We would like to build a clearer picture of exactly who the key players were in the sale of problematic French leaseback properties. To do this we’re asking people to complete a very short survey telling us who was involved in your original leaseback purchase. By creating a profile of the various parties involved, we […]
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 petition on Change.org to secure justice for beleaguered purchasers of French leaseback properties has been submitted to the French and Irish authorities. We are awaiting a meeting with the European Commission and hope to present it in the next month to Ms Marie-Paule Benassi, Acting head of Directorate E: Consumers at DG Justice and […]
The DGCCRF investigation into the complaints submitted by Irish and UK purchasers of French Leaseback properties continues. Brian Hayes, MEP, contacted the DGCCRF to request an update on their investigation back in July 2018, and the Directrice Génerale of the DGCCRF Ms Beaume’unier, replied in Oct to say that they had received 250 complaints from […]
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 […]
Many owners were forced into a mortgage default with their French bank when the ‘guaranteed’ rent they were promised (and promised contractually) failed to materialise. In France, such mortgage default is followed by an order for re-possession of the leaseback property. At this point, many owners are only to glad to have the property taken […]
The French Direction générale de la concurrence, de la consommation et de la répression des fraudes (DGCCRF) have finalised evaluating all the data provided by its CPC counterparts and is launching a nation-wide inquiry on the acts covered in the complaints, which have also affected a large number of French consumers. We have been informed […]
In 2012 the French government agreed to rescue Crédit Immobilier de France (CIF), after conceding defeat in attempts to find a buyer for the struggling mortgage provider. According to an Irish Times report at that time, it had been up for sale for a number of months, but its fate appeared to be sealed when Moody’s cut […]
There are many purchasers of French leaseback properties that have defaulted on their French mortgage due to the absence of rent that was promised in the original lease contract when they agreed to purchase the property. Many of these have had the property re-possessed by the French bank and have had a judgement made against […]