Single property bequest to 3 siblings; one wants to sell

moneybelle

Can anyone tell me the protocol if one part owner of an inherited property wants to sell and the others wish to retain the property?

Who pays for the valuation?

What if the other 2 do not offer enough to the one who wants to sell. but think they are offering a reasonable amount?

Thanks for any help.

Bogof_Babe

If it is inherited (recently?) then there should have been an official valuation anyway, when probate was sorted out.

If the three inheritees have owned the property for some time, I think it would be in all of their interests to get a new valuation, splitting the cost three ways. This will be useful for insurance purposes so is worth doing.

Upon attainment of the valuation, the one who wants to opt out of their share has little alternative but to accept a one-third of current value buy-out, paid for by the two who wish to retain the property.

moneybelle

Thanks for reply
2 years have past since the valuation.....i take it they would have to use a proper surveyor to value it, rather than a freebie estate agent one.

I think number 3 may not accept the valuation !!

ManAtHome

Well they can't sell without the other 2 agreeing, so they'll just have to sort a deal that all 3 are "happy" with.

Bogof_Babe

Why not ask the person wanting to sell their share to arrange a (professional) valuation? I don't see why an estate agent wouldn't be good enough, as usually it is a prospective purchaser not the vendor who requires a full survey.

If they are prepared to do this, ask for a written copy of the outcome. Then divide it by three and add on transaction fees to be paid for by the "seller". I don't see why you should pay for legal costs as you don't have an interest in selling the one-third share anyway.

Melissa177

Are the deeds in all three names?

ukbondraider

The things that amaze me about this country.............

The 3 siblings are family. If one of the siblings needs the cash to take out of the property it should be on an informal basis. You are brothers and sisters for heavens sake. Who gives a monkeys who should pay for the fees. All three of you should be offering to pay for the fees for the other anyway.

Also who cares what each other gets?

Get your priorities right

peter999

ukbondraider wrote: »

The things that amaze me about this country.............

The 3 siblings are family. If one of the siblings needs the cash to take out of the property it should be on an informal basis. You are brothers and sisters for heavens sake. Who gives a monkeys who should pay for the fees. All three of you should be offering to pay for the fees for the other anyway.

Also who cares what each other gets?

Get your priorities right

It doesn't always work like that.

The brothers/sisters may have grown apart, have their own families, different lives/earnings/expenditure & very different priorities/attitudes.

It's a very difficult situation when it comes to dividing the family estate & these questions have to be dealt with.

peter999

Ps: this happens everywhere, not just this country.

moneybelle

As previous poster suggests, in this case we are dealing with 'personalities'. That is something not under outside control. They just want to do it in the right way.

I would like to know how money can be given on an 'informal basis'; do you think that the building society mortagage people would be prepared to lend money on an informal basis too? :rotfl: