How Will Brexit Affect My Timeshare Sale?
If you’re in the process of trying to sell a timeshare got in the EU, you’re probably starting to wonder how this whole Brexit thing is going to affect it. It’s a good question, and with Article 50 already triggered, there are changes on the way. As of yet, there are still a lot of unknown factors involved, and lots of educated guesses are having to be used. Even so, every day the picture grows a little clearer. So, to keep you abreast of everything that it might be useful to know, we’ve compiled this short advice guide on how Brexit could affect your timeshare sale.
Because Brexit has brought about the weakest performance of British Sterling for many years, your timeshare maintenance fees are set to rise, meaning it might be harder to find a buyer for your timeshare.
Why is this? Because the value of the pound is plummeting and most maintenance fees are charged in Euros. Therefore, as the pound becomes less and less valuable compared to the Euro, your maintenance bill is set to rise considerably.
Obviously, this is bad news. It means that, for as long as it takes you to sell the timeshare, you’ll be paying more money for each instalment of maintenance fees. It also means that private buyers are likely to be less keen to purchase your timeshare because the raising fees are a turn-off. On top of that, the future of Brexit and the UK is so unpredictable that there is always a risk that fees will become even more expensive moving forward.
Of course, the opposite may also be true; the UK economy and markets may settle and sterling may recover. I’m afraid when it comes to selling your timeshare, it might be a bit of a waiting game.
Changing Laws and Consumer Rights
Because most UK timeshare holders have properties based in the EU, there is now the possibility that, with the UK leaving the EU, consumer rights and laws will change. There is a chance that this will cause complications for the relationship between UK citizens European law. As a result, private buyers may be tempted to hold off until the new laws are clear.
For UK nationals living in Europe, there is also the question of whether or not they will be allowed to remain living abroad. There will almost certainly be the need for a Visa re-applications.
One common method for selling a timeshare is to sell it to a specialist company, one that deals with the buying and reselling of timeshares. There is a chance that the uncertainties of Article 50 will create nerves. They may be more reluctant to purchase timeshares within the EU because they still don’t know whether or not it will be a wise investment. There is too much risk.
This is not to say don’t approach them and ask, but be prepared for the possibility of refusal.
Analyse your contract
With all of this uncertainty and potential risk surrounding timeshares at the moment, selling will be more difficult that it has been. So maybe it’s time to take a close look at your timeshare contract.
It is possible that the contract you signed is in breach of the law. If so, you will be able to have the contract nullified and may even be entitled to compensation. Dig out your contract and look for these three things:
1. Perpetuity Clause:
If your contract locks you in for more that 50 years, it may be in breach of the law. Contact a good timeshare lawyer.
2. Cooling off period:
A cooling off period is a stretch of time, starting when you sign the contract, in which you are entitled to cancel your timeshare without repercussion. During this period, usually about two weeks, the timeshare company are not allowed to take any sort of payment from you. If they did, contact a lawyer.
Most timeshare contracts designate a specific period of time, the same each year, in which you are entitled to access the timeshare property. However, some timeshare companies use a flex-time method. This means that you have to negotiate, year after year, with your fellow timeshare holders t decide when you can have access to the property. If your contract contains a flex-time clause, contact a good lawyer, your contract may be in breach of the law. If so, you can get out of it and maybe even receive compensation.
- Saturday, 15 July 2017 14:14