General Discussion

Nemea Leaseback- Les nevez Les Contamines

1 Octobre 2018
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General Discussion

Considering my exit strategy. I'm in the second lease period which expires 2023 . At that point 18 years will have expired with my mortgage clear at 20 years.. Like others the quandry I find is whether to take out of the leaseback scheme - I believe in this situation I may/ will be responsible for potential break payment to Nemea depending upon the contract/ Grench commerical law? Failing that sell with leaseback in place and price will be forced down by yield calculation but I'll not have to repay any TVA. I sense I need to get a lawyer to review. Any recommendations?   

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French leaseback schemes under investigation

19 Septembre 2018
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General Discussion

Following growing pressure from the EU, DGCCRF - the French Anti-Fraud Department - carried out some investigations whose results were published in April least year.

DGCCRF investigators reviewed the selling arguments displayed on websites and marketers and, in a second stage, considered the issues encountered by leaseback owners. To this end, the investigators visited 20 leaseback resorts; they also gathered the views of leaseback owners-investors.

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Lease Cancellation - General Considerations

19 Septembre 2018
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General Discussion

Some leaseback owners are finding themselves in a situation where the lease comes up to its term and, having repeatedly had to face late rents and lack of communication from the French leaseback company, they are considering non renewal. 

Many of these are aware of the potential eviction fee, but are unsure as to how much advance notice is to be given, how the break notice should be served and how much the leaseback company is likely to claim. 

Vat payback

17 Juin 2018
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General Discussion

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 in financial trouble?

29 Mai 2018
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General Discussion

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?

Olydea

28 Mai 2018
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General Discussion

 

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....

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