With so much uncertainty surrounding Brexit, it’s not surprising that many timeshare owners are asking, how will Brexit affect my timeshare?
Tenerife, Portugal, Spain and Greece are among the most popular destinations for British timeshare owners. And many are starting to ask, what will happen to the cost of owning a timeshare after Brexit?
Well the cost of being a holiday club member or timeshare owner is more than likely to go up as the Pound to Euro exchange rate fluctuates and the pound suffers the after effects of Brexit. The cost of maintenance fees and resort taxes will rise with the exchange rate, meaning your annual bill could increase significantly. And so will the price of flights to and from European destinations. Many timeshare owners are already concerned with the financial burden their timeshare is having on them, add Brexit into the equation and this might be a great time to consider exiting their timeshare contracts.
The government has issued the following advice for Timeshare owners worried about Brexit:
We are taking all possible steps to provide continuity for consumers and business in both the UK and the European Union. We will keep existing high levels of consumer protections in the UK.
Before the UK leaves the EU
Your rights as a UK consumer will stay the same while the UK remains in the EU. Currently, you are protected in the same way by the timeshare protections wherever you are buying your timeshare in the EU, and wherever the timeshare property is located in the EU.
Your consumer rights if there’s a deal
Under the Withdrawal Agreement, there will be an implementation period until December 2020 where your consumer protections will be the same as they are now.
Your consumer rights if there’s no deal
If we leave the EU without a deal, the protections you currently have when buying timeshares will stay the same if the contract is made under UK law.
If you enter into a contract in an EU country after the UK leaves the EU, your contract may be governed by the law of that country rather than by the law of the UK. The EU directive relating to timeshare will continue to apply across the EU. However, your protections could differ in each EU country depending on how that country extends protections to non-EU citizens.
As a result, you should make sure that you are provided with clear information and legal advice before your buy. EU law says that timeshare contracts must be written in the language of the consumer’s own EU country. As the UK will no longer be in the EU, you will no longer be able to specify having the contract in English though you will still be able to ask for it to be in English. You should not agree to any contracts that you do not understand.
Is now a good time to end your timeshare agreement?
If you don’t want to risk it and see what happens after Brexit, now could be a great time to talk to one of our timeshare experts to assess your timeshare contract.
No-one really knows how Brexit will affect your timeshare or holiday club membership in the long run. However sometimes it pays to be cautious and not take the risk of waiting to see what happens, especially when it already costs you more than it’s worth.
People who enter into Timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the Timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of Timeshare owners and offer fake products, along with Timeshare exit schemes. Before agreeing to any Timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.
It is also important to remember that purchasing a Timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these type of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a Timeshare or a ‘Holiday Points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Money Back Claim.