For anyone who has bought property abroad... We also fell into the trap of a dream which involved retiring in the south of France. We bought a quite expensive two bedroom lease back apartment in 2007. This means you buy a property tied into a hotel group or management company, you can use it for some weeks of the year and the management company rent it out in the high season times and pay you a fee four times a year. It is backed by the government and we got pretty good mortgage deal and some VAT back. That is what makes it attractive to buyers.
Then the recession hit, so the management company had problems paying our rent. After all of these years struggling to get through it and pay our french mortgage, we finally got a chance to sign out from the management agreement and go it alone and rent it out ourselves, to try and make some good out of this glorified timeshare.
Not only have the management company behaved completely dishonest and unethical, the maintenance company is also as dishonest, by not repairing what they say they have and removing our washing machine from our apartment!
I found this out this morning when having secured a two month rental contract a couple of weeks ago, with a so called honest person, whom has decided he's not bothered paying our rent either!
Am I naive? Shouldn't I expect honesty in today's world?
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