la farandole

Has anyone been paid their July rent yet? or at least been told when it will be paid? Normally it has been paid by now.

Mark

yes,i did seek legal advise,it was conflicting!

Also i didn't want to give an "openened cheque "to some french lawyer!If it had been in the u.k.,eurogroup would have had to pay!

but the second part of this saga was the blackmail from eurogroup.They threatened to pull out of the development if we persued it!How would a french judge have viewed that!.

JuanAzur

I agree with you.I understand owners have to be pragmatic and to deal with the situation as it is.

but you would be angry and threaten to go after the agents,surveyors and developers,seemly not!

John

The terrible thing about it is that these crooks are protected by the French legal system. Many of these were sold on mis-information. In relation to your situation... the contract is binding on you but not them. I am still amazed that channels like BBC or channel 4 haven't done an exposé programme on this. There seems to be much less energy on the forums these days, perhaps people have become tired and weary and are resigned to the fact that crooks who are protected by a legal system in a modern democratic country cannot be beaten ( don't believe this and if there is enough will people can act in numbers).

Hi there

Did you get legal advice when you were dealing with this issue?

Mark

Hi,

At domaine de figueres in St. Maxime also managed by Eurogroup the insee was uncapped and they should have paid us 22.5% up til 09.They refused to pay!.So we had to settle for 6%.But not for everyone,most owners got nothing!

So much for a solid,strong multi national company.

Bunch of crooks i think!

john

Hi all,

been paid but we have to get our act together as a group as the delays are unacceptable. Could anyone who speaks French able to get an idea about the revision of rent?

Thanks

Sitarist

Hi all,

We have received are rent today!!!

Thanks

Paul

Hi, I have received a reply about the late rent today - they expect to pay the rent later this week.

Thanks
Nick

Hi all,

After my call from them to discuss rent review I haven't been able to get through on phone to discuss further and they have not re called me or emailed as promised. So not looking positive!! And also no rent as yet. It appears that they have the position of strength at the moment and call the shots, how can we turn this around?

Thanks

Paul

not yet

Thanks for sharing your expereince.

If we ever went down the legal route as a group we could share the costs of legal advice.

As for them threatening to pul out, we could always point out that it wouldn't do their reputation any good, as in this information age we could report it on forums, go to newspapers, complain to agencies etc....They're relying on tourism as as a company, some of which is UK Tourism, so I'm sure they wouldn't want the bad press.

Hi Mark, yes I also received an e-mail from Madame Vacances

advertising staying at the hotel.

Sam, I also have thought about a French Will. I don't think

my UK Will covers that. I contacted Stephanie and she gave

me the address of a French will writer or so. I have not

contacted them yet...putting more effort into praying that

God grant's me a healthy long life so that I can look after

my family :)

Thanks to Sienna, Mark and fellow owners for keeping us all up to date. My immediate worry is ofcourse the costs of the structural work but also the delay in rental payment yet again for the second quarter. Anybody been paid yet?

sitarist

Have never had any communication with anybody ever but think this would be a great idea. On a totally different note does anyone have a french will I had just wondered where my children stood if anything happened to us, I dont think UK will covers french property.

If anyone else receives a call about the rental revision it would be good to know. It's kind of odd that just one person has received a call.

If it came to it, the group would have better negotiating powers than individuals.

On a related matter, has anyone received an email from Madame Vacances (new name for Eurogroup) offering discounts for friends and family? It would seem they are adopting a more proactive marketing strategy. They need to realise that keeping groups like ours on board is in their best interests, as we might want to holiday at La Farandole ourselves and we can market the property to our friends and family via our own networks. Might be a good idea to remind them of this when they are not being forthcoming with information!

regards

Hi Paul

No, have not received a call! Looking at the Commercial

Bail (lease contract) article 4 (rent) states that "the

rent shall be revised every 3 years up to 65% of the

variation of the building cost index (base 100 in 1953)

published by the INSEE on the anniversary of the

effective date of this lease". However it might be worth

checking out other forums on this subject, since it is a

point of discussion!

Good luck & let us know how you get on....

Hi all,

I have just had a call direct from Euro Group with reference to negotiating the rent review. I have now owned property for 3 years. Has anyone else recieved a call? And what would be an accceptable increase?

Thanks

Paul

Hi Jason

Great to have you on board! Yes, there are several

issues that need exploring. We are currently focusing on

the funds requested for underpinning work, which is

proving to be a challenge! More to follow once a reply

is received from the Mairie....

Hi all,

Got the message from Mark via Stephanie at Expertim Fiduciare so just wanted to say hi as a fellow owner of La Farandole.

I'm also concerned about the last minutes received detailling the high cost to be incurred and why this has only recently come to light.

