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My name is ***** ***** I specialise in family law. I’m happy to assist you today and I appreciate that is is important that you find a resolution as soon as possible.
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I'll do my best to resolve this for you, please give me time to review your question and I will revert back to you shortly.
This is perfectly possible, through a deed of trust.
Do you have an idea of the percentage shares that you are looking at and also agreement about the renovation works plan? Another option is to simply have the person paying for the renovations having a larger share of the overall property of course.
It's not an overly complex document and something that could be drafted over a couple of hours' time, subject to your agreement and confirming instructions, of course.
How far ahead are you with the proposal?
Yes the drafting of the deed will need to take into account all these factors, but again it's possible to do this.
Presumably there would be the exchange of money at some point to rectify the 60/40 split and convert to a 50/50 share. There would be a date at some point in the future where one party will transfer their 10% in exchange for a cash sum.
There would also need to be an exit plan drafted into the deed whereby if the house was sold prior to the monies being paid across to repay the renovation 'loan' then shares would revert to each party in accordance with what had been paid.
It's down to the person drafting to work out the best way to present it.
But all do-able, in my view.
It may be more of a 3/4 hour project to draft though, with the added complexities.
I hope that clarifies matters?
My pleasure, happy to assist. If you need assistance with the actual draft don't hesitate to get in touch. I will leave an offer for direct contact to discuss this for you as and when you require it.
Thank you for your enquiry today. I am happy to answer follow-up questions - please do get in touch with requests for extra information or further queries and I will do my best to help you.