The concept of timeshare was enthusiastically embraced by the British people buying mainly in Europe with Spain being particularly popular. Many people now find that a timeshare does not offer the advantages it previously did as the foreign holiday market has changed and standards have been raised and the rising maintenance bills make them a less attractive asset. The long road to Brexit and the realisation that a visa may be required for visits with a duration longer than 90 days in every 180 days after the transition period has left many people deciding to dispose of their timeshare in Spain.
The Timeshare Consumer Association (TCA) has reported that with the approach of end of the transmission period to Brexit a number of scam operators have suddenly arisen offering, for a fee, to free timeshare owners from their obligations and then fail to take any action.
There are two main routes to disposing of a timeshare, it can be sold on to a new owner who will take over the arrangement or it can be terminated and effectively handed back. The lawyers in Giambrone's real estate team in Barcelona can assist in several ways.
Graziano Cecchetti, a partner based in the Barcelona, commented "the opportunities to sell a timeshare are to some degree more limited by the current travel restrictions and the imminent prospect of Brexit. However, both these challenges will be managed over time and the market will become more stable," he further commented "there will always be buyers for attractive properties realistically priced. Those vendors who require a rapid solution returning the asset to the owners may be the best option. The worst option would be to take up the offer of a quick solution offered at a high price of instant cancellation of your timeshare agreement by scammers.
Giambrone's experienced real estate lawyers will review your timeshare agreement, ensure that the maintenance costs are correct and up-to-date, arrange power of attorney, the notary and establish the tax position. We can then discuss the options available to you and the actions to take to achieve your objectives. We can also advise timeshare owners as to whether their initial dealings and contract were in fact legal when you first took up your timeshare as there were many instances of breaches of the regulations in past years, even after legislation was enacted to protect timeshare owners, as many companies undertaking such work simply ignored the new law, such as high-pressure sales and failure to observe the cooling-off period. Owners who have an illegal contract can not only get out of their membership but are often entitled to financial compensation.
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