MGM rip-off! FAKE FREE STAY FOR OWNERS

26 Février 2020

Do you own or plan to buy a beautiful MGM flat in the Alps? 

CAREFUL! Trap for the well-off!

1/they LIE when telling you that the flats are repainted and missing items replaced at the end of every season, to "make it look like new"

2/they LIE when telling you you will have 4 weeks FREE of charge to occupy your flat. CGH, their rental business (which is owned by an investment fund...) will charge you a minimum of £/Eu2000 per week !!! EVEN if you don't come to the property!!! They will then deduct the promised rental "guarantee" in your "bail" and you"ll be left with a few hundred euros per year "profit" once the various other costs are also added -and there are MANY . Absolute THIEVES.

3/Want to get out of the lease or bail? Nope!...or youll have to pay the entire rental back, plus huge penalties, and the VAT to the government. Some owners are so pissed off with the arrogance of MGM they re willing to get out ANYWAY.

So remember once you sign to buy a property with MGM they OWN you for 11 years minimum!! With virtually no income for you. So do not even think your mortgage will be even partially covered by the rental income because as said above its close to ZERO.

4/Don't even think about receiving ANY replies on ANY subject from MGM, once you have signed. You enter you new flat and make a list of things missing or broken, ie an oven not even cabled, they will NOT reply. 

A friend had to hire a LAWYER to get MINOR but crucial things correct once he received the flat. It took 6 MONTHS to get things happening after 6 LEGAL LETTERS "avec accuse de reception". They called him one day and told him to keep quiet or they d screw him over the rentals!

 

ABSOLUTE THIEVES. You've been warned...

 

Soumis par Tom518 le

Thanks Mgmarnaque for sharing. I am actually considering a leaseback project from MGM, thinking they are actually a more reputable one. 

The MGM agent did tell me that CGH is now separated from them, and MGM has its own management company that operates "higher quality" hotels. so in that sense i wonder if you should go after CGH instead of MGM? 

and about the 4 weeks free of charge, is that the 4 weeks in "Periode Blanche" , or the normal 4 weeks (1 w higher season witner, 1 week middel, 1 w higher season summer, 1 week middle). if it is the latter I am utterly surprised!

 

  

 

 

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