The house is owned by Castelet Combefa Ltd a company registered in the UK and it is the company’s only asset. Each of seven co-owners will hold twenty of the 140 shares in the Company, which owns the freehold of the property.
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 & 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, Valentine’s 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 if 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 all the expenses:
2015/2017 are real expenditure but, they reflect 1 family staying for approximately ten weeks per year. (All expenditure has been calculated in Euros.
Future projections are estimated.
The cleaning is based on 5 hours at @ 20 euros per hour for each change over and in addition 4 deep cleans per year @ 400 euros.
The house doesn’t currently have a TV, landline or internet. The current owners have run a substantial business in the UK and business interests across Europe via the use of a mobile phone for telephone and internet access.
The new owners may wish to change this and if so this would need to be taken account of in the expenditure.