Really impartial advice needed hence the impartial bullet points below.
So...Two adults have lived together (not married) for the last 6 years.
- Adult 1 - owns the house, following divorce, pays small mortgage & running costs of house. Equity in the house of £230,000. Has lived in the house for 15 years. Has 2 adult DC's, who lived in the house as children, now at uni.
- Adult 2 - pays food costs and 'treats'; tv packages, holidays, trips out, weekends away. Has 4 adult DC's.
The house is being renovated.
*Adult 1 wants to remortgage in one name, to do the refurb.
*Adult 2 wants to pay for the refurb and be legally entitled to a share of the house (proportionate to contribution)
- The value of the house will increase once refurb is complete.
*Adult 1 is concerned about security and independence; horrible divorce (a long time ago) not sure of jointly owning the house even in small proportions
*Adult 2 wants to feel the house is shared, with joint decisions taken. Adult 2 wants this to be a family house for all DC's and GC's.
- Adult 1 is unsure of adult 2's DC's and their attitudes to money.
Adult 1 and 2 love each other very much and are very happy!
Wow! Happy to answer any questions in return for your thoughts on resolving this.