The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Daily MailWhat can a first-time buyer afford around the UK? We reveal what the average £165k budget buys - from a boat in ...Daily MailWith house prices continuing to rise this year, getting on to the property ladder has become even more of a struggle in most parts of the country. But how far your money will go varies wildly across the UK. We've looked at what the average first-time ...
The SunWhat to do if you bought Peter Kay 2018 UK tour tickets? Refunds, rights and returns explainedThe SunCredit cards: If you bought your tickets using a credit card, and spent between £100 and £30,000, you can claim a refund under Section 75 of the Consumer Credit Act. Debit cards: If you paid using a debit card, you may be able to get a refund through ...and more »
Why I am not buying my child Christmas presentsiNewsHow many presents should a child be bought at Christmas? What about for those too young to even understand why they are receiving them? The pressure to bestow children with coveted gadgets and the latest toys on Christmas Day can cost families dearly ...and more »
ReutersUse balance transfers to start 2018 with path to pay off debtReutersThat is because annual percentage rates on credit cards are currently averaging over 16 percent, and outstanding credit card debt is about to hit $1 trillion, said Jill Gonzalez, senior analyst for Wallethub.com, a personal finance site. The average U ...and more »
Have you met...
Latest Members:


wangrui


clibin009


linmangmu


areting


acauos


candywu


kacamata105

 

Setting the selling price for a property. <br />

Can you inform what my wife's rights are in regards to selling her late parent's Bungalow? She has a 25% share, with the remaining 75% belonging to her sister.

The unequal split was the result of her mother's will,which gave her share to her sister, which my wife did realise at the time. When her dad died two years later, he split his share 50:50. Originally, as we suspected her mother had done the same. But due to my wife's sister giving away the money allocated to her to buy a house by her mother(my wife was treated equally), my wife is now in this position.

The house is currently empty and up for sale. Her sister has appointed an estate agent and since last year the house has been reduced by£15,000.

What are my wife's rights in setting the sale price etc

Setting the sale price for any property is ultimately up to the people who have the right to sell the property - the owners of the property or the executor(s) of an estate.

Most people set the sale price after consultation with an estate agent, or estate agents, and contract one or more agents to carry out the sale.

Is your wife's sister the executor of the will? If so are there also other executors? The executors have the responsibility for carrying out the wishes expressed in a will. If the house was to be sold and the proceeds of the sale divided 75/25 the executor (s) have the responsibility of getting the best possible price for the house for the benefit of the beneficiaries. If the estate has already been dealt with and the property has been transferred into your wife's and her sister's names and they have agreed to sell it they can both discuss and agree the sale price with the agents. 

If an estate agent values a property he or she will be very reluctant to handle that sale if the client insists on asking for a much higher price. An agent may also advise a client to reduce the sale price if a buyer isn't found and/or the value of properties in the area is falling. Equally the seller might discuss with the agent the option of reducing the price for a quicker sale. Your wife's sister is probably taking the advice of her estate agent in reducing the sale price because the house has been on the market since last year.

If your wife's name is already on the deeds of the property she will have to agree to sell it at whatever price is eventually offered by a buyer before it's sold. If she's worried about the price being asked for the property she should talk to her sister about both sitting down with the estate agent to discuss the next move.

Without knowing the terms of your wife's father's will it hard to advise further but I hope this helps.

Read more questions ...
Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks