14 October 2008 by Cath

Residhotel

In last Sunday's Sunday Business Post there was an article on French Leaseback Schemes and it painted a very stark picture. It spoke about a number of management companies that are failing in the current climate. I have two leaseback properties in France, one for three years and the other which the final paperwork is going through on. The second one is in Carcassonne and the management company will be Resid so I have no major concerns there. However, the first one is in Tourette in Provence and we had a problem last year but the developer stepped in and is now the management company and although there are sometimes delays in receiving rent there have been no problems since. My question is if a management company goes under what are our options. Does the management company source another company to take over or do the owners have to take responsibility for finding a new management company to take over? Any views or advice would be most welcome as this is my first posting to this forum

 

 

Comments

srunner

14 October 2008

Does the management company source another company to take over or do the owners have to take responsibility for finding a new management company to take over?


The managment company can be taken over by another one or can ask an administrator to sort out the trouble and do a tenter to find a new managment company. If you do not agree with the new terms of the contract you can say no and refuse the proposal.


The owners can also find a new company to run the business but they need to have their lease back and broken with/by the first magmt cpy.


There are 12 months granted by the government to find a new managment company.


If the current cpy does not pay the rent, you can ask a bailiff to sort out the problem.

MikeF (not verified)

25 October 2008

Cath,


you mention your latest one is with Resid and therefore you have no worries. I don't wish to be the bearer of bad news but Residhotel have failed to pay the last quarter in two developments I know of (one of which I am involved in). The developments are 'Splendid' and 'Belles Roches in Notredame de Bellecombe. The latest from them is that things are very bad and they need to reduce the yield paid by 40%. A view could be taken that this is an opportunist move on their part where suddenly both developments require precisely the same % decrease in rental paid. Hopefully this will not impact you in Carcassone but it is certainly one to watch.

kazz

6 November 2008

Hi.

WE too are having problems with residhotel. Our apartment is Les Valmonts

in lanslebourg , Val Cenis.

They paid fine until the end of the third year, when there april payment was

6 weeks late, and now the October payment has not been made. They do not

answer calls or emails. We don't know what to do. Any suggestions?

Thanks

srunner

7 November 2008

Dear Kazz, already 1,000 people signed it and we had meeting with some politics and made things changed ... the file is now on our ministry of justice/law. Several articles have been written and journalists have been requesting interview... there is still a long way to go to clear the market but we are all in the right path. Be patient, fight and go head with actions. Don't loose confidence.


KJSmith

13 November 2008

Hi


I also have leaseback with ResidHotel in Notre Dame de Bellecombe, and have had not rent for Octobers quarter. Frustratingly ResidHotel will not respond to any calls, emails, faxes. I was informed last week we may be getting a letter from the but as yet I havent had anything.


kazz

13 November 2008

Hi KjSmith.

It sounds like you are in the same boat as us. Are you in contact with

other owners at your residence?

Resid were six weeks late paying our April rent, then July was ok, but

they've missed October, again remaining unresponsive. The lady we are

supposed to deal with is Marie Malveau - if everyone with payment

problems has to go through that one person, then it's not surprising we

are getting nowhere.

We are uk residents owning the apartment in France. I think we are the

only ones at our residence. It's quite daunting to think we may have to

become familiar with the french legal process to resolve this.

Let us know how things progress.

worried

10 February 2009

I am really concerned about Residhotel having read these comments. I have recently bought a leaseback in Carcassonne. My rent is due by 10th March but I now have serious doubts about whether I will receive anything. Has anyone else bought a leaseback in Carcassonne (residence des ramparts)?

Cath

12 February 2009

Yes I have bought a leaseback in Carcassonne. It is Les Remparts. I am annoyed that so many issues like the three year break etc were not brought to my attention by the sales agent.


I received a letter in January asking me to indicate the two week period that I wanted but despite numerous emails I have not been able to confirm that they have agreed to these weeks and now my flights are booked. if this is the way that they deal with people I am not surprised that they have difficulty.


I am due to get rent for December as the developer paid for Oct and Nov as there were delays in completion and so far I have been advised that I will receive four months in April.


Does anyone have updates on this?



proprietairerh

12 February 2009

Hi, VERY IMPORTANT RESIDHOTEL


WE ARE LOOKING FOR OWNERS OF RESIDHOTEL'LEASEBACK.


PLEASE CONTACT US


http://residhotel.over-blog.com/


Sorry my blog is in French but we are searching for owners of Cap Bleu (Carro), Splendid (Allevard), Notre Dame de Bellecombe, Edelweiss (2 Alpes), Divonne, Isola 2000, ....


Please send me your email and your residence.


We are making owners associations. There are links to help you find the others owners.


Please talk in others forums of this blog.

worried

13 February 2009

Hi Cath


I contacted ResidHotel - they responded straight away stating that they would make the payment. I will let you know if I receive it.

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