English
FrançaisWe are just starting the process of buying a leaseback through IMOinvest. We have had various documents sent to us (preliminary reservation contract in french and English, notice decriptive logement and bail commercial) and I am sure there will be more to come.
Can anyone advise us as to whether it is advisable to seek French speaking UK legal advice through the process?
I am aware of the role of the Notaire but am uncertain as to whether I can expect IMOinvest to advise on contract issues. Would the services of a UK based International Law firm be advisable or an unnecessary extra cost? Any views or comments?
Strongly recommend you use the services of an independent UK law firm specialising in this sort of thing. But perhaps more importantly check out the management company. We did use a UK based lawyer who did a thorough job as far as they were able to. Now, however, the management company are trying to alter the terms of the lease only 2 years into the 9 year lease and it's happening with lots of leasebacks in France, not just ours. It's not until you run into problems that you discover how widespread it is and what little you can do about it without further legal expense. Tread very carefully! Mudds
Sounds like good advice thanks.
Can anyone recommend a particular independent UK based law firm who specialises in leasebacks?
If we were to buy a property in our own country we wouldn't need a translator to be able to read the contract, that's the easy bit. The difficulty comes in understanding the legalities of the contract you are entering into and that is why we used an independent lawyer to help us to understand the real legalities of the French leaseback. The selling agent said they could help us with the contract but we wanted independent advice. The agent said we could have our free weeks whenever we wanted - they were wrong. They also said that at the end of the 9 year period we were free to do with the property as we wished. They were wrong on that front as well but at least we found out before completion. That's just 2 very small examples.
You're right in that solicitors probably can't check out the management company and I hope I didn't give that impression to "Jaydee". I have suggested to Jaydee via private message that he finds out the name of the proposed management company and posts it on this forum for members' comments.
Ann
Thanks for that. Our lease does not state that!
We have about two weeks to decide whether to withdraw. This forum has been very useful but it is making us feel this is more trouble than it is worth. We received an English translation of the lease agreement (Bail Commercial) only yesterday. It includes:
Is this standard in leaseback contracts? We have signed the preliminary reservation contract, is it possible to alter aspects of the lease contract before the cooling off period or is it set in stone?
I have been given through this forum names of UK based legal firms which I will pursue if I have time.
The management company is village center Gestion. Does anyone have experience of this company?
Any comments would be appreciated on the above to help us 'decide'
Jaydee
I believe our leaseback is basically...all maintenance all repairs all upkeep all replacements, all insurances are down to Odalys (the management co.) not us!
Also it states somewhere that at the end of the 9 year lease we have to give notice to terminate otherwise it automatically extends another 3 years....then again at the end of that 3 years and so on. It also has to be handed back to us in perfect condition. After reading some of the above our lease agreement appears too good to be true.???
We purchased through V.E.F U.K. and travelled to london to speak with them face to face. They have done nothing but look after us. even after completion.
Sorry to post this here. But I need the max of answers and the maximum of people to read the message!
Owners need to act together!
The rent for Q4 2007 has not been paid by LVR for Les Balcons du Soleil. Today (17 Jan 08), all the owners of a leaseback property at Les Balcons du Soleil in Orcieres, managed by LVR, have received a letter sent by LVR.
LVR wants us to sign the letter, which stipulates that LVR reduces the rent by 30% starting from September 2007! So it is retroactive.
LVR will pay us Q4 2007 upon receipt of the signed letter!
Has any owner from any other Residence/development managed by LVR have received such a letter which is a threat? If yes, please contact me as soon as possible or register on: http://groups.google.com/group/Invest-RT and post a message. We are going to launch a massive set of actions against this managment property.
Thanks
Hello everyone
On Monday 20 Jan 08, there will be an online Chat/debate with Mr Bouvard, on the Residence de Tourisme in France. He is part of the new cabinet and has been mandated to do some research on the Residence de Tourisme in France and their current situation.
"Un débat Immobilier : les excès de la défiscalisation, avec Michel Bouvard, député de savoie, aura lieu lundi sur le site des Echos. Infos / participation sur http://www.lesechos.fr/info/chats/300234552.htm." The debate is scheduled to be between 3.30 pm and 4.30 (French time)
Questions are more than welcome, in French and English. You can already post them on the website.
Several French people (me included) are going to ask questions but it would be great if some foreigners have some as well. Hope you will participate. You can refer to the problems mentioned above eg Taxes, Changes occuring during the leaseback period, solutions regarding the non payment of the rent.
The maximum of owners or potential buyers or companies interacting on Monday the best it would be for all of us, as it will for sure all help us in the future.
Thanks
Regards,
Un débat avec Michel Bouvard, député de savoie, aura lieu lundi sur le site des Echos. Infos / participation sur http://www.lesechos.fr/info/chats/300234552.htm.
CAN ANYONE ADVICE WHAT HAPPENS IN THE EVENT OF DEVELOPER GOING BUST PRIOR TO COMPLETION AND/OR THE SAME FORTUNE WITH THE MANAGEMENT COMPANY PLEASE?
kIND REGARDS