Will specifies house to be sold - a question

[Portia]

If a will specifies that a house is to be sold on the death of the testator and the proceeds divided between 3 siblings, can the siblings to agree amongst themselves that one of them will buy it, without having to put it on the open market? the situation is that 1 sibling (the executor) lives here and the other 2 abroad, but come home regularly. The 2 who live abroad are happy to allow the remaining sibling to buy them out at an agreed value - it means the family home remains in the family and they will have somewhere to stay when they come home. Does this work, legally?

 

[john luc]

my 2 cents here is yes if all the beneficiaries agree. I was involved with a scenario where the executors of a will wished to buy the asset and so the solicitor wrote to all beneficiary to see of all agreed. All did so by writing and so the asset was valued and the executors bought it.

 

[DeeKie]

If a will specifies that a house is to be sold on the death of the testator and the proceeds divided between 3 siblings, can the siblings to agree amongst themselves that one of them will buy it, without having to put it on the open market? the situation is that 1 sibling (the executor) lives here and the other 2 abroad, but come home regularly. The 2 who live abroad are happy to allow the remaining sibling to buy them out at an agreed value - it means the family home remains in the family and they will have somewhere to stay when they come home. Does this work, legally?

Yes, if done by a solicitor with proper waivers.

 

[Vanessa]

The Will specifies that the house be sold. There is no restriction on to who it may be sold.
As regards the two sellers having "somewhere to stay when they come home" that is not guaranteed.
When they sell their share they lose any control over what happens the house. The new owner could sell it straightaway and there is nothing they can do.