Answers to common questions about Co-Ownership
What is the buying process?
Each property is owned by a Company and people buy shares in the company. This can be as few as 2 shareholders but usually 4 and sometimes 8 'Co-Owners'.
For example, 4 owners would purchase shares which would be equal to 12 weeks usage per owner, per year.
How is this different to timeshare?
Co-Ownership is completely different as you will own shares in the company that owns the property. These shares can be transferred or sold at any time.
Whereas, a timeshare contract is simply that. It is a contract that gives you permission to use the property for 1 or 2 weeks each year and in some locations for a limited number of years.
How do I calculate my total purchase cost?
The amount quoted for each fraction is the total price payable.
This includes all furnishings, legals and set up costs.
What are my annual costs?
Each Co-Owner will pay a proportionate share of all running costs for the property. This includes utilities, insurance and a contribution to the sinking fund to cover maintenance and repairs.
Property management and rental service costs will be dependent upon the location of the property. Please ask for detailed information for your specific property choice.
When can I use my property?
Each owner's usage is rotated over a four year cycle, so it is fair to all the Co-Owners.
We will provide you with the calendar for your specific property prior to purchase.
When and how will the property be maintained?
One week each quarter is allocated for regular maintenance and repairs. Any urgent issues which may affect the enjoyment of the property will be dealt with immediately. This ensures that the property is maintained in pristine condition.
How do I sell my share in the property?
You are free to sell your share at any time, subject to offering it to the other owners first. If the other Co-Owners do not wish to purchase your share, we can market it on your behalf. You can of course advertise it yourself or place it with a property agent.
Contact us
To reserve a share or for further information, please contact us and one of our team will respond
Telephone: 0141 628 9896
E-mail: neil@leisurepropertyoptions.com
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Registered address: Summit House, Horsecroft Road, Harlow, Essex, England, CM19 5BN