Viking Legal Exits is often asked about how to relinquish an Ownership when there are ‘ In Perpetuity’ Clauses.
On 15 January 2015 a ruling of the Spanish Supreme Court came into force as a result of the aforementioned regulations. Following the ruling regarding lengths of contracts in excess of 50 years, several cases have been presented to court contesting ‘in perpetuity’ agreements where technically there is no end date.
In addition, clients are concerned about the ‘Inheritance’ aspect of their ownerships and what happens about their children’s financial obligations when they inherit.
Due to increasing maintenance fees, the logic of owning a Timeshare in today’s climate may not be as cost effective as it was 20 years ago.
As resorts age, some of these ownerships have become a financial burden and when clients reach retirement age, they cannot factor these costs in to their monthly living budget.
In addition, clients worry that even though they may no longer use them, their children could automatically inherit their ownerships and be saddled with higher and higher fees on ageing resorts.
Viking Legal Exits can provide advice on both the ‘In perpetuity’ and Inheritance clauses so that clients who were potentially mis-sold can claim compensation and those that wish to relinquish can do so quickly and efficiently.
Bear in mind, that generally most resorts do not want clients to relinquish and abandon their commitment to payments of maintenance fees as developers have to cover the costs themselves, so securing legal advice is of the utmost importance.
Some clients have told us that they have already spoken to their Resort about leaving their ownership where translation and legalities permit, have reached an agreement. Other clients however have informed us that the resort cannot be contacted or that they refuse owners any form of relinquishment. Naturally, it’s in their interest that you continue to pay your annual maintenance fee as this is what keeps them alive, but it’s equally important that you know your rights.
Viking Legal Exits is there to help you navigate the complex process of both filing a claim against a mis-sold Holiday contract or setting up the process of renouncing your ownerships and relinquishing.
Independent advice is available on all options and Viking is there to assist you with its team of professional and informed advisors.
What are the next steps?
If after having read these articles, you believe that you fall into one of the categories of clients who have been incorrectly sold a product due to…….
- A lack of the mandatory cooling-off period of 14 days from date of purchase
- Lack of information regarding the cooling-off period.
- Leaving a financial deposit at the signing of the contract or within the 14-day cooling-off period.
- Not having received a contract with all clauses in writing.
- Not having received the contract in your native language
- Being left with the Inability to cancel any financial agreements that were bound together with the purchase such as loans or reportages’, or
- Entering into a contract duration that lasts longer than 50 years.
Or you simply wish to relinquish and relive yourself from the pressure of being tied to costly fees then it is very important you are informed of all the processes and steps that need to be taken, and be fully aware of any current or future costs.
The costs of relinquishing or filing a claim.
With the specialist team of LE in Europe and their association and contacts with all European resorts, the process of relinquishing and giving up the ownership is far simpler, than filing a claim, more cost effective and takes only a matter of months.
Some resorts do make it easier than others, but by law all clients have the option to exit their ownerships and stop paying their fees.
Legal Processes and lawsuits however are more complicated and can, in the wrong hands be very costly.
Generally speaking, a client is liable to pay the costs of any civil and administrative law proceedings themselves, and possibly partially upfront unless it is a criminal case.
Clients need to consider all aspects… from the costs of a procedure:
- court fees, the costs of starting the proceedings;
- costs for a bailiff to subpoena the other party;
- attorney fees;
- costs for experts and witnesses you wish to engage yourself.
Litigation won by the other party: possible costs for the other party
Navigating this minefield is a very complicated process without legal advice.
Even when submitted, and in the event of a successful decision, when the courts can order your opponent to pay your costs in a successful ‘cost order’, to try and secure these yourself and ensure that the business you target still has the money to pay you, is complex.