TRIED, TESTED AND REASSURINGLY SIMPLE
Our method of Part Ownership is tried, tested and reassuringly simple. A group of individuals or families own all the shares in a U.K. Ltd Company whose sole asset is the house, contents and grounds.
The company, known as The Castelet Combefa Ltd, owns the property and its freehold and the shareholders, by subscribing for shares, own the company. As the company cannot die (therefore there is no complicated foreign inheritance tax to worry about), the shares and the house are held forever (in perpetuity) for the shareholders or their descendants.
Put simply, the company owns the house and the shareholders own the company.
The current selling price for a share in the co-ownership of the property is £85,000 plus legal fees and expenses.
The year is split into three blocks and each co-owner has seven weeks at the house every year, consisting of a three week block in period B, a two week block in periods A and C. Approximately twice every seven years, co-owners get an eighth week and this will be attached to one of the two week blocks. Each year at the company’s Annual General Meetings in the UK, co-owners elect a Chairman, Secretary and Rota Officer.
The Rota Officer supervises a rota whereby over a seven-year period, co-owners experience every week of the calendar year. So co-owners will get Christmas every seven years, Valentines Day every seven years and so on. All seasons will be experienced over each seven-year cycle.
The scheme involves the employment of cleaners between visits, a gardener and during the summer season a pool maintenance company. At each A.G.M. co-owners determine a Service Charge for the year to pay for the cost of this work, for utility charges and for any other expenses agreed by the co-owners.
Each co-owner has 1 vote on all matters if a vote is called and a co-owner owns more than 1 share they still have only 1 vote.
The house is furnished as per inventory and each co-owner will have access to a storage container in the garage where they can house their own personal belongings between visits.
Breakdown of expenses (in Euros):