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i find myself in a situation where as a 1/3 joint owner of a property (tenants in common) we are dividing the property as sadly relations are not all as amicable as they might be, comm's are minimal currently.
Recently at the "Nth" hour in division proceedings the other two stakeholders, who are hanging onto the remainder of the property have expressed a wish to have a "right to first refusal" option on the portion of the property that i am to hold onto (as sole owner) in the division. Can anyone please tell me what the norm is in such a scenario?
Specifically; they are requesting that the right to first refusal has a caveat that states at any future buyback time the buy-back value should be set by an RICS valuer , is this a normal setup? (new to all this so sorry if this is a naive question).
It seems to me that right to first refusal is not uncommon, but i can't find reference to any examples of similar price setting at time of division out there. whilst i was happy with RICS value for division i don't see it as a particularly balanced caveat when applied to the buy back option - It doesn't sound terribly good as a prospect to me.
Any advice gratefully received.

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