SOME HELP FOR PEOPLE IN THE UK

Hi Carol,

I was given Herve Blatry's number as well as a lawyer who speaks English and may be able to help. It is a pity that the other owners don't seem that interested in a meeting where we could establish the different problems and experiences people have had and make a list of all the faults with the leaseback and the management performance. As different people are in different situations with possibly different conditions in their contract we may have to devise separate strategies for dealing with the different management companies.

I'd like to explore if you could get out of the contract on the basis of bad performance on a continuous basis or the fact we didn't get full details when signing these agreements; or the fact that our property is being neglected by being stuck in these contracts or perhaps the court cases that Catherine has mentioned or any other option.

I think all of these attempts at release from these contracts, carry more weight in a concerted effort by owners of these leasebacks.

We can't all be wrong!

Patricia

Patricia,

The legal way to get out of a contract is to send a CDP. If the management company does not pay you can then start legal proceedings to have the lease cancelled on the grounds of non payment of rent. We did this and it worked. If you accept a 50% reduction then you are really playing into their hands. I'd advise anyone to make their lives difficult rather than yours. Our company was eventually liquidated by the receiver and our properties reverted back to us. In the mids of looking for a new management company or self-management options a buyer came in and bought the entire residence at a price we were all happy with. We were lucky for 2 reasons 1. That such a cash buyer existed and 2. Our property was overlooking a sandy beach on the Cote d'Azur and was always going to be worth something to some buyer at some stage. We were lucky it happened sooner rather than later. I think if we all meet we can all give a talk on our experiences and discuss strategies. When things were bad for us alll of the Irish owners met face to face on 3 occasions at a central location and thrashed out a stretegy. It worked very well where the majority vote carried...but it never came to a vote as we all agreed. If such a meeting ever takes place I am willing to attend and recount my experiences even though I am fortunate enough to be out of leaseback....thank God.

Hi Enda,

It is kind of you to follow our struggle and give advice. My situation is that I do receive, so far , a small amount of rent, other wise I would definitely cite non-payment of rent as a reason to get out of this contract. I was misled when I signed it ; my 9 year term is up and I want out of the contract and to sell the property.

I was hoping there would be more response to my idea of meeting up with other unhappy LB owners, to help find a solution. Perhaps someone will find a solution.

regards,

Patricia