Leasebacks and Odalys

G

gubu

Guest
Has anyone had problems with Odalys? I know Cuddles had a problem some months ago and I wonder if that's sorted. I am one of a group of Irish investors who are in the middle of a dispute with this company in relation to a leaseback property at Gassin (just on the edge of St. Tropez). Our complaints relate to the poor standard of maintenance, the poor rental return, late payment of rent etc. etc..... We are considering legal proceedings and we are wondering if there is anyone who has had or is having a similar experience.
 
Please see the other thread I've just made another couple of posts. Basically the rent is getting later and later every quarter with no explanation except for once when it was a "computer problem". I can't find any other English owners at my complex but others like yourself are obviously having similar problems. I don't pay a management charge at all so you've obviously got a double problem from the sounds of things - high charges and no or late rent?
 
Yes, our problem is much more serious. There are about 15 Irish investors in the complex at Gassin - Caesar Domus. The rent is just over half what we were told by the agent when we bought, but because these representations weren't in writing our lawyer in Paris tells us we have a very poor case. The apartment complex is disgracefully managed but when we raised that at a General Assembly (A.G.M) last year we were told that as we are the apartment owners we will have to pay for any upgrading or additional maintenance! I am trying to find out if there is anyone out there who has had similar problems with either Odalys or leasebacks in general. We actualy managed to get a meeting with two Odalys representatives in Paris but they just stalled and made vague promises which ultimately amounted to nothing
 
Hi Gubu
We have at last got our rent paid on the 31 October when it used to be paid around about the 7th of the month following the quarter end. I've even managed to get an e mail apology from the department in Odalys which deals with rent payments although what I was really asking for was the reason why it was late. Needless to say the explanation was not forthcoming. We have a French accountant who has a lot of English owners of leasebacks through Odalys and although she was aware of the computer problem causing the delay earlier in the year because a lot of her clients had been in touch with her, she hasn't had any issues raised since, other than from us. She appears confident that there are no financial problems with Odalys (I was worried that they might be having cashflow problems) and her view does seem to be that they are a reputable company. We had a look at our apartment which is on a complex with hotel, restaurant etc etc in Argeles when we were on holiday in France in September and everything looks clean and tidy and well managed. We purchased originally through The Property Association were they your agent? It sounds as though your agent might not have been as professional as you would wish to expect and misled you in the first place?
 
Odalys Problems with rent

The late payment of rent is starting again with Odalys. They don't reply to e mails and they don't answer the phone. Are they having financial problems?
 
I don't know about Odaly's. There were problems last year in relation to French leasebacks and management companies. Some people managed to get it sorted out. Particularly if everybody pulls together. In the case I'm referring to the French owners decided to sort it out and asked the Irish/Brits to join them, which they did, and it was successful and all is back on track. I know this did not apply to all cases. But there is oddles of stuff on it on the web, I know because I had to help a relation on it.
 
Hello,

We've had more than our fair share of problems with past French Sale & Leasback operators - "rent guaranteed" it said and stupidly we all fell for it, without ever actually considering if there was infact risks to consider.

The French Government did no more to monitor of screen the various operators under these schemes, than the Irish Government did to consider what planning permissions to approve in respect of S.23 / S50 properties across the country.

Cutting to the chase, there are some good and some not so good French solicitors - you need to engage one, ideally on behalf of the group of investors.

Get a meeting togeather of as many of your fellow property owners as you can ... post on the websites and possibly put a small advert in the newspaper calling on fellow investors to make contact. If the sales agent is still in existance, then get them to send out an email to all of their customers, asking them to contact you & then arrange a meeting.

At the meeting, take all contact details of all investors, ask for volunteers (see if you can you get any accountants, solicitors, bankers, property people, a couple of people with decent French language skills and someone who can design a simple website for you all to communicate through etc onto a committee to help out). Also ask everyone who attends to make a small contribution to help raise some funds to cover costs .. a small amount at first, then further funds can be requsted if costs continue to be incurred. Ensure there is full transparency with regards to all funds, nominate a Treasurer etc and have a seperate bank account opened for the purpose, the keep good records.

Then, engage a solicitor in France to represent your Group. Get one that speaks English and has a history for dealing with these things - as mentioned, do some research on the web and you'll get some references. Anyone you consider appointing, ask for references in Ireland and the UK and do check them out.

Also, speak to your French Accountants / Tax advisors, they may be able to help recommend professionals in France to you, who may be able to help.

Depending on how things you, you may also need a professional to translate French documents into English, for both yourself and fellow investors to understand and discuss.

Finally, don't forget to contact your Banks if you have mortgages on these properties, as soon as possible and request that they give you (even short term) assistance. In my experience, most will after some pressure, with the likes of BNP trying to charge fees of over €127 for the likes of three month interest only facilities - simply resist them and refuse to pay them, continue to complain and escalate your complaints if they try to impose such fees and usually, they will back down after some pressure - assuming you continue to make regular payments, for at least an initial period of time.

Odds are, there's problems ahead for Odalys if your experiencing the problems mentioned .. it's been the exact same on three different occassions in the past, with former operators at locations I'm familar with.
 
Odalys are having big problems

Hi Guys, We bought an apartment with Odalys last year. We have never been paid on time. We used to be able to call the Service Propietiare which is now closed. The Service de Devlopments does not answer anymore. Our broker fails to reply. No one replies to our emails. So I am meeting with our lawyer next week to try and force them into payment.

We recently found out that the building is in a dire state (despite being new) and that it was sold to us under false pretenses. In France the builder/owner/notaire are all obliged by law to inform the buyers of any damage to the building, anything wrong with the building, etc. They never mentioned anything when we bought the property.

We found out that several months BEFORE we signed the papers the building had gone through 4 different building inspections and failed them all. There are huge cracks in the walls, water is seeping in through ceilings, walls, roofs, etc.

We are now suing the builders and trying to get our money back and hand them back the keys. It will be a long and painful experience.

If you would like any further information please do not hesitate to get in touch.

I really hope things work out for you.
 
hi have leaseback in south of france for last 6 yrs and now cannot contact ODALYS . rent to be paid quarterly--but no reply to emails or phone calls
time to press the panic button???
 
Panic Aboard

Hi Catherine,

Yes, pretty much time to panic.
Odalys are being sold....no buyer as yet.

Try contacting Mr Jacquot directly (don't mention where you got the information from please): [email protected]

Good Luck!!
 
Hi,

I too appear to have to chase Odalys year on year to obtain the rental income for the Canal Du Berges site in Beziers. They keep it well and Reception etc are very good with everyone, but payment to the client(s) is always very slow. I am still waiting now, it is due at the end of each year.
 
I too am with Odalys and have had late payments. Our contract is due to finish in 2017 and was wondering if anyone has set up their own management company? Also can anyone recommend a good solicitor if we decide to continue with Odalys and want to make changes to the contract?
 
Back
Top