Chateau de Camiole

Still no agreement with Mr Lion on the payment of outstanding rents for Clos de Tourettes the sister development for Chateau.

This development is now over one year in arrears with the rents.

Kate

Ashman

Am I right in thinking that this development is not finished or totally sold meaning the developers have money tied up still?

What do you mean about take it up with owners and finance?

Mutley

Ashman

Don't kid yourself. The only reason why you may get your rents paid is because if the banks find out the management company is not paying the rents and the lease to all purposes is void, they will not finance any purchases due to a high possibility of future default. They may have to sell the rest as classic properties bringing into question the legitimacy of the development as a leaseback.

You should seriously consider that the purchase has inbuilt the first two years rental (the premium you pay) and after the development has sold out and completed their is a very real chance that the management company will default.

If your management company is defaulting on rents at such an early stage and with the development only partially sold you should be very very cautious.

One consideration is for new leases to be issued at a lower yield being that the original investors get a premium for funding the project but this is not likely.

On another development I am dealing with that is partially sold the management company is not paying rents. The owners are no longer paying their mortgages and the banks are refusing anymore finance on the development under a leaseback scheme. Stalemate. It does not help those who have purchased already but at least it puts a stop to the cash flow of the developer and management company running the scam.

Its like I have said before, you need to act with honesty and integrity and should not be seen to be profiting from others losses or the situation.

Good luck but do not be sucked in by the French charm and promises that seem to flow very freely. Hopefully if everybody can start to smell the coffee in 2011 we can really put a serious spanner in the works on these schemes.

Mutley

Yes.

I am on Clos Dia.Same management company.We haven't been paid any rent for 2010

We have received a letter from Mr Lion yesterday (we assume has

been sent to all C de C owners) apologizing for difficulties they

experienced last year opening the development and promising regular

bank transfers for rent. Sounds encouraging.........but still no money

though!

Todd,

I wish you luck with getting your rent, but promises and reassurances was how it started for us.We now have had no rent for a year.

All the best, Olly

Cath

have you heard anything re. Clos de Tourrettes?Whenever I enquire it seems negotiations are ongoing.I think Lion is playing for time, trying to get as many deposits in for this seasons rental as he can before we force him into administration( which probably take ages to do too.)

All of this was supposed to be resolved in January and now it's March

Hi Zamander,

we at Clos Dia have negotiated a new lease agreement with the new management arrangement.It includes a promise to pay all the back rent due to us within a certain period of time.

That date is now afew days off.This will test the new system too.I will let you know what happens.

We live in hope!

Or Cuckoo Land!

The cuckoo has landed.

Payment for all back rent received into my account yesterday including Q1 2011 which is not due till end of this month.

Very relieved.Let's hope they keep it up

Hello everyone

I notice the last posting in this particular forum was back in April 2011. We are looking to buy at C de C after tracking the development for the last 2.5 years with M Lion etc through Savils, but scared off due to lack of build progress. Now it is complete, we are dealing with Jamieson and Countryside Provence. Has the late rental payment situation been rectified during 2011?

Smudgemark

Hi,

The whole development is looking beautiful and we are receiving our rent on time.

Regards

Owner of 3 bed apartment at CDC

Management Company Camiole Resorts http://www.camiole-resorts.com/

manage 2 resorts

Chateau de Camiole http://www.chateau-de-camiole.fr/

and Les Clos de Tourrettes http://www.camiole-resorts.com/les-clos-de-tourettes.html

-F

After some time of relative stability we are back into muddy waters at the

Camiolle Resort.

Since MMV has taken over the operational aspects we are having problems

with late payements, no indication of the actual payment time.

Are there other folks with the similar problem. If so I guess we need to take

steps to claim late payment penalties.

Grtz,

J

ashman,

These leasback companys consistently ignore the law!ODALYS the second biggest leaseback management company pay late every quarter!Only when you email them do you get paid.

john

Hi Ashman

What I meant was read the posts in the 2 Clos Dia subsections listed under specific leaseback developments.(afew lines down from your post)

The company running your development is the same as the one running ours.One Mr. Lion.