At the time of my purchase, I had enquired about the rent being revised "up to 65% of the variation of the building cost index published by the INSEE" and tried to get my contract to state that it would be 65% of the index variation for exactly this reason (up to means it could be 0%) but to no avail.

With regards to the rental payment timeliness, I haven't had many issues, to be fair. I've had more problems with them having to deduct French taxes (plus penalty) as directed by the French government which I hadn't received any request for or had already paid.

The vacancy rate is worrying. It does look like a lovely place based on the brochures I've received since buying and the materials I received at the time of purchase.

Not sure how I can help but certainly willing to do so. Just say the word.

Hi Mark

Yes, will incorporate this also - thanks

Hi, I received a request for funds today from Rea regarding the pilling required at the Farandole. At least they are not requesting the full amount at once but will be spread over 4 years. Thankfully I only own 1 apartment at the Farandole I imagine the "SNC LA TANIA" were alittle shocked at the amount Rea has requested them to pay.

Nick

Hi Seamus, La Farandole Les Deux Alpes is managed by Eurogroup and is shown in the pre-registration list.

Thanks

Nick

Does anyone know how proxy voting works, for people that

are unable to attend meetings?

Letter has apparently been signed as received by REA, on

25th August

Hi! The letter will have gone so let's see what the response is. All we are asking is for evidence and alternative quotes, to support the proposed works.

Our group is approx 22 strong so It would be good if we stay together and act jointly. Let's keep the communication flowing...

I have transferred funds into my french account and am awaiting update to see when to send cheque to REA. I hope this situation is resolved asap.

Absolutely - well said!

Our requests for additional information regarding the payment are perfectly reasonable. There is something wrong if they do not or can not provide us with the information, which Is why I will not pay until is received. I know many other owners will do the same.

I'm sure REA would rather provide the information than have the hotel shut down. It just wouldn't make sense if they allowed it to shut down for the sake of providing information that they should have easy access to and which should have been provided anyway (e.g. 2nd and 3rd quotes, surveyor reports).

Hi Nick

No shock for SNC La Tania since that's owned by Roger

Borne aka Eurogroup!

Hi ,

I have also received request for the money, but given a 5 year illustration of paying money back. Obviously we are over a barrel on this one as if we dont pay hotel is shut over winter so no rent which is financially worse. But what if only one person doesn't pay what then? People have been working hard on getting hold of quotes and perhaps trying to get 2nd opinions but time looks like it has ran out. With no rent increase as well not a good investment and not good comunication from Eurogroup or REa.

Thanks. Paul Winch

Hi Sienna, I assume you'll be speaking to David (lawyer) before compiling the letter to the Mairie? When I spoke to him he realed off quite a number of questions about the construction that he said would need to be answered. However i didn't note them down at the time.

Regards

Mark

Hi Nick

I don't seem to have you on my email list. Please email

me separately to confirm your room no. Thanks

Hi Sienna, I would like to be included on the group letter.

Thanks

Nick

Hi everyone

Final draft of group letter has been emailed to all

contacts I have. If you have not received an email,

please let me know! I've received 15 positive replies

from co-owners agreeing to be included in this. Ideally

I would like 100% response before next Mon 23rd. Do get

in touch....!! Thanks,

Hi Sienna,

I would like my name on the group letter and will email you separately to confirm this.

Sitarist

Hi all

Have received a reply from REA to my request for full

structural survey, building plan, other estimates etc.

I've now received a curt response (translated roughly):

'These files are of no use to you. Come to the

assemblies, and you will have the answers to all the

questions. We do not know the company which did the work

historically. With the risk to repeating myself, there

is NO GUARANTEE, NOR INSURANCE FOR THIS KIND OF DISASTER

work more than 10 years ago. In any event, if work

cannot be realized, the hotel will be closed. I am the

only person in charge and entitled to order the work'.

Sienna40417.9748958333

Hi Sitarist

I think that the pending charges for building work were

detailed in the last set of minutes, in March. Each co-

owner is due to pay a sum based on the proportion of

'shares' they have in the hotel (tantiemes)

Thanks Sienna,

look forward to hearing about developments on the structural building changes proposed. I will contact Ms Darthiel about the rent review but like yourself am wanting to sort out just waht we owners are going to have to cough up in charges. Also, whether this was on the cards when this leaseback was being marketed.

Regards,

sitarist

Hi Sitarist

I understand that Paul is in discussion with Mme.

Vacances re: rent review. It's probably best that you

approach them as well to put some additional pressure

on!! Try contacting Mme. Darthial who has been quite

helpful and responsive so far. I use Babelfish online to

help with translation.

