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Thanks for your enquiry.
The clause means that if you were to die before your Wife, your Son is to receive 98% of the value of the property and your Wife the 2%. However, it also states that in effect, your Son can not demand a sale of the property while your Wife is still alive and indeed, if your Wife needs to downsize/move into a different property, she can utilise the full sale monies (ie use your Son's 98% share) to buy this new property, and if so, your Son's 98% share will transfer over onto the new property.
I hope this makes sense and assists you.
Please let me know if you require any further clarification. If not, I would be grateful if you could rate my answer.
Hi, thanks for your reply. I really don't know why your Father specified 98%. I can only assume that he wanted to protect the property being swallowed up in Nursing home fees (ie if his wife were to ever need nursing home care, any share she owns in a property will be counted as her capital when assessing if she qualifies for state help- the less you own, the better in these circumstances.
Does this help?