Help - My Leaseback has gone Bad!

Hello all. 

I am a new member of the Forum, and new to the wacky world of

Leaseback.

I purchased an apartment in a Best Western hotel, Bussy St

Georges (near Disneyland Paris). 

After a lengthy and difficult purchase (it took over a year), I finally

completed the purchase in April 2009 and promptly discovered within a

few weeks that the management of the hotel had gone out of business. 

The hotel closed, and I have not earned a penny in rental income since

that time. In fact, I am paying the mortgage every month and there is a

company called CGS that regularly sends me statements and regular

demands for service charges and fees!  For example, we are currently

paying for 24 hour security whilst the hotel is closed. At the end of last

year, I heard from CGS that a new company is preparing to take over

and re-open the hotel, but this hasn't happened yet.  Also, I have not

seen any new lease agreements so I do not know what the revised

terms will be.

I see three options:-

1. Hold on and hope the situation resoves itself.  I don't know when this

   will be or what the new lease will look like.  I suspect it will be for less

   than I originally signed up for, but 'beggars can't be choosers'.

2. Try and sell.  But who wants to buy a room in a boarded-up hotel

   with no rental income???

3. 'hand the keys back' and walk away.  Highly risky.  And the morgage

   company (Credit Foncier) will probably persue me in the UK courts for

   monies owed.

I thought Leaseback's were supposed to be safe!

It's all a bit crap really, isn't it?

Does anyone on the Forum have any advice?

Many thanks for your help!

BoyWonder41013.4204050926