Fractional / shared ownership in spain

[Jamiet]

Guys,

You may have seen that I have put a post up regarding swapping or selling my house in Spain.

One thing I am certainly very interested in as well is Fractional / shared ownership. I really don't want to lose the ability to holiday in my house as its location is great 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

[carleneg]

Having lived in Spain myself since 1996 and owned property here since 1981, we are seeing more and more fractional ownership schemes. I think this is certainly a viable option providing you get the right legal advice. It is commonly done in other countries and the benefit over timeshare is that there is actually a title deed.