Currently I'm focussing on the structural building

issue, since this is my priority in terms of impending

call for funds to pay for this work. I'm chasing

Crosetti at REA for a response to queries I raised about

3 weeks ago. Have requested copy of structural survey,

location of wall and related queries. Will post when I

get the reply!

Re: legal side, we have spoken to a French Lawyer who

advises that the first stage is to gather all the

evidence which is currently what we're trying to

achieve. Second stage would be collectively paying for a

legal letter to be written; third stage would be taking

legal proceedings. Obviously at a cost, with no

guarantees of winning and still having to pay for

structural repairs!!

Regards

Sienna

If you've recently joined, can you post here on the site. We need to establish how many people are in this group. Also it would be good to know how many people have bought from Assetz France . I ask because it might be an idea to ask them for their support and assistance.

It's crucial that we all work together to deal with the queries and issues that have arisen.

I've had some communication back from Mr Crossetti's assistant (Mr Crossetti is the SYNDIC rep). For example they say that the building is 20 years old and the extension is 15 years old. However it didn't answer all my questions and provide any of the necessary supporting documentation. So I have replied to them to that effect.

Regards

How come this issue has only just come to light? surely this issue should have been identified when the hotel was refurbished?

MCCOS,

Thanks - La Farandole is a hotel in Les deus alpes and was refurbished in 2006 and rooms sold to Investors as a leaseback. The new build guarantee will therefore not apply but regardless Buildings Insurance is surely a must for any sensibly run property?

Chris

In terms of ‘what the hell is going on’ I understand it to be this, please correct if I have misunderstood:<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

- The hotel needs serious structural work on walls costing around €180k starting September. There is also a contractor quote for €38k in addition, I am not clear what this is for

- The co-owners have agreed this needs to be done and paid for (via the attendees at the meeting)

- Payment options tbc – apparently too late to deduct from rent so either cash or management fee recharge of a bank loan

Apart from this, Eurogroup are supposedly having financial difficulty (hence late rent in Feb) so the worst case is paying for this separately and not receiving rent

Further Questions I have:

- Why is building work not covered by Insurance?

- Is each development ring fenced in terms of profitability for Eurogroup? I can’t see how this could be the case but seems odd if they are not paying rent on some developments (per the forum) where we and presumably many others have not had any issues up to now.

I bought through leaseback.co.uk in 2006.

Chris

Hi all,

I purchased through Assetz as well and they have been appalling in their willingness to provide post sales support so I don't know how far you will get. but worth a try. Please keep in the loop as we will have to get organised to tackle these issues. Experience from another leasback tells me- some of these operators are scoundrels and need a good lawyer to tackle them. We have to have an owners association for a start.

Naz

Yes, I bought through Assetz also, was going to buy two Leasebacks, sooo sooo glad I pulled out of the other, have had a few sleepless night over this one. Wish I had never heard of Leaseback. Does anyone actually know how much money is being asked for individually. I would, if necessary prefer to have financed it here, but that is not possible without even knowing how much.

Hi,
I am an owner of an apartment in Farandole along with 2 others(who purchased 2 other apts) and we also bought through Asstz

For info

I also bought through Assetz France.

Hello

I am just noting that I have joined the forum. i am part of a group of investors in La Farandole, who have concerns.

Hi all, I am an owner at La Farandole and did also buy through Assetz France. And fully back the need for more information on the re-inforcement works that they are saying needs to be done.

Thanks

Paul Winch

I received the below mail from the SYNDIC. I have requested that they chase the buildings insurance,quotations and rental reviews from Eurogroup on our behalf. Rather than expect us to. After all they are representing us.

Also, Assetz have kindly agreed to lend their support, for instance by way of requesting some of the information we are seeking (if it's not forthcoming). I shall be emailing Delphine shortly with our requests for further info on the works required, copies of quotations & insurances, information on occupancy rates and an enquiry about re-valuations ( + anything else people thing is necessary for them to provide).

Regards, Mark

agence des pins to me
show details Jun 8 (1 day ago)

Good morning,

Sorry for the delay !

I asked Mr Crosetti concerning the information about La Farandole :

1- the total funds for the repairs will be 200 000€. this will be shared by the owners according to their tantièmes (percentage)
2- the residence is 20 years old and the extension is 15 years old.
3- For the copy of the buildings insurance (hotel and extension) Please see directly with Eurogroup
4 - the quotation was provided by "le maitre d'oeuvre" (I havn't his name for the moment but I will ask Mr Crosetti)
5 - Concerning re-evaluation of the hotel and the rentals please see with Mrs Darthial at Eurogroup.


It is important to have the works done otherwise the residence can no longer be in activity.

I hope these information will help you.

Regards