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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25451
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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My brother, 2 nieces and myself inherited my parents property

Resolved Question:

My brother, 2 nieces and myself inherited my parents property a few years ago. It's worth quite a lot of money. I am currently interested in selling it but my brother and nieces aren't.
I don't think its viable for them to raise a mortgage to buy me out due to its value.
Could you advise me of my options please.
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I ask if you all inherited in equal shares please?

Joshua :

Would I be correct to presume it has increased in value since the valuation that was given to it when you inherited the same? Have you lived in it as your main home?

Customer: My brother and I got one third each and my two nieces one sixth each
Customer: Yes it has increased in value and no, none of us has lived in it
Customer: I believe its current value to be around £1.5m
Joshua :

Thanks. Is it presently rented or empty?

Customer: Rented as an hmo
Joshua :

Thanks. Presumably from what you say, apart from the tenants currently in situ, does any party have any right to live in the property under the terms of the will or was the property just left absolutely to each of you?

Customer: It was just left absolutely to each of us.
Joshua :

Thanks. On that basis any of you have a right to require that the others either buy out your share at market value or that the property is sold on the open market under the provisions of the Trusts of Land and Appointment of Trustees Act.

Joshua :

Ideally you will be able to come to an agreement both with regards XXXXX XXXXX and timing and you should act reasonably in this respect - i.e. giving a reasonable period for the others to raise funds to buy out your share or a reasonable timetable for sale as a court would not generally endorse unreasonable action which serves to potentially adversely impact the value of the others shares - e.g. demanding an instant sale when the property is let when potentially a high value could be obtained if the property was marketed with vacant possession (as an example).

Joshua :

Subject to this if you cannot reach an agreement despite acting reasonably you can if necessary apply to the court for an order that the property is sold at a price agreed between you or in default of which set by the court on receipt of valuers evidence.

Joshua :

As such any of you can effectively move to extract your equity from the property at any point based on what you say subject as above.

Joshua :

Is there anything above I can clarify for you?

Customer: We don't all have to be in agreement for the sale then?
Joshua :

Yes and no. You all have to agree the sale but if you can't any one of you can apply to the court for an order for sale as above. So as such there can require the others to sell or buy out your share through the courts if you cannot agree. Ideally a court order would be avoided but it is available as an option if you cannot agree.

Joshua :

Is there anything else I can help you with?

Customer: No that's fine, thank you very much
Joshua :

A pleasure. If I can assist any further as the situation develops please do no hesitate to let me know.

Joshua :

If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with though please reply back to me though.

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