English
FrançaisI have a leaseback at Le Neptune with Odalys.
They have decided not to renew our leases after the first 12 year period and these expire end of the this year.
I have a couple of questions and wondered if anyone could help me.
Aside from the mortgage, what are my liablities if I try and sell the leaseback now that we no longer have a lease. I believe Odalys own 8 of the apartments in the complex themselves and are looking to sell these. This is partly what has held up trying to find another management company. However most of the other owners are keen to find another management company.
We have been fortunate that the owners have managed to form a coherent group with a french owner negotiating on our behalf with other companies.
Secondly has anyone been here before.....we have to arrange to do an inventory and sign off on the apartments when we collect keys in December. I am anticipating the property is in an awful state of disrepair from what I have learnt from others who have been recently. I don't know what my rights as an owner are and if there is any compensation I can legally ask for.
Any thoughts on this situation would be much appreciated.
Good luck in trying to sell a leaseback property - unless it is a very good property in a good location with a history of Odalys paying on time I think you will have problems. If you do find a new management company make sure they are reputable and have a good financial history - there are a lot of cowboys out there. Regarding the state of your property and any refurbishment required - I am afraid that with most leasebacks it is the owner who will be liable for refurbishment costs - in my opinion you will have no recourse for compensation - I repeat these are only my opinions based om personal experience - I would advise you to seek advice from an avocat who specialises in French Commercial law immediately
We are with Goelia in Residence du Golf Carantec Brittany. We just completed the sale of our property this week with the money for the sale showing in our Bank of Ireland account this morning. We got out showing a minor loss over the 14 years we were involved in leaseback. But I count my blessing as I've seen some horror stories of others experiences . Best of luck to anyone still holding.
Why on earth would you tie yourself in with another management company - are you mad? Getting out of a lease is a blessing that many owners here dream of. Band together with a few other owners and hire some small company on a year-by-year basis to meet and greet, handover keys,change linen., do cleaning etc. If you do this you will be in control of your apartment and can rent it when you like. In addition if you do this you can avoind paying back VAT to the useless French government. Post a new thread on here askimg advice from people who are currently doing this.
Repayment of VAT has been ended for around three years now. If anyone sells before what was the VAT repayment period (20 years I think) no VAT will be repaid.
How long do you have the property? Did you get a VAT reduction? If you did VAT will have to be repaid if you sell or take it out of leaseback status....if this is not the case why not just rent it out yourself and get a local person to change linen etc?
I am afraid Joan is correct - i got out of my leaseback last year after 9 years I had to pay back the TVA prorata - 11/20 - so anyonr who says TVA is not repayable is sadly mistaken
When you say "got out of my leaseback" do you mean your lease ended and the property was sold as a "normal" property. In this case you would pay back the pro-rata TVA. If you see it as a leaseback you do not pay back the TVA.
But if you rent it out and provide services such as meet and greet, cleaning and linen change by a local agent(NOT a management company) then you will not have to repay the VAT...but you will have to manage your own rentals, VAT on rental income etc....but a hell of a lot better than being at the mercy of French leasback crooks.
the last two statements are absolutely correct
Merry Christmas to all leaseback owners - hope you get paid promptly this year and that 2018 will be better than the last