la farandole

Hi mark and fellow owners,

yes it is worrying that we are being asked to pay for costs

but do not really understand what is going on. Please keep

us in the loop to see whether we can get a full translation

of the AGM and our supposed liabilities. We may have to

appoint a lawyer to speak on our behalf.

Regards,

Naz

I am not sure what all the items are. I know that the largest is 175,000 + taxes for repairs to the foundations of the extension.

They are stating that they will apply for a bank loan to pay for these works and then we can pay the loan back.

It's all quite suspect, which is why we have all get together to hold both REA Immobilier and Eurogroup to account.

If you look at other threads on this site you will see that managing agents are not the most popular.

i HAVE THE LETTER FROM REA IMMIBILIER, AM JUST WONDERING WHAT THE HELL IS GOING ON , CAN ANYONE ENLIGHTEN ME. I DONT EVEN UNDERSTAND WHAT I AM BEING ASKED FOR

Hi there, I am an owner of a unit in La Farandole. Myself and several other owners have just established contact and we were discussing setting up a forum....then I came across this! I shall recommend to the group that they join and then we can all work together.

I have received the minutes from the last AGM and I am concerned about the outcomes...especially in relation to all owners having to pay 175,000 Euros for the foundations of the extension! Myself and another owner raised objections to this motion by fax, but i didn't receive a reply (it was too late for me to get out there, plus i dont speak French). Also questions were raised about the building insurance, when this extension was built and whether a re-valuation of the development has been undertaken - which should be done every 3.5 years. Myself and another owner received no reply from the syndicate representing us. This is worrying.

There's a chance we could pay for a full translation, but if we are a large group, why can't we oblige the synbdicate to provide full translations?!

I will talk with other owners and will be in touch.

Hi fellow farandole owners,

Yes, I too had a late rental payment and after chasing them up it looks like they had cashflow problems, whatever that means.

Have you all received the AGM invites. Can anybody enlighten me on what it says. It would be helpful if we owners can liase with each other to keep abreast of things.

my email is narendra.keval@talk21.com

Thanks

Hi Chris, I have received my outstanding rent today.

Thanks
Nick

Hi Nick,

Thanks for the update, I sent a fax requesting payment today. Did they give any reason (I recall last year was late as well but not into Feb) - obviously we're interested to know if they are struggling to pay..

regards

Chris

Hi, I am also an owner at la Farandole - I was told today that the rent will be paid this week - I will update once this has or hasn't happened.

Nick

OBS,

I am also an owner at la Farandole, yes the account needs to be kept topped up but more than this is being paid off as capital so I don't consider it a bad investment..yet.

I say yet as rent has not been paid on time for January '10 - can you confirm if you have been paid or not?

Hi everyone

Email has gone to Myriam Darthial(cc. M. Crosetti, REA).

I've requested copy of builder's insurance, exact date

of extension and plot that it's in. Also, buildings

insurance schedule that we all pay in to. Have queried

why Eurogroup are not paying for the underpinning of

foundations to their hotel, when they resorted to pay

for boiler repairs the other year....Will let you know

when reply arrives!

Hi Issy and Ian

Great to hear from you! I would like to see copies of

building plans Ian, to confirm the location of the wall

in question (Eurogroup have been unable to supply).

There is a tool on this window to insert images from a

web address. Failing this I can let you have my email.

Issy, from your perspective is there anything else that

we need to get answers for re: structural surveys? I'm

in process of compiling an email to the Mairie, to

request building plans and the name of developer that

built pool & extension....also to confirm when it was

built and if regulations were complied with. Is there

anything else we need to ask?

Regards

Hi Everyone, many thanks to Mark for taking the

initiative to contact Stephanie for our e-mail addresses,

etc.

Having been made aware of this forum, it is reassuring to

know that I am not alone. When I received the

letter/minutes of the AGM and saw the figure being

requested for, I thought "Naaaa, the French are speaking

German, surely this can't be right". Well, truth of the

matter is, it is and it needs to be resolved one way or

the other.

The two questions that come to my mind are; Did they plan

this right from the start. I struggle to understand how

this same building could have passed structural survey

less than 20yrs ago, and today needs such substantial

work (when there wasn't even an earthquake in the

region!). Secondly, the funding. Surely it has to be

subsidised by insurers. We all have building insurance on

our houses/homes in the UK. God forbid the hotel caught

fire, would we be asked to pay the cost of rebuilding it

too (I know it is not a direct comparison but it is worth

thinking about).

Well, I bought that property as an investment for my

daughter who is 3yrs old right now. I worked hard like we

all did to raise the deposit. So, under the reassurance

of my Christian Faith, I leave it all to God.

I'll keep reading this forum just so I know when/where I

can help. I work with a lot of Structural Engineers

however in this occasion, I am not sure what

questions/advice they could give me without having to

physically visit the building in France.

