Beware of Costly Timeshare Agreements
What is a Timeshare Agreement?
Timeshare agreements have been around for many years and we have come across many different names which timeshare providers may use. For example, one common phrase trending at present for these agreements is being an owner of a ‘Fractional Share’ in an apartment. The key word to look out for is having a ‘share’ in a property or apartment. Our timeshare solicitors in Leicester have seen a wide range of different types of timeshares over the years.
There have been many complaints by timeshare owners that they were misled when purchasing their timeshare agreement or were put under pressure when making their decision.
Is there a Code of Conduct?
Many timeshare providers have signed up to the Code of Conduct provided by the Resort Development Organisation (“RDO”). This ensures that there is always an exit programme in place should you change your mind about your investment in the future.
Before you get involved in any kind of timeshare, you should check to see if the provider is signed up with the RDO.
Common Themes
One of the most common themes that we have come across is that timeshare purchasers are typically offered a free holiday and are sold these timeshares at their hotel when attending a compulsory presentation. Please be alert to any suspect or unusual calls that you receive.
From our experience one of the key concerns timeshare holders have is finding out that they will need to pay maintenance fees on their timeshare apartment. This cost usually increases on a yearly basis for a specified term i.e. 20 years.
Please be aware that these maintenance costs can be very expensive affecting your finances long term!
Can you get out of timeshares?
There are now a number of “claims companies” that have moved on from claiming PPI and are now trying to help people cancel/terminate/be released from their timeshare agreements. We are expert timeshare solicitors and have many years experience in dealing with timeshare matters.
The simple answer to the question, what to do if you want to get out of a timeshare is that its not simple.
In short a timeshare is usually a life or very long term contract and therefore if you want out, you need to sell your timeshare. Usually, if you’re selling becuase the maintenance costs are cripling, no one else will want to buy your share. So what other options do you have.
Our expert timeshare solicitors will first look to see if the timeshare was missold. It it was “misrepresented” to you, and you entered into the contract as a result of what they said and that was not true, then we can seek to terminate the contract.
Otherwise, we will need to see whether the contract is valid and whether there are any grounds to terminate. For example, the death of a co-owner may sometimes allow termination of the contract.
Do you need some advice?
Please give us a call if you need help with a timeshare that you have purchased and to discuss your options. For confidential legal advice please call our team of Specialist Time Share Solicitors on 0116 255 1811.
