No rent for last 5 months

I have a leasback in L'Allee Des Dunes in Ondres. I've not had any rent paid on it for the last 4 - 5 months.

The management company is Topotel, who are supposed to be quite good. Rent was fine for the first year but they now want to pay every 6 months rather than every quater. I don't mind that too much except they don't seem to be doing even that.

Has anyone had any experience in how to deal whi this?

Best regards
Gerry

Commentaires

wayne

4 Août 2008

Gerry like us you have problems with getting rent under your original lease,we use Topotel too

Do not accept the new terms whatever and see a lawyer ASAP

Hit them hard and dont believe a word they say to you,they are in it for themselves and you are last in the list for any money

Dear oh dear a new one every week,as far as Im concerned the leaseback scheme is dead and buried,anyone purchasing one must be crazy

mutley

No rent for last 5 months

4 Août 2008

Ever thought of a website and call it "why you shouldnt buy a leaseback". Would be very easy to manipulate the web search so this one came up before anything else linked to leasebacks. We could have a name and shame top 10 of management companies and agents, persoanl stories, tricks of the trade etc etc.

Seamus - you have done more in 12 hours than most agents would do in 12 years. Good on you.

gerryk (non vérifié)

No rent for last 5 months

4 Août 2008

Thanks Seamus,

Yes, one does have to be pracical about these things. As property investments go it's still one of the safest, at least I'll get paid some time as there is a contract and a good leagal system in France. Might be a different story in somewhere else.

I'll give them till the end of the month and take it from there.

... and I totally agree with 'mutley'...

' you have done more in 12 hours than most agents would do in 12 years. Good on you.'

mutley

No rent for last 5 months

4 Août 2008

Seamus

I agree that legal agreements can and will be broken but surely people with any sort of scrupples would do this through a court rather than not just paying and have the decency to contact their customers?

As far as the scheme is concerned it says guarenteed. Not guarenteed unless the Euro goes below this or that exchange rate, or unless a recession or credit crunch occurs. I cannot remeber seeing any of this business viability in any sales particulars I have read.

Lets face it the majority of these schemes normally show some sort of default within 12 months. That is not business viability but a business miss sold, miss represented or badly managed by a newly formed company with no capital and zero liabilites.

As far as I am concerened a business no longer viable does not trade.

Paul

gerryk (non vérifié)

No rent for last 5 months

20 Août 2008

Hi Guys,

Just to be fair to Topotel, they sent me a letter (in english) saying they will be paying up by the end of Aug. in two parts, and so far they have coughed up the first part. So I'm assuming they will transfer the rest.

They also want to change the lease, to pay in two parts instead of four quarters and they have thrown in a little bit of a financial incentive as well. No change to the 4.5%.

So to sum up, it looks like they are sorting out their cashflow problems and paying everybody their due.

Cheers

Gerry

mutley

No rent for last 5 months

20 Août 2008

Gerry

That is brilliant news for you and as I said before a credit to Seamus for backing you up all the way with his follow up.

Topotel have just taken on The Jardin De lisa in Beausoleil on a sublet basis and seem to have the place packed out. Will be interesting to see how and when you get the rest of your money. Keep us informed.

Paul