English
FrançaisA 3rd call for information on this French leaseback scandal.
2 simple questions:
1. Are there any owners out there who have now concluded legal proceedings in France (or elsewhere)
alleging fraud/mis-selling during the sales process or at some stage thereafter ?.
2. Are there any leaseback owners out there who have been successfully sued in France (or elsewhere) by any party alleging that they were somehow at fault and who have had a judgement successfully served on them in either the UK or Ireland ?.
I have posted the identical questions on 2 previous occasions without getting a definitive reply on either from anyone. This leads me to assume that the answer to both questions is no. Is there anyone out there with definite information on either of these questions ?.
There are on going cases at the moment regarding mis-selling and what is and what is not a bail commercial, given the speed of the French legal system it could be 2-3 years before they are settled or actually get to court for a judgment. Regarding your second question I am unaware of nyone who has been sued - my advice to you if you are having problems with your management company - lock them out, you will be breaking the law but let them take you to court, its the only way that the owners case can be heard
Hi Worried,
I am in a similar situation and have defaulted on my mortgage 12 months ago. Societe Generale have indicated that they will try and secure a sale of the apartment and I am currently in that process at the moment. There will be a considerable defecit after the sale. In theory, the bank will be able to persue me for a settlement in the UK through current EU legislation and I know they have threatened this with other defaulters. In practise though, I haven't heard of anyone actually being taken to court in the UK or Ireland. I realise you are asking for certainty and I can't give that but I haven't come across any cases on this or any other forums. For peace of mind, I am looking into protecting my UK assets by placing them in trust. I am also going to take a legal case against the bank and the management company for mis-selling. I am content to just walk away from the leaseback and accept the loss but it may be advantageous to at least threaten the bank and see where it goes.
All the best
DTC
Hi worried
I am also in a similar situation to DTC in that I have defaulted on my mortgage for the last 18months or so and have just been served papers through the irish court system requesting payment for the outstanding balance in full. I have requested updates on this forum before and have spoken to one member who had received a similar letter to me over a year ago and has heard nothing since. The letter stated that if payment wasn't forthcoming the property would be sold. It mentioned that I could undertake this myself but it seems that because of the lease attached to the property it is now only worth 40k when I paid 200k after the VAT refund! The bank lent me this amount in full, I have paid off 40k and they will probably sell the property now for 20k, 10% of what I paid for it and what they obviously felt it was worth if they loaned me the funds
To my knowledge there has been no succesful legal action against any management company in France - any that is pending can take up to 10 years to pass through the courts, that is if it ever gets to court - it seems that the management companies will drag things out but before it gets to court there will probably be an out of court settlement - so nothing ever gets reported - I am afraid that unless you are willing to engage in a protracted legal battle with all the costs involved (circa 10,000 Euros) - you would be better to reach an "amicable agreement" with the management company and buy them out - at least then you will have a property to sell that does not have a lease attached - if you are not in the finacial position to do eithet then I am afraid there is no good news - just hope the French do not come after you for the balance on your mortgage.
hello
this is my question also. Can a persons irish assets like his private home or business or other assets be pursued in Ireland if we walk away from our mortgage in France?
does anyone know an answer to this for sure?
thanks
Asummary of answers to the same repetitive questions.
Nobody on this forum has (or has yet given) any definite or definitive answer regarding the outcome of any legal action, by:-
1. by owners against companies for misselling,
2. by the leasee (tenant company), sometimes referred to as the mngt company against an owner.
3. by French bank against an Irish or British owner domiciled in Ireland /U.K.
Not only has there been no conclusion to any case in the three situations above I wonder if a case has even commenced in court....
Unless someone comes up with proof of such cases ,as opposed to reports of threatening letters from lawyers, the answer seems to be no,no, no in all three circumstances.
Have some knowledge re partial yes to 1 and 3 in previous post:
1. French bank and another related company in bank group of companies which acted as an immobilier or sales agent which sold leaseback apartments. Taken to court for misselling as also used tax and financial advice from bank to help sale.
Dont have info on success of case but bank settled with some owners out of court. All owners french residents.
3. Know irish owner who's property was sold by bank at court-auction. Owner later contacted by UK debt-colection agency to collect outstandng debt owed to bank after sale. However don't think bank ever initiated a court case in Ireland against owner.
Thanks for your reply
does anyone know of a solicitor in Ireland who is also up to date with French law who can help me in my plight?
thanks to anyone who can tell me or help
liam