English
FrançaisHi,
I am new to the forum and just trying to do some initial research.
I'm looking to purchase a property that has a lease with VACANCES BLEUES until 2022. The agent assured me that after this date I'm free to do as I wish with the property and it's no different to purchasing a standard, older property, but having stumbled upon this site I'm not convinced. It was built in 2022.
Could someone shed some light?
im just looking for a second / holiday home that I may rent out from time to time.
thanks
Luke
AVOID THIS AT ALL COSTS. THESE AGENTS ARE LIARS AND CROOKS. Buy a standard property, NOT A LEASEBACK. If you buy a leaseback you will regret it forever. We were all told the same story by these gangsters. It will NEVER be a standard property. Buy a standard property and get a lawyer to check the small print. Some properties have tenants and you can't ever get rid of them- so make sure the property is not currently rented out to long term tenants with leases. I have friends who won standard properties and they work out much better.
You should also report this agent to the DGCCRF.
They are deliberately misleading investors.
Me and hundreds (if not thousands) of leaseback owners have been told the same, have it written in our leases, and have all failed in the courts to exit.
The operators are now demanding amounts in excess of €60,000 to exit the lease.
You have been warned!
Please avoid buying a French Leaseback as we all know to our cost about the pitfalls see www.frenchleaseback.info
French leases ARE NOT the same as UK/Irish versions as there are HIDDEN TERMS such as eviction compensation.
There is an ongoing investigation in France by the DGCCRF and over 200 owners in UK & Ire;land have made submissions and complaints.
If you are interested in France, source a reputable agent and buy freehold.
Hi,
the lease would only end on 2022 if both you and "lease-manager/operator" agreed.
If "lease-manager/operator" did not agree to exit in 2022 then your only option is to evict them from apartment in 2022.
So you have the legal right to stop the lease in 2022 but "lease-manager/operator" have the legal right to look for compensation for the lost rental income on the apartment if they do not agree to exit.</div><div>In that stalemate it would have to go to a judicial hearing where a judge would likely award 2-3 years rental income as compensation depending on "lease-manager/operator" last audited accounts.
However you could check today if "lease-manager/operator" are willing to sign a lease-cancellation-document with a clause stating zero-compensation or an agreed small amount of compensation in 2022. If they are unwilling to sign such a document then you know from above and other posts the likely outcome which is a bill for you in 2022 = 2 to 3 years of the rental income or "lease-manager/operator" renting your apartments for a few years unril 2024/25</div><div>However if they were willing to sign a lease-cancellation-document to cancel lease in 2022 with zero compensation that would certainly lessen rish but the lease-cancellation-document should be filed with commercial-court to automatically trigger cancellation in 2022. You would need legal advice though re drafting if such a document.
Thanks all - the management company are willing to sign a document stating no penalties in 2022, but it seems easier to just buy a normal property and avoid the risk completely.
I hope your legal battles ends positively
Ya, seems risky.
They would need to go well beyoind just signing a document re no compensation. Whats needed is a cancellation-document filed in Tribunal-Grande-Instance where they agree to cancel the lease in 2022 and not ask for eviction indemnity(compensation). This would mean you can avoid eviction process completely. if they are not willing to do that then best to avoid.
My advise is just avoid any type of leaseback property.
It is a headache and financial drain from begining to end.
Everyone from begining to end, omit to tell the truth regarding leaseback.
Even when you do get documents signed it seems courts always side with the management companies. Everyone makes money except the owner.
The owners just pay out money to make others rich.