Guidance please. I own the house that me and my wife live in. We met and married late in life and she kept, and now lets out, a flat she owns. I have two sons. I propose the following wording in my will;
I GIVE my property xxxxxx aforesaid equally between my two sons
xxxxx and xxxxx provided always that my wife shall have a period of twelve months from the date of my
death to vacate the said property without payment of rent during that period and in
addition my wife shall be given the option during that period
to purchase the property at a price to be agreed between the said xxxxx xxxxx and my wife such agreed price to
ignore any legal fees agents fees and stamp duty payable on the purchase ------------------------
IN THE EVENT of any disagreement regarding the price to be paid for the property
then I instruct my executor to obtain two independent valuations and the agreed
price will be average of those valuations and this price will be binding on all parties -----------
Are there any problems with this please? I am aware that my wife will have the 3% extra SDLT to pay if she buys the property unless she sells the flat she owns.
Thank you for taking the time to consider this.
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