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Hello Forum. Not sure where to place this so please recommend.
My wife has 50:50 jointly inherited her late fathers house (set in a large garden and paddock) with her sibling. The two of them are the executors and only beneficiaries. We have expressed an interest in buying the property and have provisionally agreed to pay 50% of a RICS valuation.
However the sibling is insistent (and thinks entitled) on retaining a prominent and strategic plot of land at the front of the property. Ostensibly this is to block/control/exploit any future building development despite the property location within rigidly enforced Greenbelt and AONB. Its like a ransom strip but we believe the motive may be at least partly vexatious. They live 200 miles away and can not possibly make any practical use.
We feel this will leave us hostage to fortune with regard to use of the plot and also unable to landscape/garden/manage the site as we might wish. Furthermore it might reduce value when the time comes to sell and make the property less attractive to buyers.
We are trying to maintain amicable terms and the usual advice is to negotiate or sell open market. However the sibling is completely stubborn and will not provide rational answers (or occasionally any answers) to our proposals. We can't even arrive at an agreed value, if any, for the plot,
If we sell open market then we run the risk of a bidder stepping in with an offer we can't match. We are therefore in a very weak negotiating position. Can demands like this be made in this situation and what counter proposals or measures might be available?
Appreciate your thoughts and/or please direct me to the correct forum.
My wife has 50:50 jointly inherited her late fathers house (set in a large garden and paddock) with her sibling. The two of them are the executors and only beneficiaries. We have expressed an interest in buying the property and have provisionally agreed to pay 50% of a RICS valuation.
However the sibling is insistent (and thinks entitled) on retaining a prominent and strategic plot of land at the front of the property. Ostensibly this is to block/control/exploit any future building development despite the property location within rigidly enforced Greenbelt and AONB. Its like a ransom strip but we believe the motive may be at least partly vexatious. They live 200 miles away and can not possibly make any practical use.
We feel this will leave us hostage to fortune with regard to use of the plot and also unable to landscape/garden/manage the site as we might wish. Furthermore it might reduce value when the time comes to sell and make the property less attractive to buyers.
We are trying to maintain amicable terms and the usual advice is to negotiate or sell open market. However the sibling is completely stubborn and will not provide rational answers (or occasionally any answers) to our proposals. We can't even arrive at an agreed value, if any, for the plot,
If we sell open market then we run the risk of a bidder stepping in with an offer we can't match. We are therefore in a very weak negotiating position. Can demands like this be made in this situation and what counter proposals or measures might be available?
Appreciate your thoughts and/or please direct me to the correct forum.
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