As many distraught owners now know, the ‘hassle-free‘ property that they purchased is a maintenance nightmare.
Despite the advertising and marketing promising all maintenance would be taken care of by the operator ie. the tenant holding the lease, and despite the lease appearing to state that all maintenance would be taken care of, many owners are left with a forlorn property and frazzled headaches.
Maintenance or Mould
One owner, of a lovely French Leaseback property in the Languedoc, discovered that her house had been flooded. She was made aware of this by another neighbouring owner. Not by the management company.
Some months later, she discovered, that the toilet had a problem and caused water damage in the property. When she was able to arrange a visit, she found mould, destroyed furniture and the remains of un-made beds. The management company did nothing. And this is a large company, operating in multiple sectors in France, not a two-bit operator. They will remain un-named as the owner in question is reliant on their co-operation to get insurance details to fix the mess.
It is clearly their responsibility. And yet, they did not even inform the owner of an issue.
This is yet another example of how owners’ hands are tied. They are not giving voice to the issues for fear of further difficulties with tenants.
These properties are anything but ‘hassle-free‘.
Do these operators have insurance on these leaseback properties ? They don’t own them.
It is highly recommended that owners demand to see the details of the insurance on their properties. Many leases state that the insurance is arranged by the operator ie. tenant. But is it in place ?
How do you say ‘cowboys’ in French ??