Hi All,
just wondering if there are any of you out there that have had a pretty much hassle free time with your leaseback? We have had our share of hassle with ours, and this forum for the last while seems to have post after post of management companies not paying rent, going bust etc.
It would be nice to hear that someone is doing ok with their leaseback to give us all hope.
Mags
I HAVE A LEASEBACK 50 / 50 WITH A COLLEAGUE. THE COMPANY THAT PAYS US HAS NOT DONE SO FOR APRIL AND WE HAVE RECEIVED EMAILS SAYING THEY HAVE FINANCIAL PROBLEMS. DOES ANYONE KNOW WHO WE CAN CONTACT TO SEE WHERE WE STAND LEGALLY ON THIS ? THE PROPERTY IS UP FOR SALE BUT POTENTIAL BUYERS ARE PUT OFF BY THE LEASEBACK. COULD WE SELL THE PROPERTY AS 'VACANT POSSESSION' IF THE COMPANY HAVE DEFAULTED ON THEIR PAYMENTS TO US ?
With the recent mini-collapse of the Euro it looks like a good time to pay off at least some of the outstanding mortgage. I though it would be reasonably easy as it was with my Uk mortgage but the French mortgage company requires a certificate to identify the origin of the funds. It is unclear as to what exactly they require. They mention 'attestation de votre banque(rachat de pret), attesttation de notariee etc. What exactly do they need to see? would a bank statement from my UK account or photocopy of my savings account be enoug ?
This forum clearly demonstates that there are multiple developments that have had management companies default and new management companies taking over offering a much lessor rate of rental. Our group of owners are keen to bring this to the attention of the MEP's for possible support in this. Already the French government is looking at leaseback problems, as many owners are indeed French
Please respond via this forum and I will send you a copy of the letter to send
I am very much hoping someone can advise me.
For the first time I have been told by my French accountants that I need to pay VAT on my rentals receipts. Apparently in the early years of ownership the VAT liability (I didn't even know i would have one on the rentals) was offset by the various charges, particularly notary fees. As these have now been exhausted I will have to pay a certain amount of VAT going forward. Is this correct please?
Evening lovely people. I could really do with your help on this one.
I've been receiving rent from the management company of my two leaseback apartments for the last three years which has always been on time.
After calling an emergency meeting in France a couple of weeks ago, they informed all owners that they will be halving the rent paid to everyone because the resort isn't proving profitable.
I hope somebody can help me. We bought a leaseback
property in Horizon Bleu, Theoule in 2006 and 3 months
ago the money
stopped being paid into our bank account. I tried to
trace the company that paid so far, but can not get a
response from anyone. The company originally involved
Azur Assistance, sold it to another company and I fear
they are all no longer trading.
Azur Assistance:
“We have sold this program under the mandate of a company
called "C'est la vie properties" with no direct contact
I hope somebody can help me. We bought a leaseback
property in France in 2006 and 3 months ago the money
stopped being paid into our bank account. I tried to
trace the company that paid so far, but can not get a
response from anyone. The company originally involved,
transferred it to another company who transferred it to
another company and I fear they are all no longer
trading. I also wrote to the notary but have had no
response from him either. We are now paying the
mortgage, but we're not in financial position to do so.
I have been reading the posts here about French banks chasing people in Ireland after they have handed back the keys of their French property. I have also read that most French mortgages are non-recourse which means the individual is not liable after they hand the property back. If this is the case how can French banks chase the borrower if they had a non-recourse mortgage?
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