God Bless.

Issy

Hi Mark

Excellent stuff! Hopefully this will generate more

discussion on the issue of imminent funds required to do

underpinning foundation work at the hotel!?

Does anyone have a plan of the hotel? If so it would be

interesting to verify the location of wall needing

underpinning in relation to the pool....

Any ideas when was this extension was built? Have

received a speedy response from M.CROSSetti at REA and

Mlle. Leroux at Eurogroup. If anyone is interested

please email me

Regards

This week Stephanie from Expertim kindly sent an email on my behalf asking if anyone wished to join our group. There have been 5 replies so far, all of whom want to join the group. This is great news! I've asked them all to join this forum.

regards

mark

Has anyone visited the hotel? If so, please confirm

whether the swimming pool is actually part of the hotel

or, housed in a separate building? Thanks

Hi Sienna

One thing i forgot to mention is that I requested a copy of the quotation in my emails. It might be useful to get this.

regards

Hi Mark

I must have missed the bit about 1st June...will look at

minutes again!

Great. As you know I have previously contacted Myriam and Mr Crossetti but have had no reply. Hopefully you have better luck!Also, as mentioned previously I asked Delphine from Assetz to request some information. I'll chase this up. Finally i spoke to Stephanie Massonat today (accountant from Expertim Fiduciaire) and she is going to make enquiries on our behalf. So we should start to get to the bottom of things.

I wonder why we haven't had any communication regarding how we wanted to pay for the works...we were supposed to hear something by June 1st weren't we?

Mark

quote sienna:

Hi everyone
Email has gone to Myriam Darthial(cc. M. Crosetti, REA).
I've requested copy of builder's insurance, exact date
of extension and plot that it's in. Also, buildings
insurance schedule that we all pay in to. Have queried
why Eurogroup are not paying for the underpinning of
foundations to their hotel, when they resorted to pay
for boiler repairs the other year....Will let you know
when reply arrives!

are assetz a pile of crap,they seem to have sold an awful load of developments that have gone wrong.

.

HI PODSKI,
I AM ALSO AN OWNER AT LA FARANDOLE AND WAS SEARCHING FOR ANY OTHERS FOR GENERAL INFORMATION AND FEEDBACK. I AM FINDING MYSELF IN THE POSITION OF HAVING TO CONSTANTLY BE TOPPING UP MY FRENCH ACCOUNT. I AM THINKING THIS HAS BEEN A BAD INVESTMENT AND WONDER IF I WILL EVER BE ABLE TO FIND A WAY OUT OF IT. HAVE YOU ANY ADVICE

Hi Mark

Yes, we can definitely try both avenues! Myriam Darthal

will be getting an email from me this week...

Hi Eamonn

Yes, thanks for your email. This is certainly another

issue, but I feel the most pressing priority is to get

to the bottom of the buildings insurance schedule, for

the planned underpinning foundation work that is due to

commence in September....will post when I get a reply

from Eurogroup to this effect

Hi Sarah

Delphine has offered her support to the group, given we are all Assetz purchasers. As a start I was going to ask her to request the information and proofs from Eurogroup - given Assetz might still have a relationship with Eurogroup. So what do you suggest?...should we try both avenues? (i.e. you get in touch with Myriam; Assetz get in touch with their Eurogroup contact).

regards

Hi Sarah,
As I indicated to you in previous e-mail,la Farandole is an excellant product but not marketed properly.We as owners are not market ed to offseason and the prices are very expensive when the only option is full board.
Eamonn

Hi all

I purchased through Assetz and have been in touch with

about 12 other co-owners, over past few months. I'm

pleased to hear that this forum is quite active! I

received a long-awaited reply from M. Crosetti at REA

last week. Essentially he has not answered my questions

in respect of buildings insurance and has referred me

back to Eurogroup! I'm happy to follow this up since

I've previously been in touch with Myriam Darthial at

Madame Vacances over occupancy rate issue:

01/01/2009-31/12/2009 Hôtel La Farandole **** &n bsp; &n bsp; &n bsp;

Hôtel La Farandole **** le 22 Avril 2010 (21:24)where

the T.O (occupancy rate) was quoted at 31.4% (how

alarming!?)

Will let you know when I have more news

Regards

Sarah

31.4%

Sam

Cost will be your vote share (which you should see in the REA document and depends on your size/number of units owned) multiplied by around 24 (€220,000 cost of repairs / 9200 total vote shares).

Accept that if there is a problem that will stop rental then it has to be fixed. Great work getting intouch with Assetz, At least we will be able to get translation from Delphine. Still unsure how the finance is to be sorted. And cant remember how many units are in the hotel. Would love to know how much it is going to cost

Why is it up to us to deal with Eurogroup, surely REA are acting on are behalf with regards to this?

Paul