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Thank you for your question
My name is Clare
I shall do my best to help you but I need some further informtaion first
Have annual rental accounts been produced each year?
How much are they owed from the property?
Have your Uncle and his wife agreed to purchase your parents share of the property?
That is nonsense.
I suggest that you write and inform them that their accountant is incorrect and since the property will have to be sold if no agreement is reached it is an open market valuation that is required.
Give then a 28 day deadline to obtain the three valuations and inform them that if they fail to do so then you will arrange for an Estate Agent to attend the property and complete a valuation and remind him that since you parent is a joint owner they has an absolute right of entry.
Work on the figures for the renovations and the figures given for tax returns and create a set of accounts.
Inform your Uncle that unless you receive properly evidenced accounts within 28 days then you will use the figure that you have assessed.
If a buy out figure is agreed then your Uncle need to instruct a conveyancer - as does your parent
I hope that this is of assistance - please ask if you need further details
The closest I can find is the fact sheet here
It is painful I know
The position is that if no agreement is reached the default position is that the property HAS to be sold on the open market - which is why the open market valuation is the correct one
Yes that may help!
At this point
1. get three valuations and agree to go either with the average or middle one
2. Get the basics of the accounts - who owes what from the accountant
3. Agree a figure
4. They instruct a ocnveyancer
No, the Conveyancer just deals with the legal paperwork.
It is for them to work out what they can afford and to negotiate with you regarding payment
No the conveyancer does not work out payment terms - that is for your Uncle to offer
The only other valuation that is needed is the value at the time of your father's probate