I have a leaseback apartment at Le Neptune St Pierre la Mer. It was leased to Odalys who did not renew the lease at the end of last year. The reason was clear. The building was in a terrible state and needed urgent work to restore heating and hot water as a minimum let alone the disgusting state of the public parts.
Their management company SGIT had allowed the place to fall into disrepair over the last 10 years according to one employee.
SGIT are now sending out huge bills to the owners for the work – once this is done Odalys might be prepared to come back!!
I am not sure what our legal rights are as owners – I know Odalys were supposed to return our flats in a decent order – my apartment was ok – it’s the public parts and the general state of the building. SGIT have just sent out huge appels de fonds – a basic studio they are asking 7000 euros for the work. I argued to get rid of SGIT at the last meeting but other owners have seemed reluctant to fire them arguing they know the building best - so this hasn’t happened. I suspect a lot of owners won’t pay even though SGIT are threatening penalties of over 1000 euros for failure to pay.
We have also now had some interest from a company called Vacaneole and I wondered if anyone knew anything about them.
It is the usual leaseback nightmare – Can anyone advise.
There are a number of English speaking owners who would be happy to pay for the right legal advice.