Fractional Ownership Contracts and there ever increasing irregularities.

In both Europe and the UK, it appears that laws have been breached with regards to Fractional Ownership Contracts.

Many timeshare developers over the past 50 years have renamed and remarketed their products from “fixed week” systems to the infamous “Floating week”, then from Floating week timeshare to “Points” based clubs.  And now in an effort to evade legislation or to offer yet more substantial profits, some resorts are yet again recreating what we can only describe as corrupted and misleading; a new package called “Shared Ownership” or “Fractional ownership”.

Unfortunately issues within the timeshare industry will never cease to exist, as the products sold will always be reinvented.  Hence, today we write about the discreditable “shared ownership,” scheme which seems to have reared its ugly head yet again.

The product of joint ownership is certainly appealing and logistical, along with the description and the enticement who would not indulge.  However, all is not to be how it appears.  Owning your own property in the warm sun seems appealing to all, however, in many contracts you own nothing and the warmth of the sun will only be felt if your fractional Ownership is available at the time you require.

Timeshare resorts sell the product and market it as “the sale of a lifetime of dreams”, however, the contract and its contents surpass the expected. In simply terms, you will be deemed to pay excessive amounts expecting to own something, however not yet realising that you don’t own anything as the selling of the product could be a deception. The shared holiday property you presume you have attained in some cases is actually non-existent.  The assumption of this is that upon acquiring the Fractional Ownership product in most contracts you are instantly giving away the acquired right of ownership to the resort in exchange to become a member of a timeshare “Points club”.

Acquiring a Fractional Ownership, one would expect a better benefit, however, this is deemed not to be the case; you are simply moving from one contract to another.

To own a Fractional Ownership means you must own something.  If you acquired the ownership in Spain, we are pleased to inform you that you have legal rights and you are entitled to various options to opt out of your contract:

1. You are legally entitled to claim the amount you paid back from the resort
2. Exemplary damages to the amount of 100% of the amount paid under Spanish statutory terms
3. Reclaim all maintenance fees paid to the resort in support of the unlawful product you have been sold
4. It is also possible to terminate the supporting loan

We would like to hear from you if you think you have been mis-sold on the fractional ownership scheme. Please see contact details below.

For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk