Confused part 8, under part 36

[Blanco]

3 siblings inherited property in equal shares. My two siblings (trustees) want to buy me out, but I do not agree to the valuations as the property is worth more. My siblings have issued part 8 to enforce court to decide. They offered a settlement of a third of the valuation on witness statement. Part 36 offer to settle in now in action and l offered an additional 15k each which in effect is over and above the valuations ! they have now matched this,which in my mind makes a mockery of their claim. I have now offered an additional 5k (between them) and awaiting a reply from their solicitor. I need advice as to whether there is a case to answer, seeing as my offer is more favorable, and if their claim to court is valid? Any advice would be appreciated.

[Amethyst]

Re: Confused part 8, under part 36

Have you had three independent valuations ?

Can u put the figures. Ie. The valuation, the amount the siblings want, what you offered to sell to them for etc. Also what your part 36 offer is.

Is there a reason they want to buy you out?

[Blanco]

Re: Confused part 8, under part 36

Thank you for your reply.
yes valuations obtained for probate 1.9.16, survey dec 15, by siblings (trustees). Range from 550-585k. Survey 550k.
the property is unique with nhouse, business and land, generating circa 40k pa.
the survey is inaccurate in many areas, but also it has been down valued due its current state, which the trustees should have maintained!. I have queried with agents hey concur that due the type of property, the true value will not be realized until exposed to the open market. My siblings will have not revealed what they want in settlement. They offered me third of 550k, which I rejected as l feel the property is worth more, l want buy them out. I then offered them 200k each, they then matched this, l have now offered them 2/3 of 605k 202,500k each. The other factor is the property is in 7acres,v.close to gatwick. Overage provision to apply. They offered overage on land only, excluding the house and business units! l Have offered overage on the whole of the property on all my offers. l would just like to know if they should withdraw the court action, as their witness statement basically doesn't stack up to their claim. They currently live at the property, one in the house 2 days a week, the other in mobile home. One runs a jet cleaning business from van the other groundworks. They want to retain the property for an easy option and obviously the income. Neither have married, no kids. Their businesses have not be established that long.