Residence Olympe - Antibes

I am Declan from Dublin; also owner Olympe, also due rent.
Too late to realise French leasback not a good idea.
French real estate sold to me also known as conseil patrimoine. They knew problems with this company in jardins d'elisa before they sold me =without advice.
Probably same lawyer, and he should have seen lease problems, very tricky. Mortgage BNP and they should be well aware there are problems.
But what to do? These appts suitable only for letting, not personal occupancy. Any way out?

Not sure how it will affect us but I notice on the Groupe Monnier website there are two other developments in progress-Residence Nova Hestia and Residence Nova Athena-they are in the same area as Olympe and presumably the owners will probably face similar problems to us in non payment of rent.

As Group Monnier seem to have a bit of a history in non payment one is drawn to the conclusion it is planned rather than ineptitude.

Cindy, Sutz,

An action group has been formed for owners in Olympe. I have cut and pasted the details from another forum in case you arent aware of it. You can email the address below to join.

olympeownersgroup@gmail.com

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We have an apartment in Olympe, and the
story is as same as Michael's. The agent says they are seeking legal advice at
the moment. And we were told the management company is in administration. What is that exactly means? We were asked
to sign a new rental contract to Rent a Flat Antipolis last summer. What suppose to happen
if we signed or not signed?

Thanks!

cindy39855.6827893518

Had a response today from my contact at Conseil Patrimoine to say that there had been a meeting with solicitors and an administrator had been appointed to try and ensure a steady flow of rental payments.

Quite what will happen next, of course, remains to be seen.............

We have an appartment in Olympe and were paid the first quarter more or less on time but they are now two months behind with the second payment.

If we are all having a problem and having to go legal as a group I am interested.

Elaine

Why don't you evict them?

I do not recommend to cancel a commercial lease just writting a letter to the management company. The first thing to do is to create an association of owners, get contact details of as many as owners possibles (email), select a President, a "tresorerier" and a secretary, ask 30e per owner. Once done get rid of all parties linked to the developer or management company such as Syndic and accountant. Then contact the management company and demand an appointment to get explanations about the problems.

Do not accept any rent decrease as you need first to answer the question: even with a lower rent, is this management company the one I need, are they serious?, are they able to provide the new rent income....

Bertrand

You can cancel the lease but you will loose any claims on the unpaid rents and you will have to pay back the tax (19.6%) within 3 to 4 months. Do as Ed and Wayne said - take legal advice now and get as many of you together as possible.

It would be nice to see a good leaseback post on here somewhere!

Is it not possible to dump the lease if payment not made and then make own arrangements.

Hi everyone. Can I add my voice of concern to Wayne's. I am, like Wayne, an owner at Jardins d'Elisa and co-ordinate an action group. I am a litigation solicitor in London and act as liaision between the group and our lawyer in Nice. I would really like to compare notes with you guys because we are preparing evidence to nail this company and its promotor. We are not 100% whether they are confidence tricksters or simply incompetent, but one way or the other, they are seriously bad news and you need to start plotting an exit strategy now.

A couple of questions. Is the original management company with whom you signed an agreement called Rent a flat Riviera SARL - and is the contract you are being asked to sign now with another similar sounding name, like Rent a flat Antibes SARL?

We believe that Rent a flat riviera SARL is/was the main Groupe Monnier company vehicle for leaseback management. It is in financial trouble and is trying to put its assets out of reach.

Do any of the "new" contractual documents refer in any way to a company called "Topotel"?

As Wayne said, we were paid our first quarter rent and then we were told "cant pay, wont pay" and eventually offered a take it or leave it 30% reduction which we have not accepted. The building itself is superb and in a fab location. However, it also was late delivered. Builder was called Sam Serfit SARL. Ring any bells?

Who is the Syndic? Not Agence Pierre by any chance?

Please let me know, preferably by private email via the forum. Ed

Is that the first payment on Residence Olympe or another development. Have contacted Patrice this morning.

Wayne- the management of residence olympe is Groupe Monnier - what is the problem with this company and has anyone had details of first rental payments.

Hi Dave,

Just back from a week staying in Residence Olympe. I also invested in a leaseback there and I am very happy with the build quality, it is way above others I have seen. The Spa next door isn't finished yet however work has started on more developments in the area. The apts were very quiet and I am a bit worried over the first payments that will be due soon...