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I am sure a lot of property is left to two siblings and one wants to buy out the others share.
This is our scenario with an added complication.
Our father has not died yet, but at 90+ he will not live forever.
He owns a property worth about £350k
Sibling A wishes to buy out Sibling B share after our fathers death, but also this year wants to build a workshop in a corner of the garden (at own expense)
Planning permission is expected.
Sibling 2 and father have no issue with this.
All three persons are aware that the new workshop will devalue the main property on two counts - less garden space and proximity to new workshop (though due to location and separate entrance this will be minimal).
Firstly a general question. In a scenario without the above complication, at time the assets of father are to be distributed, is it normal practice to have several estate agents value the property and agree on the median or average price?
Given that no sale is likely do estate agents normally charge for this valuation?
Any ballpark prices for this valuation?
======
Back to our situation.
Is the following a workable solution which will be fair on both siblings at time of our fathers death?
Take photos of property and garden before workshop is built
After our father’s death ask three estate agents to value the property, ignoring the workshop and imagining the original garden is still in place.
Both siblings discount the outlying valuation and agree on the average of the two valuations that are closest to each other?
Anything overlooked, any further suggestions?
Thanks TomTom2
This is our scenario with an added complication.
Our father has not died yet, but at 90+ he will not live forever.
He owns a property worth about £350k
Sibling A wishes to buy out Sibling B share after our fathers death, but also this year wants to build a workshop in a corner of the garden (at own expense)
Planning permission is expected.
Sibling 2 and father have no issue with this.
All three persons are aware that the new workshop will devalue the main property on two counts - less garden space and proximity to new workshop (though due to location and separate entrance this will be minimal).
Firstly a general question. In a scenario without the above complication, at time the assets of father are to be distributed, is it normal practice to have several estate agents value the property and agree on the median or average price?
Given that no sale is likely do estate agents normally charge for this valuation?
Any ballpark prices for this valuation?
======
Back to our situation.
Is the following a workable solution which will be fair on both siblings at time of our fathers death?
Take photos of property and garden before workshop is built
After our father’s death ask three estate agents to value the property, ignoring the workshop and imagining the original garden is still in place.
Both siblings discount the outlying valuation and agree on the average of the two valuations that are closest to each other?
Anything overlooked, any further suggestions?
Thanks TomTom2
