Does anyone have any experience of a tourist operator being forced to leave a site due to the requirements of Article D.321-2 of the Code de Tourisme?
This article states that in order to operate a Residence de Tourisme, there must be a minimum of 55% of the properties under lease.
Also, what are the implications for owners in this event?
There is a large growing pressure group in Ireland and England fighting for justice in respect of leasebacks.
I recommend that you do three things (all of which I have already done) and I know a lot of leaseback owners have done:
Our experience with Pierre & Vacances (P&V) leaseback (or ‘bail’ contract) has been extremely negative.
We summarize the main facts below, and believe anyone should think very well before engaging in this type of investment:
There seems to be differing information regarding the paying back of vat after taking an apartment out of leaseback depending on whichever website i read. Some say simply that the vat is to be payed back pro rata depending on years of ownership x/20. Others say that the apartment must have already been in a leaseback contract for a minimum of 9 years before the pro rata begins to count. In other words, if the break occurs in the first nine years, then 100% of the vat must be payed back.
Does any one have experience of paying vat back?
Eurogroup have been late in paying rent on several occasions over the last 4 years or so, but it has always appeared a couple of months late. This year we have finally been told via the syndic that Madame Vacances has no money, following the November payment arriving in January, February’s never being paid and May’s was due two weeks ago. Eurogroup keep promising to pay but nothing appears. They are also letting the Residence fall apart...
Is anyone else receiving rent from Eurogroup?
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....
Hi I am looking for a Solicitor in Ireland that is familiar with the Leaseback scheme.
I have a French Solicitor. I just need to find a counterpart for him to liaise with in Ireland.
Can anyone suggest a company.
Many thanks
Hi everyone - after 12 years of paying for this ridiculous investment, I am now unable to pay the costly rent or yearly taxes anymore. I've been to a lot of trouble to find a buyer, and Sextant properties found interested parties three times but each time fell through, the last time being because apparantley the property management company has the right to buy the appartment which cancelled the last contract I had three months ago however the property managment company have failed to follow through with their decision to buy my appartment!
Leaseback terminated and Building in appalling state
We recently got out of our Leaseback arrangement with Eurogroup and I've had lots of queries from other members on this forum about it. Here I'm going to explain what we did and our understanding of the law. Please note, this is only what we understood and many others may have other experiences and better knowledge - please share if you do.
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