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 […]
Update 16 June 2017 For details on how to submit your complaint to the CCPC see this post. The EU Commissioner for Consumer protection, Vera Jourová, has called for the relevant national authorities to investigate complaints made to her office on cases alleging the mis-selling of French leaseback properties. She has responded to Vicky […]
Update 31 July 2017 The CCPC have confirmed to Brian Hayes that they have carried out a detailed assessment of the complaints they have received. They have engaged with their French counterpart, the DGCCRF. In mid July, they passed details of the complaints to the DGCCRF so that they can investigate at a national level […]
In France, a NOTAIRE is the professional charged with real estate transactions. It is different to Ireland or the UK where a solicitor is the professional who handles the sale of a property. The role of a Notaire is fundamentally different in that he acts for both parties in the sale and is therefore duty-bound […]
As of 14 April, the petition has attained 1,304 signatories and continues to grow. The scale of the problem is enormous, but is at least now gaining recognition at EU level. See above for a breakdown of signatories by country.
Update from Vicky Ford’s office, 30 May 2017: As you are aware, on 6 April Mrs Ford sent a letter to Commissioner Věra Jourová, Commissioner for Consumers, explaining the experience of victims and asking the Commissioner to investigate. Specifically examining the possible infringement on three aspects of EU Directives: 1. Mis-selling of the properties 2. […]