Selling a jointly owned inherited property

dizzy4

This is really what I am trying to find out if I can get the farm split into thirds so I know which bit is mine if I want to sell it...

dizzy4

Ok as we seem to be going round in circles a bit, how can I get farm divided up legally so on paper so we each know which bit we own, is this possible...?

spadoosh

dizzy4 wrote: »

I don't know why someone wouldn't want to buy a third of a farm. Farms are split up all the time especially after a bereavement.

Youre still seeing it as seperate.

The deeds will show that it is one property with 3 owners.

If someone bought your share of the property whilst they could do certain things the likelihood of your family playing ball is small. Say there is one farmhouse and someone decides they want to buy your share, do you think they would be happy to start unpacking their stuff into the bedroom next to your brothers?

The way i see it is you have 3 options.

1. Convince the family to sell the lot and each take your cuts (probably the best option)
2. Split the property in to 3 equal portions (good luck with that, a house is worth considerably more than the land its sat on)
3. Keep your 1/3 whilst the brother has his 2/3 and pays rent, if its totally unaffordable for him he should accept he cant afford to live there and just agree to do step one!

I dont see the option of you being able to sell your 1/3 whilst being able to maintain a fair and equal value.

marliepanda

dizzy4 wrote: »

Ok as we seem to be going round in circles a bit, how can I get farm divided up legally so on paper so we each know which bit we own, is this possible...?

Without the agreement of your brother and sister, you can't.

spadoosh

dizzy4 wrote: »

Ok as we seem to be going round in circles a bit, how can I get farm divided up legally so on paper so we each know which bit we own, is this possible...?

Whats the farm made up of?

If there is a residential building, you will unlikely be able to split the property into equal portions without dividingup the residential property. Ie Son has kitchen, daughters has bathroom. (<---this will not work!)

dizzy4

Gosh not angry, I just need to know where I stand that is all, there is no house on the farm, just buildings and land.

dizzy4

seems like I am stuck between a rock and a hard place...!!

Keep_pedalling

Does your brother just want to live in the house, or is he also wanting to keep the farm running as a going concern?

If he just wants the house then sell the land separately to raise as much of you and your sister's share as possible, making up any shortfall by buying out your remaining share.

If he wants to farm the land then there are 3 choices.

1 - He buys you both out.
2 - He pays rent to his siblings for any portion he has not been ably to buy out.
3 - You can't come up with a suitable arrangement so the whole lot needs to be sold either through mutual agreement, or though the expensive process of forcing a sale through the courts.

lincroft1710

What's the acreage of the farm and what sort of buildings are involved?

troubleinparadise

As you seem very unsure about the how the three of you own these buildings and land, I would suggest you take some legal advice from a solicitor who is a specialist in agricultural matters.

The cost would be well worth the outlay to know where you stand with this proposed sale of a third share by one sibling to the other. I suggest you do this sooner than later before you find yourself backed into a corner by your siblings.