English
FrançaisHi, first post so apologies if this is in the wrong place.
We own a couple of leasebacks, one in Paris and one in Nice. The one in Paris is well managed and has been working well for approx. 4 years, however the one in Nice (Goldstar) managed by RCM has turned into a complete nightmare.
After significant build delays (approx 1 year) and now after 1 year in full operation we have yet to receive a single Euro.
We have appointed a French Notire and have court judgements against RCM to pay compensation for the build delays by instalments. This judgement has now expired so the full amount (plus interest is due, but not our costs). The Notire wants further payments to continue actions, and after nearly 2500 Euros, on top of not receiving any rent for the first year of operation, which the Notire is also asking for fess to pursue, I am begining to wonder if we are throwing good money after bad?
If there are other Goldstar owners out there it would be great to hear your experiences.
Also, if anybody can suggest what would be our next course of action, here in the UK we would just go to the County Court to file a winding up order against the company but unfamiliar with the French system we feel like we are being taken for a ride both by RCM and the Notire.
Many thanks in advance.
Hello Dogbert
We hope you are still active on this forum as we have only just come
across this site. We have posted a similar thread for discussion on
Goldstar Resort, Nice, in 'Leaseback Owner Stories'
We own an apartment at Goldstar in Nice, which has been nothing but
trouble from day 1.
- Delivery of the development was delayed by years not months.
- For the first 3 years of the 9-year lease (2007-2009) rents always late
up to 9 months.
- We and other co-owners have several ongoing court actions.
- RCM have been in and out of administration, but have yet to make the
first payment due under this settlement.
Now Developer/Management Company RCM has served notices on up to
50% of the owners to terminate their leases w/e/f 31st December. Like
many people we were never advised that this was possible. ( I have read
else where on this site that a development must be at lease 70%
leaseback to qualify for that status. So what would be the reasoning
behind giving us notice to terminate?)
We'd love to hear from others who have had their leases terminated by the
managing company, and from ANY other co-owners of Goldstar.
Can anyone PLEASE give us the benefit of their advice/experience as this
investment is proving to be a financial millstone around our necks.
TinTin
I know the location of this complex in Nice (it is a very good tourist location). I can't see why the system won't allow us to rent out our apartments ourselves if the lease is terminated. We are still supporting the tourist industry. There are many companies in Nice who will do cleaning, provide change of linen etc. These outdated rules that stop an owner renting out their apartment have to be changed. If we were allowed to do this we would still be supporting the tourist industry and providing jobs for cleaners, linen companies etc as well as paying tax to the French government on our income.
TinTin
If you are not aware, there is a well established owner's group at Goldstar and I would be surprised if they have not got this in hand already. If you send me a pm, I will try and dig out the details. The Goldstar saga is a pretty dismal one - from my limited knowledge, I thought that Mr Marcus had been taught a lesson. As if....
I assume the management company is terminating the leases at the 3 year stay for tactical reasons - ie you will soon get a letter saying that you either accept a reduced rent or the termination goes ahead. Accept the termination. Try and get another reputable management company to take it over. Bertrand Lemire of Cest la Vie (a regular contributor to this site) can help you, as he did with us at Les Jardins d'Elisa and Olympe.
Hi Noel
Many thanks for your reply. We've checked and yes, the notice to
terminate was served after 3 year period and complied with the required 6
months notice. For the bailiff question, the notice was served via
registered post, and apparently as we live overseas this is acceptable.
Good luck with your challenge, though in our case we're not too
disappointed as at least we may have control for the first time -
accepting that we will need to address the VAT issue.
TinTin
Hi JuanAzur
Totally agree with you and we would be happy if that solution comes about,
although no chance it will be in time for us on this investment.
Regards,
TinTin
Hi EdmundS
Many thanks for your reply it would be good to be put in touch with the
Group you mention and I'll PM you soonest.
Likewise we assumed notice to terminate our lease was for tactical
reasons but to date have received no counter offer. Anyway, I doubt
anything would be acceptable given the track record of Mr Marcus.
Thanks again for your trouble.
Regards,
TinTin
Hi Mutley
Have tried to send you a PM reply but it cannot be delivered as your InBox is
full.
Appreciate it if you would clear it or let us have an alternative via the
information we have already provided to you.
Many thanks
TinTin