Leaseback Property Purchase in France - An Alternative Investment.
The French now have more tourists than any other country in the world (even ahead of Spain). The French themselves are also major holidaymakers in their own country.
The French government has for many years now acted to ensure there is sufficient good quality tourist accommodation available. In order to do so, and to protect their enormous tourist industry, they established the concept of 'Residence de Tourisme', which is what the leaseback developments are, and to give incentives to those prepared to invest in good quality rental property.
"Leaseback" is a scheme whereby you purchase a fully furnished house or apartment and then grant a company (usually the developer or major rental management company) the right to use it for, normally, short-term tourist lettings. This is usually for a fixed period of 9 years or 11 years
In return you receive a guaranteed income for the duration of the contract and major tax allowances from the French government both to purchase and to set against the income.
The details of the schemes vary but, typically, the contract will state that the company pays all of the expenses in relation to the property - rates, water & electricity charges, community fees, repairs and replacements etc. They will also be required to return the property to you in good condition.
The contract will also usually provide for you to occupy the property yourself free of charge for a period of, say, 2 to 4 weeks per year. If you do not want to do so you can allow others to occupy the property on your behalf or, usually, surrender your right in return for a higher guaranteed income from the company.
Only approved companies can offer leaseback schemes and those that do are usually subsidiaries of major French companies of size and status. The guarantee from them is, therefore, valuable.
This is NOT timeshare. The freehold property is yours from day one. It is registered in your name in the French land registry. You are merely allowing a management company to let your property for most, or all, of the year in return for a guaranteed income.
At the end of the 9 or 11 years the property is yours to do with as you please. You can continue to let it by renewing your contract with the company, use it yourself, or sell it.
For more information, ring us on 01722 413348 or send us your details via email on info@hartfinancial.co.uk
The Financial Services Authority does not regulate overseas mortgages.
Leaseback Property Purchase in France
Leaseback - An Alternative Retirement Option
Leaseback Property Purchase in France - The 'No Hassle' Buy To Let Alternative
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