EC Commissioner for Justice, Didier Reynders, responded to a parliamentary question posed by Irish MEP Clare Daly on the action to be taken to provide justice for those abused in the purchase of French leaseback properties. Commissioner Reyners’ reply suggests that the European Commission have forgotten just who they represent! The unwillingness for the EC […]
Clare Daly MEP has put a question to the European Parliament in relation to the scandal of French leaseback properties. She specifically focuses on the enduring nature of the lease contract or ‘eviction compensation’ to exit and asks what steps the EC plan to take to ensure that France upholds its obligations under Directive 93/12/EEC. […]
Mairead McGuinness MEP, 1st Vice President of the European Parliament, has provided this update from the DGCCRF to owners. The same update has been provided by the CCPC (in Ireland) and CMA (in UK) to owners who submitted complaints to the DGCCRF on the mis-selling of French leaseback properties: On the basis of the 188 […]
10th Jan 2020 – Update from CMA: The CMA in UK have indicated to owners that they are due to have a teleconference with the DGCCRF and their Irish counterparts (CCPC). It seems the DGCCRF investigation has not yet concluded… 8th Jan 2020 – Update from CCPC: Please be advised that the CCPC is waiting […]
The investigation by the DGCCRF (Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes) in France into the mis-selling of leaseback properties to around 200 purchasers is ongoing. Apparently. The scope of this investigation has not been confirmed. The timelines for its conclusion have never been given. The CCPC (Competition […]
France TV 2 news programme Journal featured a piece on French Leaseback on 17th July 2019. It featured one owner from a residence de tourisme in Deauville and another owner from Domaine des Fontenelles, operated by Madame Vacances. It seems that MMV are looking for €50k eviction compensation from this owner, while the contract that […]
The Court of Appeal in Montpellier finally cancelled a lease in a case taken by the owner and his wife at the end of the 9 year lease duration. Many owners purchased their French leaseback property on the understanding that the lease was for 9 years (or in some cases 11 years) and after that […]
Contractual ‘hidden terms’ and Eviction Compensation Is there a systemic failure by the French authorities to protect consumers by devising a tax incentive which was aimed at ordinary consumers, and designed to promote investment in infrastructure in the French tourist sector, but which required a commercial lease contract to be signed by the consumer, a […]
The Irish CCPC met with their French counterparts, DGCCRF, in Paris before Easter and discussed the complaints that Irish consumers have made regarding the sale of certain French Leaseback properties. The CCPC held a meeting with Brian Hayes MEP on 25th April 2018 and discussed the issues. Brian has been a staunch supporter of owners […]
In the #FrenchLeaseback arena, Pierre et Vacances are huge players. They operate 280 Residence de Tourismes, with 50,000 properties, dealing with 23,000 owners! Indeed, they have also moved into the Senior Residences investment area, since these have been given similar tax advantages to the Residence de Tourisme. These are the next investment ‘opportunity’ that could […]