paxton reduced rent

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paxton reduced rent

Hi All, I am new to the site but after reading some of the articles I see we are all in similar positions. My husband and I purchased a properrty in Paxton back in 2007 we took out a french mortgage for approx 2/3 of the total cost. Everything was good untill we had reduced rent in 2011 , unfortunately after much debate with Accelis Gestion we were bullied into signing new agreement . Luckily we never had any delay in payments and have always managed to keep the mortgage paid. Recently we looked into the possibility of selling and asked the management company to give any details requested to the Estate agent. Very quickly we were made an offer from  Gestion on behalf of (buyers ) for approx 45% of our purchase price , this would not clear our present mortgage on the property and we did not respond. Since then we have had notification of approximately 55% reduction in our rent due to economic pressures and planned works. I have written to them and e-mailed saying this is not acceptable to me and refused to sign new ammended lease. I have also asked for financial statements and copies of annual general meeting reports form 2010, which is when we recieved our last report .

Recent media reports show tourism up by 6% in the first part of this year and cost of property increases in Paris , so I have asked them to verify the financial hardship of company.

I realize I am probably flogging a dead horse but not ready to give in to bullying , and have threatened legal action, again think this is probably a waste of time , but will keep you all informed of how things progress .

Any advise will be much appreciated.

Also have just been told by my accountant that last years rent includied VAT which she says is against French Tax laws , but it leaves me now with a VAT bill to be paid. Has anyone else had this happen. 

We did have Vat the first couple of years but not for some time. I have asked Accelis Gestion how they plan to proceed regarding payment of VAT but have had no response so far.

Colette - if you post this in your own residence forum it will reach the people who best know how to answer it.

Seamus

Hi Colette,

Based on the responses on this and other forums, it looks like the best course of action is to refuse the rent reduction and to threaten them with a CDP if the rent isn't paid.

 

Regarding the VAT, I'm in the same position.  My accountant has written to AG several times since 2013 querying why VAT isn't being withheld, but they claim they are doing things correctly!

 

I reckon we owe about €300 pa and am hoping that we get away with it, but doubt we will, because nothing to do with Leasbacks seems to go in the favour of the owners!

 

Keep in touch as to how you get on.

 

Cheers Conor

Since 2012 the mgt company is supposed to receive the TVA. If you continue to receive it then you will be submitting a 3517 form which shows this and you have to repay the TVA (although if you owe less than 150 it can be carried over). If you do not repay it then you will be fined. But you are not losing money - it is just a question of who repays the TVA.

Colette, 

I know owners in Paxton trying to get together to discuss. Please contact me. 

Regards, 

I've read elsewhere that a french court decision confirmed that the companies managing the property have an obligation providing annual financial statements PER PROPERTY (so not a country-wide "Average") enabling individual buyers to better challenge the "reduced rent because of bad economics" message from them.

 

hope this helps !

Correct

Hi Everyone

I've not been at home for the last 5 mths but see I've also received reduced rent despite refusing to accept a reduction.

I need to go back over my bank statements to see what I have / haven't been paid and plan to send a CDP once I get my act together.

Regarding selling, see link to a site selling units in Paxton:

https://www.leboncoin.fr/ventes_immobilieres/offres/ile_de_france/?f=a&t...

They are looking for approx €25 - €35 psq metre, well above what Accelis Gestion are offering.  I'd definitely hold out.

Regards

Conor

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