FAQ's & A's
WHAT IS FRACTIONAL OWNERSHIP?
Fractional ownership simply means the division of an asset into shares. If the "asset" is a property, the title or deed can be legally divided into shares. Those shares can then be purchased and owned by more than one individual. Shared ownership of the property and its deed will also entitle shareholders to certain usage rights, in the form of weeks.
Fractional Ownership IS NOT Timeshare! It affords much of the freedom and usage benefits offered in timeshare, however, the fundamental difference with fractional, is that the purchaser owns part of the title (as opposed to units of “time”). As with whole ownership, fractional owners can sell whenever they deem necessary or prudent, releasing the capital growth from their "bricks & mortar" investment.
Fractional ownership allows you to enjoy all the benefits of a luxury holiday home, but with just a fraction of the running costs you might expect with outright ownership. You have the benefits of an additional home for holidays and leisure, without the burden of managing or maintaining the property when you are not in residence. The apartments are available for your use each year.
WHAT KIND OF FRACTIONAL OWNERSHIP IS BEING OFFERED AT THE VILLAGE?
You can purchase a TWELFTH Share (providing 4 weeks use), a SIXTH (8 week), or QUARTER SHARE (12 weeks), depending on your budget and the amount of time you will use the apartment.
Fractional ownership is offered upon the basis that you will own a share in a UK Company which will itself own the freehold of the apartment. Each fractional share can be owned by an individual(s) partnerships or companies. Each share represents a 1/12th of the freehold ownership. Buyers can purchase more than one share.
ARE THE APARTMENTS FURNISHED?
Yes, each apartment will be furnished to a luxurious standard. A full specification will be provided.
WHEN WILL THE APARTMENT BE READY FOR OCCUPATION?
It is envisaged the apartments will be ready for occupation in December 2009. However as soon as you have paid your deposit on a fractional share at The Village, the exchange system can be used immediately providing up to 4 weeks holidays each year.
HOW DOES IT WORK?
A TWELFTH fractional share comprises 4 weeks of usage in each calendar year. The weeks are not taken consecutively: instead you can choose to use your apartment at different times of year, to make the most of the varying seasons. Within your weeks you can enjoy short breaks and longer holidays, rent out your apartment, or lend it to friends or family.
In each year of ownership, you will be able to choose specific weeks in each of three seasons: gold, silver and bronze. Each occupancy week begins on a Saturday.
Each share enables an owner to use the apartment for up to 2 gold season weeks each year, plus 1 in the silver season and 1 in the bronze season. A full explanation of the fractional plan rules is available as a separate document.
IS THERE A MAINTENANCE FEE?
Yes, the annual fractional ownership maintenance fee covers council tax, water rates, insurance, housekeeping, landscaping and upkeep. A proportion of the fee is allocated to long term maintenance and refurbishment of the properties. Each fractional share owner will pay a 1/12th of these costs. Electricity and phone charges are not included, and are charged to your account.
WHO MANAGES THE FRACTIONAL OWNERSHIP SCHEME?
We have appointed The Fractional Ownership Consultancy who have years of experience in managing fractional ownership schemes worldwide.
IS FINANCE AVAILABLE?
Yes, Unsecured guaranteed non status finance is available for up to 100% of the cost of ownership.
CAN I EXCHANGE MY USAGE AT THE VILLAGE FOR ANOTHER LOCATION(S)?
Yes, fractional owners can exchange their usage at The Village for holidays at over 4,000 worldwide resorts and cruises through the RCI exchange system.
WHAT IF I WANT TO SELL MY FRACTIONAL SHARE?
You are free to sell your share independently, and we also offer a re-sales service.
