Guys,
In order to finance a house move here in the UK it looks as if I am reluctantly going to have to sell my townhouse in Spain.
One thing I am interested in is Fractional / shared ownership. I really don't want to lose the ability to holiday in my house as its location is great (5 start golf resort) but as a family we just don't use the house enough to warrant keeping it.
We have decided that because we do not use the house more than approx 5 weeks a year it may make sense to offer others the opportunity of owning a holiday home but without the massive financial burden.
The property is currently valued at approx £155,000. The plan would be to keep the house, between 4 owners (i.e. a quarter share each), for say 10 years and then sell it (everyone then receives a quarter of the sales value). People could of course sell the quarter share whenever they wished. Everyone would be named on the deeds and would be entitled to 13 weeks occupation per year (people could rent the property out if they wished during the 13 weeks) and you could take advantage of the current website.
The down side is that the purchasers of the quarter shares could not raise a mortagage or any borrowing on the property and would therefore have to raise the finances themselves (circa £40,000).
What is everyone's thoughts?
JamieT
This is a very intriguing deal. Are you still offering this, or if not, what became of it? Did you get any takers?
thanks,
-jim
