Debt question relating to the management company

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30 May 2015 16:38 by woottong1 Star rating. 12 posts Send private message

Hello, can anyone answer this for me....... We are thinking of buying a small studio apartment on a complex which is made up of some owner/occupiers, some holiday lets and some time share holiday lets.  The time share company are in the debt to the management company for over 100,000 euros but are in negotiations to slowly pay it back.  What are the implications to us as private buyers if there is this debt?  Will we suffer in any way, apart from the obvious possibility that the complex will not be maintained as well as it could be.  

Would be so grateful if anyone knows as we are not sure whether to purchase or not.

Many thanks





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30 May 2015 17:26 by Tadd1966 Star rating in Los Montesinos. 1755 posts Send private message

Sounds very complicated and I would question why anyone would even consider buying on this complex especailly as there are so many properties for sale.

Maybe you have your reasons and I wish you luck but for me this would be one to walk away from as quick as I could

Before you part with any money get some professional legal advice

Good luck



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31 May 2015 08:26 by windtalker Star rating. 1708 posts Send private message

Walk away wy buy into trouble from what I can see property's to purchase are plenty full so carry on looking but personally I would not by on a complex of any kind the yearly maintenance charge's are very expensive why don't you look on a urbanisation you will find that the upkeep a lot cheaper for instance I only pay council tax at 350eu per year l have a place on Camposol we have a 18 hole golf club /two small shopping centers plenty of restaurants and bars and people that live hear all year round as well as holiday makers so carry on looking their just mite be something better just around the corner good luck.

 

 


This message was last edited by windtalker on 31/05/2015.



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31 May 2015 08:52 by Team GB Star rating. 1245 posts Send private message

Team GB´s avatar

Wootong1

At the moment the 100k owed by the time share company will appear in the community accounts as a debtor and the amount will be in the 'outstanding' column, However if this debt ever becomes un receivable for what ever reason (time share goes bust etc) then the amount will have to be put in the 'liabilites' column which means that all the other owners will have no choice but to share the debt proportionally.

Probably best to walk away



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01 Jun 2015 07:57 by Hephaestus Star rating in The Peak District Na.... 1235 posts Send private message

This will have been caused by the time share company increasing owners annual service charges out of all proportion. They then stop paying and find that all the time share company can do is to threaten erroneous acrtion that would never make it to the steps of a UK court house. The time share company should be able to repossess units where the owners have not paid their annual  charges, they in turn are then responsible for paying the managment charges, it should be quite easy for the management company to do the same to them if they don't pay their dues and demands.

My advice is to talk to actual property owners who will be able to give you chapter and verse on the current situation. It may be a case similar to what happened to my wife and I, we had one weeks time share that cost us circa £500, 30 years ago, we used it for exchanging and always paid the annual management charge, unlike the majority of owners, we and the few remaining paying owners were paid £2,200 per week owned to recind our ownership claims, the units were then sold off.

 


This message was last edited by Hephaestus on 01/06/2015.

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01 Jun 2015 08:42 by woottong1 Star rating. 12 posts Send private message

Thank you to everyone who has taken the time the reply to my question.  It was very helpful and we have taken the decision to walk away.  Shame because we loved the place but no point asking for advice, then ignoring it!  Once again, thank you.





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