On 16 March 2015, a ruling of the Spanish Supreme Court entered into force, following the European Directive (implemented in Spain by the Real Decreto – ley 8/2012).
This Directive covered timeshare, long-term holiday products, resale and exchange products and has set a dramatic precedent that has brought about major changes in the timeshare/ holiday product industry.
If you own or have previously owned a product covered under this Directive such a week of Timeshare, Holiday Ownership, Holiday or Exchange product in either fixed periods, point, shares or flexible Fractional ownership then the new laws will most certainly apply to you.
To most people, the whole process of Relinquishment or Compensation is very daunting.
VLE make the navigation of both processes simple and efficient.
Whether applying to exit directly from a resort or filing a legal claim against a mis-sold holiday product our team of professional and informed advisors are there to support you, every step of the way.
The first step is to ascertain whether your particular ownerships allow you to either relinquish or claim.
With the specialist team of VLE in Europe and their association and contacts with all European resorts, the process of relinquishment of ownership is made simple, cost effective and takes only a matter of months.
Legal Processes and lawsuits however are more complicated and can, in the wrong hands, be very costly.
Always speak to a trusted professional who can guide you in the right direction and get all the information so that you can make an informed decision on the route you take.
Legal exits are more than happy to run you through any questions or information that you might need even if you have started the process of relinquishment or claim with another company.
If only for your own peace of mind, we are happy to review the circumstances surrounding each individual position and provide you with useful and practical information with no obligations.
Generally speaking, no. Legal Exits have successfully relinquished and filed compensation claims for people who own a week of timeshare, holiday ownership, holiday or exchange products in either fixed periods, points, shares or flexible fractional ownership worldwide.
You may still be able to relinquish an ownership or submit a claim, depending on how many years you are in arrears and to what point a resort will negotiate.
In some cases maintenance fees must be paid up to date before any legal process can begin, however, in many cases this is not necessary. It is crucial that you speak to an advisor before proceeding so that they can assess your individual case.
The market of Ownership resale worldwide is extensive and yet many resorts however will not acknowledge private resales.
LE and its partners are specialists in the field of resale of ownerships where a current market exists. All relevant checks are conducted into updated fees and all relevant paperwork to ensure that your product is usefully transferred to new owners and that all resorts, communities or exchange entities where relevant are updated.
Some resorts will now allow ownerships of weeks and inventory to be returned.
Generally, they will set a fee and conclude the whole process.
Some however may tie you in to complicated upfront payments for the next few years and in addition, when signing your ownership back, include a clause within the agreement that waives your rights to claim for any compensation at a later date.
Obviously resorts wish to limit their future financial liability but for those who have invested large sums and have no recompense, no longer having this entitlement can be very frustrating.
No, unfortunately not. if you have already made an agreement with your home resort to relinquish your timeshare and have signed the liability clause then you can no longer submit a claim.
Due to the current climate, the dramatic fall in demand for the traditional timeshare system and increasing maintenance fees in older resorts, many clients have been informed that the resort or business they invested with has either shut down, declared bankruptcy or filed for liquidation.
In many cases however there may still be able to submit a claim within a short window of time or apply for funds via the creditors list. This is a legal process that is far too complex, given the laws and in some cases language translations and courts abroad and we strongly recommend that you speak to one of our specialists who can advise you as to whether the costs of the process are worthwhile.