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Joe Carlos

 

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.

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