Buying Out Beneficiary - Property

Chips15

Hi - I’m just after some advice.  I have been left a 50% share of a property (in Scotland) that I want to keep but unfortunately the other beneficiary wants to sell.  I have already offered 50% more than their half share of the valuation (it has been independently valued several times) but to no avail.  He is still adamant he wants it to go on the open market.  Do I have any options or am I forced to sell?  Thanks

Mojisola

Does he think he'll get more if it's sold on the open market or is he unhappy at the thought of you owning it?

Chips15

I think it’s more the thought of me owning it

theoretica

You can of course try to buy it on the open market.

Chips15

That’s true but it still runs the risk of someone else purchasing it.  It is my family home so has great sentimental value.

xylophone

 Do I have any options or am I forced to sell?  

I should think that your sibling would require a Court Order to force a sale.

I wonder what the Court would make of his application when he said that he wanted to sell but was no prepared to accept an offer from you that was well in excess of the market value of his share?

Keep_pedalling

Who is the executor? 

Chips15

Keep_pedalling said:

Who is the executor? 

I am (going through a solicitor as well - although I’m not sure they know what to do).

Chips15

xylophone said:

 Do I have any options or am I forced to sell?  

I should think that your sibling would require a Court Order to force a sale.

I wonder what the Court would make of his application when he said that he wanted to sell but was no prepared to accept an offer from you that was well in excess of the market value of his share?

I’m surprised there doesn’t seem to be a law that would prevent this sort of obstruction (or at least I haven’t heard of it).  I could understand if we both wanted to buy but for one to want to sell and the other willing to pay a premium and still no resolution, seems really unfair.

theoretica

If you are the executor, but he is not, what exactly does the will say about the property? 

Chips15

theoretica said:

If you are the executor, but he is not, what exactly does the will say about the property? 

It just states that it should be shared equally