Good Luck

Dear Ashman,

The management company have not paid the rents for Clos de Tourettes since December 2009 for most owners. they have now written asking us to take a thirty per cent reduction. We are not willing to do that with so much rent outstanding.

This is the same company for your development so do not expect to have an easy time with this gentleman!!

We have set up an association of owners for Clos Dia, which is also managed by the gentleman who runs Hortus. He operates under a number of companies but the position is the same, no rent in 2010 for most owners.

We are pursuing a number of options now to deal with this issue.

Perhaps a joint approach across both sites might be useful even if for information sharing.

Hortus are still trying to sell in Chateau so they will not want any negative publicity

C

We are also owners at the Chateau and would like to join your group. I'm

currently on site and trying to fix a meeting with Lion but he's impossible to

reach. How many Chateau owner have already joined your group?

JanH40552.4396875

I am in the Clos Dia group.

We are trying to talk to Mr. Lion through an intermediary but Mr. Lion has postponed the meeting again.His tactict seems to be to string us along with false promises of payment and other bullsh*t.He does not want to talk but prefers to keep on taking rent money whilst not paying you.

Don't trust what he says.

Good luck

Hi

I am an owner at Clos Dia Tourrettes.Same developer and management.Read the forum to get an idea of the problems

We are also owners at Chateau de Camiole but have not received any

rent at all since completion in early 2010. When the first payment was

late we called and emailed repetitively but no response from Msr Lion

or any of his team. We are now pursuing legal action. We'd be

interested to join a group of owners experiencing similar problems.

Hi Zamander,

We have instructed French lawyers who have sent one letter to Hortus

and are now sending the first letter before action to Camiole Resorts.

Yes we had discussed today contacting the agent (Savills / select

resorts) to see if they would be able to put us in touch with other

owners so will try this approach.

Todd

Hi,

We are owners of chateau de camiole and we have received two quarters of rent but each time i have had trouble getting the rent paid, i have consistently had to phone them and send emails plus i contact the agent Savills every time i have a probleml. My rent is now due again on 10th January 2010 and we have not received it yet. I am finding this all very stressful. What i would like to know is if they continue to not pay the rent, or pay it late, then legally is it possible to break the lease clause you have with them and just try and manage it ourselves. Alternatively, is there a good agent who would resale the leaseback property? I would like to hear from other chateu owners and welcome suggestions as obviously if we dont receive our rent regularly i am worried we will not be able to continue to pay the mortgage. It is such a shame that we have this hassle as it is really a lovely developement.

What kind of action Zamander are your french lawyers taking?

We have been in touch with the agents (also Savills / Select Resorts) and they have been in contact with the developments financial backers Jeremy and James Agace. Jeremy Agace has a meeting with Mr Lion tomorrow apparently.

I asked Select Resorts if they could put us in touch with any other owners at Chateau de Camiole and they are not happy to do this at the moment (though haven't ruled it out longer term). I know they have been contacted by 4 owners who have not been paid rent.

Todd

Hi guys. I am following your posts but confess to not owning a property in this development.

A bit of advice is for you to remain focussed on what you are dealing with which in essence is not the property but the commercial lease.

Remember that none of us would have bought a traditional property with no rent and that the rental yield for most along with the calculated return against mortgage interest payments was the deciding factor.

Therefore if your rents are not getting paid, it would and is totally wrong to accept a lower yield without compensation.

Remember that the price you pay is for the property but the premium you pay is for the value of the lease. In all leaseback cases it is the lease that will decide the future and resale value of the property. If that lease no longer exists in the format it was sold you should not be negotiating a lower yield.

If what you bought does not exist then you have not got what you paid for. Providing you act with honesty and intergrity that puts you in the driving seat and not the passenger seat as everybody will try and make you believe.

Good Luck

Mutley

Mutley. A man that talks sense.

I am in Clos Dia.We ( through Bertrand from C.L.V. ) have a meeting with Mr. Lion on 18th Jan.He has postponed previous meetings and given us bullsh*t in the past.He seems to be scheduled for a lot of meetings at the moment.

Oh dear! Good luck!

Mutley