English
FrançaisHi All
I have a studio in Avoriaz with P&V. They have sent a proposed change to the terms and conditions as a result of CV19. To me this feels like a stich-up and a thinly-veiled threat - either sign or leave ourselves exposed to them pursuing us for lost income because of OUR failure to make the property available to them during CV19 over the last ski season. Has anyone else signed this or decided otherwise? Any advice greatly appreciated
Hi
Not sure if it is similar but we have a PV property near the sea and have received the below request to sign a contract change due to PV.
We belong to an owners group and they have recommended that we don't sign as it is not a good deal, although they are not optimistic at negotiating anything better. PV will still have to pay you the rent even if you don't sign.
It seems that PV are passing all of the lost revenue due to Covid on to the owners by reducing the rental income for this year eg this year we will lose 2.5 months of rent I believe.
The offer Dispositif-Covid19 that you received three months ago, will expire on 30th September 2020 and it will not be possible to subscribe to it after this date.
We have not received yet your final choice. That’s why we invite you let us know your choice through your owner area before September 30th. This offer aims to amortize at least a significant part of the income loss, resulted from the administrative closure of our resorts.
If you decide to subscribe to this offer we will send you an additional clause to your lease, that you will have to sign and send us back, so that your choice can be finally registered.
We have a CGH managed property. They have also been issuing owners in their Residences with deadlines and increasingly forceful 'requests' to sign amendments to the leases. Our owners group passed all of this straight on to our lawyer who is already handling the lease renewal negotiations. The terms CGH were offering were deemed illegal by the lawyers as although they were citing loss of income (doubtful anyway in our Residence) due to Covid19, the terms would in effect also mean that at any time in the future for whatever spurious reason they choose, they would have the right to reduce our rental income. All owners have been advised not to sign.
Hi All,
I have seen few different admenment coming from Pierre et Vacances, few different from others but in general the one I have seen relevant to Covid 19 are for an agreement not to pay the closure period from 13th March to 2nd June 2020 with potential variable rents to be paid calculated on future turn over.
These admendments also include a new paragh about any potential future closures which allows them not to pay you if they are facing the impossibility to occupy the residence / apartment.
The new paragh is in my point of view the main issue as it opens many doors for them. Few associations of owners have managed to get them to change the admendments and take the paragh off.
Regards,
Eddy
Hi
I' m not an owner at a P+V resort but stuck in leaseback with Eurogroup instead. Our issue with leaseback is the lack of information about the true terms of a bail commercial when we signed our original lease agreement. P+V seem to have been the company that first set up the leaseback concept so would be really interested to know what information they gave to owners when they signed agreements with P+V ie did they explain the perpetual lease and provide a formula for payment of compensation if the lease ceased?
They may have or may have not but the main thing here is that the leases are commercial leases and this is how they get this compensation into effect. It was probably not explain to you by the agent selling the property.
The compensation is coming from the commercial lease aspect. Any businesses, butchers, etc... would ask for this type of article in the lease because they would put their business at risk if they were to loose the premises. It is similar for the management companies in some ways but it was certainly explained differently to you.