Hello All
Thank you one and all for your most helpful responses to a perplexing issue that for now may be dormant but you are all correct in that it could all very well go sour and blow up in our own faces and prevention is most certainly better than a cure to put at risk a possible $2 mil asset.
You have all convinced me that the best way to achieve our goals would be to seek a professional opinion from experts in the field to make our mutually agreed wishes rock solid and bullet proof, not so much for the immediate future, since both owners are happy and enjoy a coffee and a chat but more for the longer term future ahead, especially if ever one party were to sell their property to a new party and the existing owners just wanted the status quo to proceed rather than go through the whole process again from the start and possibly introduce sweeping changes that they didn’t agree with.
I will initiate contact with the other home owners and let them know that in this case it would be most certainly better to be safe than sorry and that we both should consider what it is we both really want and to draft out our mutually agreed ideas and then consult a professional to set about documenting our wishes and then to register such wishes into a bylaw… or 2.
Maybe after all this is set in stone i will be able to enjoy those yearly coffee chats again, however, I am very grateful for all the advice provided past and present in this forum.
I will be taking the said advice and seeking medical, oops sorry, I mean professional help.. 