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We have been offered a new contract with Olydea after Odalys did not renew. It will be less than half the rent we were getting with a variable
component.
From reading this forum, I had been keen to bring in a syndic who would manage the property for the owners andnot commit to another lease. But all the other owners are keen to sign the new lease.
We have a problem with the public parts that need to be renovated and Olydea will do this.
A few questions I would appreciate some thoughts on from this helpful community of frustrated owners....
Has anyone heard of Olydea?
If I sign a lease can I specify that it will ONLY be for 9 years and i would sell free of lease at the end. Is this legally binding?
I would prefer to sell now even at a massive loss and am talking to Pierre Revente who are very helpful butgiven the uncertainty over the complex not sure how long it will take to get a sale and other owners are keen I sign up as they need a minimum number for the new lease.
Not sure which course of action is the least bad!
Would really appreciate some thoughts.
No clause can overrule french law insofar as compensation for non renewal of the lease. But you are in a good situation. Odalys is not renewing the lease so you have no compensation to pay. Do nnot renew the lease and either manage it yourself (offering 3 leaseback services) or sell it as a normal property.
Thanks Seamus
A lot of pressure to sign as they need at least 75% of owners for new leaseback - but that is my gut feeling too especially having read a lot of posts on this site. But it is reassuring to have that confirmed. I am surprised that so far I am the only one who has reacted negatively about the new lease.
Most people want the easiest solution. But the reality is if the rent is reduced by 50% then the sale price is reduced by 50%. And I know there is a variable part but that is difficult to assess.