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Will & Wishes - Right of First Refusal On Property?

MobileSaver
Posts: 4,337 Forumite


I've finally persuaded an elderly relative to make a will; the Estate is to be split between step children and biological children and consists of just one main asset, his £600k house. All good so far, fairly straightforward and appointment booked with proper solicitor a fortnight from now.
The relative then drops into the conversation that, assuming he still owns the property when he dies, he wants first refusal on buying it to be given to his sister (who has expressed an interest in buying it if it's ever sold)... I can foresee a number of problems but just wondered if such a clause was even possible in a will? He will of course discuss with solicitor but just trying to get ahead of the game with any other options or thoughts on whether his wishes could be achieved?
I was thinking a side note with the will asking the executor to get a RICS valuation and then first offer to sister at that price? So not legally binding but clear what his intentions were. However what then happens if (and it could happen in this case) another family member also wants the property and offers £20k more. Does the Executor prioritise deceased's wishes or most money for the beneficiaries? Seems like a nightmare in the making to me. Anyone else got any thoughts?
Every generation blames the one before...
Mike + The Mechanics - The Living Years
Mike + The Mechanics - The Living Years
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Comments
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He could put it in the will but it would be a wish and not enforceable soon the executor or beneficiaries.2
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Does the elderly relative have transferable nil rate bands available?
Are they the sole owner or as is typical some of the property could be held as life interest
Is the sister in a position to expedite a purchase for the full amount required as they are not a beneficiary.1 -
MobileSaver said:I've finally persuaded an elderly relative to make a will; the Estate is to be split between step children and biological children and consists of just one main asset, his £600k house. All good so far, fairly straightforward and appointment booked with proper solicitor a fortnight from now.The relative then drops into the conversation that, assuming he still owns the property when he dies, he wants first refusal on buying it to be given to his sister (who has expressed an interest in buying it if it's ever sold)... I can foresee a number of problems but just wondered if such a clause was even possible in a will? He will of course discuss with solicitor but just trying to get ahead of the game with any other options or thoughts on whether his wishes could be achieved?I was thinking a side note with the will asking the executor to get a RICS valuation and then first offer to sister at that price? So not legally binding but clear what his intentions were. However what then happens if (and it could happen in this case) another family member also wants the property and offers £20k more. Does the Executor prioritise deceased's wishes or most money for the beneficiaries? Seems like a nightmare in the making to me. Anyone else got any thoughts?Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1
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If your relative is elderly now, is the sister a similar age or much younger?
If a similar age, this may never be an issue. If your relative lives for some years, by then the sister may no longer be interested or in a position to purchase the property.
As has been said, the owner can state his wishes in his will, but unless the beneficiaries agree, his wishes could be overridden.
It ultimately could create problems that aren't needed during a time of grief.1 -
getmore4less said:Does the elderly relative have transferable nil rate bands available?
Are they the sole owner or as is typical some of the property could be held as life interest
Is the sister in a position to expedite a purchase for the full amount required as they are not a beneficiary.Unknown on the nil rate band issue, will find out ahead of the solicitor's meeting; thanks for the heads-up as that's just the sort of thing was hoping to be brought up here.Yes, relative is sole owner and, yes, sister has own funds to buy the property.Marcon said:you are now trying to influence what the will says. Leave it to the solicitor - they are independent, know the law and will be able to explain to your elderly relative what his options are, what can be achieved, and the problems which could arise.I know the meeting is going to be very difficult and frustrating both for the solicitor and my relative so I was hoping to be able to list some of the options ahead of time so the relative can have a think about some of those issues at their own pace; if the solicitor comes up with something new not already covered then so be it.Boat_to_Bolivia said:If your relative is elderly now, is the sister a similar age or much younger?
As has been said, the owner can state his wishes in his will, but unless the beneficiaries agree, his wishes could be overridden.Interesting what you say about beneficiaries having to agree to wishes as a fly in the ointment is that one of my relative's children is also interested in buying the property; the child is also one of the beneficiaries and also has their own funds to be able to buy the property. I agree this is likely to be a nightmare when the time comes but it's not my call and won't affect me - I'm just trying to help my relative make an informed decision once they've spoken to the solicitor.Every generation blames the one before...
Mike + The Mechanics - The Living Years1
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