Selling a jointly owned inherited property

dizzy4

I have inherited a farm with land along with my brother and sister equally. Can my sister sell her 3rd to my brother so that he then owns 2 thirds without my consent?

Keep_pedalling

The simple answer is yes.

dizzy4

Ok then, if that is what their intention is, do they have to draw up some kind of legal document that states exactly what the third of the property is they are selling/buying so I then know exactly what my 3rd of the property is?

marliepanda

Not sure what you mean. You will own a third of the value of the entire property, unless you decide somehow to split it up.

When two people joint own a house they don't have a document saying 'you own the garden, but I own the kitchen...'

dizzy4

sorry I was being a bit vague to start with... It is an agricultural property with buildings and land...

TonyMMM

Unless the will states that you have been left a specific part of the property, then you own a third of the whole thing as a joint owner.

If you wish, and all the owners agree, you could split the property legally into three separate pieces and have the relevant deeds drawn up .

dizzy4

So just to be absolutely clear my sister can sell to my brother at an agreed sum without having to get a legal document to say which bit of the farm she is selling and which bit of the farm he is buying. He will own 2 thirds and I will still own a third.

My point being then I could sell my remaining third on the open market... to someone outside the family but I need to have it in writing which bit I own...

lisa110rry

For the avoidance of doubt, dizzy, you do not own one third of the land area, nor one third of the buildings. You own one third of the "interest" in the whole of the agricultural plot and buildings, if any.

Thus, you may be able to sell your interest, but nothing more substantial.

It does however, mean that if the agricultural business receives any income, one third of the profit is yours, after expenses hve been subtracted.

lincroft1710

Let us assume the value of the whole farm is £900,000 with vacant possession. If it is sold for that amount you and your 2 siblings each receive £300,000. If sis sells to bro prior to sale, you still get £300,000, bro gets £600,000.

It is not a case that you have 10 Acre Field and Haymeadow, sis has farmhouse and Dutch barn, bro has everything else.

lisa110rry

Cross posted with Lincroft.

Elinore

Opps cross posted with everyone else!


Unless its laid out in the will as:

Son 1 - has the top fields, cattle and the Farm sheds

Daughter - has the main house

Son 2 - has the farm cottage and the bottom fields

Other wise:

You own 1/3 of the whole property.

If you sister sells to your brother:

You own 1/3 of the whole property.

If you were to sell you would be selling 1/3 of the whole property

Who would fancy buying 1/3 of a farm - it would be a hard sell.