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But, either you can no longer afford one due to the current high property prices. Or, are simply not prepared to pay out so much for something that you will only use from time to time. You have a nice home and therefore want your holiday home to reflect this, home from home with quality furnishings. You want some input into your Holiday Home, just as if you owned it outright yourself. You may want somewhere you can use several weeks or even months a year. So Time Share is out on all these points. You may already own a holiday home but now wish to release some capital and also share the expenses particularly now most council tax on holiday homes has been increased to 90%. The Answer is simple. Find someone who is like minded to share the purchase and all ongoing costs. Just think. A property costing £250,000. spilt between five people, equates to only £50,000. each. Or with a property costing say £150,000. split between five people, equates to only £30,000. each. Five people would each have the use of it for ten weeks a year / almost two and a half months, allowing two weeks void period each year for any maintenance work. You will own a Share of the property, so unlike some Time Share properties, the re-sale value should keep in line with the property marked and inflation. You can choose how many others you wish to share with and have in your group. How we can help. Our job is to put like minded people together to form a small owner group. Find a suitable property. Make all negotiations on behalf of the group to purchase the property. Form a legal body to which each group member has an equal share, and oversee the whole transaction. Please note that we are working for you only. We have no ties to any Builder, Developer or Estate Agents. Great idea, so how do you go about it. There are two options that we can offer. Option A. You form a group, which we arrange for you, we then find the property and instigate any work that is needed. So the normal stage of events goes something like this. 1. You choose an area where you would like to have your holiday home. 2. You state your purchase budget. 3. You state how many other people you would like in your Group. (2 & 3 will determine the purchase price of the property plus fees.) 4. We then go about finding other people who are looking for the same priced property in the same area as you are looking. 5. Once we have established enough people to make up a group, we will arrange a meeting between all interested parties to discuss the proposals of the Group. An agreement will be reached stating the policy of the Group. It is up to the Group exactly what this document should contain. But, it will form the basis on which to proceed and conclude the transaction. 6. Following our brief from the initial meeting, we will normally try to find at least three suitable properties for the group to inspect. Should a group or personal visit to these properties not be possible, then photos and videos can be provided. 7. Once a suitable property has been found, we will then arrange the legal formation and entity of the Group, and at the same time arrange the purchase of the property, which will be solely in the Group's name, we take no title to any part of the property unless we apply to become an equal group member in agreement with the Group. 8. It is at this time also that you will need to have all your funds in place and made available to our Solicitors. 9. Following legal exchange of contracts we will arrange a meeting with the group to discuss and agree on what work in way of alterations, modernisation and decoration, if any, will be carried out at the property. We will then acquire design proposals, and obtain estimates, so as to be ready to commence work as soon as possible following legal completion. ( It will be up to the Group to decide if they want us to undertake this project for them or to make their own arrangements. ) 10. Following legal completion we will arrange to undertake for what ever work, if any, has been decided. We will monitor the work, providing ongoing progress reports to the group on a regular basis when extensive work is carried out. 11. Upon completion of all work, a date is set to commence occupation of the property. 12. We can continue to provide management services for the Group should they so require. Remember we are working for you. We will do as much or as little as the Group wants us to do. Option B. For those of you who already own a Holiday Home and who now want to share it with others. We will try to find you suitable partners, and will form a group for you as in option A above. Please note that there is no charge for registering your interest, and currently we are not charging for advertising your property on our Web Site including photographs of your property that you supply. But, please only register if you are serious about sharing, so as not to disappoint any potential partners. Allocated Usage. We do not recommend setting a fixed calendar, as one of the main attractions of being a member of a small Group of owners should be it's flexibility and ease in which to make arrangements to everyone's needs. However, if the Group prefers, then there is no reason why a rota of occupation can not be implemented. We will however assist in this should the Group prefer. Each Group member will be entitled to their equal share of say fifty weeks per year, or fifty two weeks if no void / maintenance period is needed. Obviously under this scheme, if you do not use all your days in any one year, they can not be carried forward, unless you swap them with another Group member. Renting / Letting. It is strongly advised that the Group does not rent the property, even during void periods, and this should be included in the final Group agreement. The amount of expense and problems this can attract is likely to eliminate any income gained. It is of course permissible to allow friends and family of any Group member to occupy the property within the number of allocated / share days of that particular member. Selling Your Share. Should you wish to sell your share of the property at any time, then it will be up to you to find a new shareholder that is acceptable to the Group. We can help you with this. The property will be valued in the normal way, and your share will be proportioned accordingly, this will be the amount you receive following the sale, less any expenses incurred. Therefore unlike some Time Share properties your Group Share should keep in line with the property marked and inflation. ( Property prices can go down as well as up. ) Fees and Costs. Once we have enough people to form a group we will write to each person and ask for a group formation fee of £100. each. This is to cover our initial expenses and to eliminate time wasters, people will generally only write a cheque if they are serious. Once all have replied we will contact each person to make arrangements to proceed. Upon the unofficial formation of a Group, as detailed in item 5 above, we ask the Group collectively for an expense account of £1,000 : 00 credit, to cover our costs including travelling etc. in finding a suitable property, a full itemised record will be kept. Our expense fund must always be in credit and therefore additional funds may be needed. However any surplus funds will be returned to the Group. Any Group member resigning part way through, will have their portion of the balance of fund at that time returned. At this stage a new Group member will have to be found. To undertake all work necessary from the point of the unofficial formation of the Group to the time of legal completion of the chosen property, we charge a one off fee of £5,000 : 00 to each Group member for Groups of between four and six members. For smaller and larger Groups we will quote individually. ( This fee does not include items 9, 10, 11,12, above, which will be quoted separately.) Payment Schedule: Immediately following acceptance of an offer made by us for a property on behalf of the Group, all group members must make their FULL funds available to our Solicitors which will be paid into a clients account, to include: Your Share cost of: The property. The Surveyors fee and any other such specialist surveyor fees such as Structural Engineers, a Drain survey, Gas and Electric safety inspections etc.. The cost of the legal formation of the Group. The cost of the conveyance work together with any other associated legal fees. Any miscellaneous costs. Our fees for the formation of the transaction. Our fees are paid / released by the Solicitors at time of exchange of contracts. All costs relating to work being carried out on the property and organised by us, must be paid by the Group in full and in advance of the commencement of any work. The Next Stage. Send us an e-mail stating: The location that you are interested in. The budget you have to spend. The ideal number of members in your Group. Or, if you already own a property that you would now like to share, please send full details. There is no cost to register your interest. But please, only register if you are serious, as it will only disappoint and waste the time of those who are serious. E-mail: Ellproperties@aol.com In the SUBJECT LINE please write: Property Share UK ( Otherwise our SPAM filter will reject it. ) SOMEONE MAY ALREADY BE INTERESTED IN THE SAME AS YOU SO CLICK HERE FOR SOME OF OUR CURRENT ENQUIRIES.
ELLIOTT PROPERTIES P.O. Box 46 Heswall Wirral CH60 9LR. Tel: 0774 788 8181.
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You would love a Holiday Home here in the UK.!!