Nightmare!!!

What was sold to us as a wonderful investment, easy to manage, nothing to do, amazing affair is simply a nightmare.

We bought an aparment in the new Bains les Avenes residence managed by Odalys in February 2013.   We thought we had done our research - wish I had found this website back then.

Basically all was going OK - payments were a bit late but nothing dramatic.   Then in August last year I got a call from another owner asking me what I intended to do about all the building problems and problems with insurance, etc.   After a LONG conversation I found out that in September/October 2012 the building had basically failed a building inspection.   Cracks in the walls, problems with water infultration, roof not finished properly, swimming pool not up to standard, etc.   I asked the Syndic for the report, which he was loathe to give me.   

Now under French law the builders, notaire and proxy (as I was not onsite to do the inspection) - stupidly we decided to buy in the South of France when we live in Alsace - are required to note in the "Acte de Vente" ANY problems with the building.   So basically now I have a lawyer who is trying to get the sale annulled, get our money back and tell them to go jump.

BUT, what I don't really know is what will happen to the VAT......next lawyer's meeting on Wednesday....will ask then.

To anyone thinking about leaseback - DON'T do it!   Put your money under your matress it will be safer!

Do not use Odalys as a management company - they are rubbish and currently being sold so they are not stable at all.

Be warned.

Any advice welcome!!