to have the responsibility for the sale of the whole property?

xylophone

Do you mean that your father's will did not leave his share of the house to the siblings but the sale proceeds of his share of the house?


Presumably there is a trustee of the interest in possession trust so that when your mother dies that trustee and your mother's executor will sort out what is to happen?

Does your mother's will specify that you are to receive the sale proceeds of her share?

Carrying-on

xylophone wrote: »

Do you mean that your father's will did not leave his share of the house to the siblings but the sale proceeds of his share of the house?


Presumably there is a trustee of the interest in possession trust so that when your mother dies that trustee and your mother's executor will sort out what is to happen?

Does your mother's will specify that you are to receive the sale proceeds of her share?

Unfortunately the only question I can (sort of) answer is the last one. My mother justs says she's leaving "her half" to me.