I want to buy my sibling out, but we can’t agree on a price and now he wants to go to court
Q My brother and I inherited a cottage from my father. The cottage is of great sentimental value to me and I would like to keep it as a holiday home. My brother just wants as much money as possible from his inheritance. I’d like to buy his share, but we are unable to agree on a price. I obtained a surveyor’s valuation on the cottage, which valued the property at £120,000. My brother claims that the cottage is worth £250,000 which is supposedly based on an estate agent’s estimate. The property needs about £45,000 of structural repairs and another £40,000 spending on modernisation.
My brother has refused to negotiate with me and now wants to take me to the county court to force a sale of the house and its contents on the open market. Will the property be auctioned or put through a normal estate agent if he is successful? Will I be able to bid for the property? Can I stop him artificially inflating the price with bogus bids via his friends and family?
PN
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