Since the activation of Article 50, there has been huge concern on what is going to happen in regards to travelling inside the EU. There are so many rumours’ flying around it’s hard to know just what to believe.
Through the speculation of problems Brexit may be bringing after the transition period, one change believed that we can rely on for certain will be a possible increase in pressure on your bank balance in some way, shape or form.
Exchange Rates
On the subject of what Brexit will mean for your European timeshare, there are many aspects to consider. In the first instance, exchange rates between the British Pound Sterling and EU currencies such as the Euro are in fluctuation; however it might not be for the best with you getting less out of your hard earned money from the UK. On the other hand, you could end up getting more for your money, it can go either way.
Travel Expenses
One of the largest factors is said to be that travel expenses are becoming more expensive, adding that extra cost to your holiday on top of timeshare maintenance fees before you even think about spending money and bringing home souvenirs for the family. It’s not just airline ticket prices that will go up. Brexit may also make food and drink at the airport more expensive and we will likely see an increase in taxes or further limits when purchasing duty free. It could even be necessary to obtain a visa when travelling to European Union countries. Adding yet a further cost accompanied by an unnecessary inconvenience.
Increased Maintenance Charges
The fear of what will happen with Brexit taking over is likely to make more and more owners look to exit their timeshare agreements, leaving the cost of resort maintenance to be paid between less people. This in turn would result in remaining owners being liable for the maintenance fees that could increase considerably.
Travel & Health Insurance
After the Brexit transition, it is possible that you will no longer be able to use the European Health Insurance Card when travelling in the EU. Unless you are lucky enough to have the privilege of private health insurance in the UK that also applies when travelling abroad, then this is a factor to consider, possibly even a cause for concern.
It could also be a requirement to have an international driving licence if you are looking to rent a car while abroad or you may have to opt for more expensive insurance cover.
Consumer Protection
Timeshare owners are currently protected by the EU timeshare directive; unless the Prime Minister secures an agreement that this will remain the same then timeshare owners from the UK will no longer receive the benefits of being cushioned under EU law. This EU directive protects your rights in terms of signing resale contracts and exchange contracts which also extend to various forms of timeshare property including cruise boats, caravans and canal boats. On the other hand, if the contract is made under UK law it will remain the same after Brexit but your contract may be governed by the country in which your timeshare exists.
In conclusion, you might want to wait to see the final outcome on Brexit after the transition period before deciding to rid of your timeshare. However, there are a huge amount of consumers who are already deciding to act fast before it’s too late. Take the time to review the facts from websites such as GOV.UK and the European Union Directive before making any kind of decision so that you can put yourself in a well informed position and make the best decision for you.
https://www.gov.uk/guidance/buying-a-timeshare-in-europe-from-1-january-2021
https://europa.eu/youreurope/citizens/travel/holidays/timeshare/index_en.htm
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