General Discussion

Leaseback length options

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Our management company, who managed our resort for 7 years is in Administration and is proposing a huge reduction in the rent to remain. The owners have secured other proposals also at reduced rentals but they are all on the basis of a new 9 year term. Most owners only want to sign up for 3 -5 years. Is 9 years a statutory minimum length for a leaseback agreement? If so given our circumstances where our management company is likely to break the lease after 7 years does the 9 year minimum term still apply to a new agreement?

New TVA (VAT) rules for leasebacks

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General Discussion

As all leaseback owners will know by now there has been a change to the TVA/VAT rules since October. Up to then we received our appartment (and parking) rent from the MC inclusive of TVA. We then had to repay this TVA the following year in the form of a vat return.We were essentially VAT registered. Since then however we are receiving our rent without the vat. Hence the slight reduction in rent for the last quarter and for the future.

Are we now classed as not registered for TVA? Do we still have to make a return?

Query re TVA payable on rent

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General Discussion

My husband owns a leaseback property in France, and I've

just discovered he's been paying TVA on his rental

income.Is this right? The correspondence about it seems to

suggest that he can claim expenses against the amount

payable, and these seem to be the same expenses as he cites

against the income tax he has to pay on his rental income

in this country (UK).

Could any one advise please?

Roma

Defaulting on a French mortgage

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General Discussion

Does anybody know what happens if you can no longer pay any

interest or capital back to the French bank who lent you

the money to buy a French property? Especially if they

repossess and are unable to sell the property because it's

a leaseback with an uncertain future. My husband has such a

mortgage, but we've both been made redundant. Our main fear

is that the French bank might be able to re-possess our UK

home, although it is in my name only. Can anybody advise

please?

Group Action (MEP letter)

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General Discussion

Hi all,

Diana Bryce has organised for a letter to be sent (today or early next week latest...the impact will be far greater if everybody sends this at the same time!) to your MP, local MP and MEP with regards to the serious problems being had with leasebacks.

You can see the original thread in the 'Leaseback Stories' section of the forum and under the topic heading of 'Group Action'. You can contact Diana for a copy of the letter/email with information.

The France Show

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General Discussion

Anyone thinking of going to this in January and asking awkward questions on any of the stands selling Leaseback ?

Can't imagine it would get you anywhere except a little satisfaction.

Database of owners

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General Discussion

Thanks to all of you who have sent me their details by PM

What would you all like me to do with this info? I suggest that I split the

info into the various residences and email the info to the owners at

each location. Is everyone happy with this?

I can also keep a master database that we can use to circulate general

info eg the MEP letter once that is ready to go forward.

Let me have your commentsJustme

MEP LETTER

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General Discussion

Hi, see below of draft letter that can be sent to mep's. Please DO NOT SEND yet as trying to get as many people to send at sametime for maximum benefit. We need hundreds at least for meps to take any notice.

Will advise when to send out and who to - 2 mep's dealing with relevant issues, your own local mep and your local mp

please email me on dianabryce@hotmail.co.uk if you wish to be included in the mail out

YOUR ADDRESS
Telephone number

Date of sending the letter (eg. 23rd April 2012)

action by banks

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General Discussion

Hi,
Has any one ever spoken to a lawyer about the banks taking action against the management companies rather than us?

The banks were fully aware of the structure and granted the loans based on the rental income, far more than on the ability to repay.

I just wondered if it is viable to set up a thread to log which banks have given out the mortgages and then target the banks to deal with the management companies.

Breaking Lease and VAT

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General Discussion

It looks like our management company is going to offer us a chance to get out of the lease early as they cannot pay our rent. We are very keen to do this so we can hopefully generate and control our own income. Our major concern is paying back the VAT if we do this but we have read with interest that we may not have to do this if we continue to rent via a local management company. We would love some advice if anyone has done this successfully, accountants, lawyers used etc. Also if anyone can recommend someone who can help set up our webpage to advertise our apartment, that would be great.

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