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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 9681
Experience:  I have been practising for 30 years.
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I have inherited a 1/3 share of a property the other 2/3

Resolved Question:

I have inherited a 1/3 share of a property the other 2/3 inherited by the executors of the will.One executor wants to buy the property but at a price i disagree with. The other executor is o.k. with the sale at that price. Do i have any rights in this matter as a beneficiary only.
Submitted: 1 year ago.
Category: Law
Expert:  F E Smith replied 1 year ago.

Have you obtained independent valuations for this, normally three of them?

What is the price that you have suggested based upon and what is the price that the other person wants.

How far apart in thousands of pounds are the 2 figures?

Customer: replied 1 year ago.
we had 3 valuations and agreed on the middle price. The executor who wants to buy the property now wants to reduce the agreed price by £10,000
Expert:  F E Smith replied 1 year ago.

Thank you. If this goes to court, the loser would probably have to pay more than £10,000 in legal costs.

A court will not normally order one or two parties to sell to the other but rather, will order the property sold on the open market and it would be on the open market that the one who wants to buy would buy it. If the one wants to buy it really wants it, they are going to have to come up with the best price over and above anything offered by anyone else.

Any of the co-owners can force a sale of the property under the Trusts of Land Appointment of Trustees Act s14. In circumstances like this, it would be pointless defending the application because the court will order the property sold. The asking price would normally be the average of three independent valuations and the eventual selling price would be the best that could be achieved within a reasonable period of time. Obviously, that could be more or less than the asking price. The other way of doing it would be ask for offers in excess of the amount offered by the potential buyer.

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