General Discussion

CGH Owner

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Just wanted to say hello. I own a leaseback purchased off plan from MGM in 2005 and managed by their management company CGH under an 11 year lease. I opted for rental up front as a discount on purchase price to avoid cash flow risks. So far I would say it has gone well, with the property well managed and after 5 years of use the apartment still looks like new. The management fees are quite steep but no more than I expected. I do have one big issue though - when I purchased the apartment I reserved a parking space in a separate parking building that was yet to be built.

Leaseback Insurance

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General Discussion

I have been asked by the developer to provide "non occupying owner insurance" when I take delivery of my leaseback property.

What exactly does this cover and can anyone recommend somewhere to purchase this?

100% Second Leaseback Mortgage

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General Discussion

I have one leaseback property and I am in the process of purchasing a second .

The mortgage for the 2nd property has taken 6 months to arrange and the deal always was that it would also be for 100% of the value. My broker now tells me I can only get 90% as I already have one French mortgage. He has taken 6 months to tell me this .

Is this true?

Is there any companys that are recommended?

End of lease - refurbishment costs

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General Discussion

Think about this.

You have a holiday apartment rented out for around 10 years. It'll take a bit of beating over this time. Furniture, kitchen, bathroom, general decoration will all need updating. As the freeholder you want to continue to rent it out, but you won't as the state its in after the 10 years makes it virtually impossible. Hence the tenant cancels the lease. So either you pay for refurbishment or sell it. The tenant has an advantage over you if you want to refurb as you can't get access to the apt. to do the refurb.

Help - My Leaseback has gone Bad!

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General Discussion

Hello all.

I am a new member of the Forum, and new to the wacky world of

Leaseback.

I purchased an apartment in a Best Western hotel, Bussy St

Georges (near Disneyland Paris).

After a lengthy and difficult purchase (it took over a year), I finally

completed the purchase in April 2009 and promptly discovered within a

few weeks that the management of the hotel had gone out of business.

The hotel closed, and I have not earned a penny in rental income since

French leaseback swindle : what to do ?

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General Discussion

A federation of all the french owners associations in direct contact and discussion with the government was created last year :

http://fedars.e-monsite.com/

The web site is in french but they can answer in english to any question. They success in modifiying some parts of the law.
The first step being always to create an association or to get in close contact with french co owners. SOme Irish have done this with good results.

Vat Refund claims

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General Discussion

Im an owner of a leaseback in the Cote d zur and have not

yet filed for my Vat refund on the purchase price

I brought it in 2007 and have been told that there is a 2

year cut off on vat reclaim in france on leasehold

properties.

I Have an accountant who has been doing my tax returns in

Ireland for another French property but only tax return

in ireland and not France, Also I asked him to deal with

this some time ago

Im now going in the morning to another French Tax

specialist.

Cap Med in Languedoc

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General Discussion

Anyone has seen the very suspicious offer for Cap Med with 5% cash back, notaire fees paid, 100% finance etc?

It looks to good to be true especially when all serious developers in France don't give discount any more because they are selling fast with French investors (with Scellier tax incentive).

Incorrect Mortgage Rate

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General Discussion

Hi there

Just wondering if anyone could give me some advice.

Having recently reviewed our original mortgage documents from 2006 for a leaseback in the South of France, I was horrified to realise that we are paying a fixed rate of 4.35% + tax instead of the 3.9% rate we agreed to at the time. I have the original e-mail outlining the 3.9% but unfortunately we signed the mortgage paperwork for 4.35%. The confusion for me I think was that 4.35% was the exact promised return from the management company running the leaseback and so I did not spot the error.

help with 'declaration des revenus' for l

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General Discussion

we have a leaseback in Brittany which should generate rental income from July 1st 2010 (finally built!). We have been sent declaration des revenus 2009 forms 2042 and 2042C by the company based in France dealing with tax and VAT. They have asked us to sign and post off to SIP des non residents France. Is this all we need to do? Not clear whether we are meant to fill any of more it in (like income!). They also sent us copies of fully completed forms 3517S, 2033A-D and 2031.
We obviously have had no income from the leaseback and live and work in the UK.

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