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French Leaseback Property - EU Petition on Mis-selling

  • 22-01-2017 10:06am
    #1
    Jenn.ie
    Registered Users, Registered Users 2 Posts: 15 ✭


    Hi,

    for any of you out there who bought a French leaseback investment property and have experienced any of the issues below, we have set up a petition to pressure the EU to address the problems and the Irish Central Bank to regulate the selling of these financial investment.

    Please sign, it will only take a few minutes. It can be found at:

    French Leaseback EU Petition

    Issues:
    • guaranteed rent' not paid (property sold for inflated price on basis of 'guaranteed' rent but this level of rent was never sustainable in a valid business plan)
    • rent reduced
    • operator going into receivership
    • eviction penalties demanded by operator (tenant) at end of lease if not renewed
    • no information at point of sale on eviction penalty at end of lease
    • re-possession by French mortgage-providing bank
    • lack of engagement by French mortgage-providing bank
    • higher maintenance charges than indicated at point-of-sale
    • mis-leading information on nature of property at point-of-sale (property (
    • described as 'freehold' when it is part of a 'Résidence de Tourisme' which is not an ordinary 'freehold' property)
    • no advice whatsoever from French Notaire in buying process (deed of property states the lease component - all bound up together)
    • lack of promised maintenance by operator tenant
    • developer not informing on obligation of set up of Syndic de Copropriétaires as required by French law (instead marketing material says all maintenance take care of by operator holding lease)
    • etc.

    We have met with Brian Hayes MEP who is progressing the action.
    Tagged:


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