UK timeshare

Blue_tony
Blue_tony Posts: 3 Newbie
in Deaths, funerals & probate
Hi my parents bought a timeshare almost 20 years ago with a UK company and only holiday with it in the U.K., they are relatively happy with it and will continue using it, however the sales rep recently try to sell them some sort of buy out option. Saying that otherwise after their death the debt (yearly maintenance fees) would be passed on to their children for years to come. This has obviously worried them as they don't want us/their children inheriting a yearly debt. None of their children (there's 4 of us ) have signed any contract to continue paying this company. Anyone come across this before or have ideas?, This is my first post. So sorry if I've not followed the correct procedure.
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Comments

  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Blue_tony wrote: »
    Hi my parents bought a timeshare almost 20 years ago with a UK company and only holiday with it in the U.K., they are relatively happy with it and will continue using it, however the sales rep recently try to sell them some sort of buy out option. Saying that otherwise after their death the debt (yearly maintenance fees) would be passed on to their children for years to come. This has obviously worried them as they don't want us/their children inheriting a yearly debt. None of their children (there's 4 of us ) have signed any contract to continue paying this company. Anyone come across this before or have ideas?, This is my first post. So sorry if I've not followed the correct procedure.
    Sounds like a scam. Any debt cannot be passed to the children without their consent. However, you would need to see the terms of the timeshare contract to see what your parents agreed to. It is possible that their estate might have some liability when they die.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
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    Dont worry you have followed the right procedure, ,maybe not the right forum but you have some advice to get you started.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
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    Theoretically when they pass there'd be no debt as they'd have paid the annual fees up front.

    So, the question is whether the property then becomes part of their estate and the estate is responsible for keeping up with paying the maintenance/fees .... which is reasonable ... so then you'd be wanting to sell it, no idea how easy/hard that is.

    You need to really check what agreement your parents have regarding options.
  • comeandgo
    comeandgo Posts: 5,742 Forumite
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    When timeshares were being sold in the 80's that was one of the selling points, the fact that you could leave your timeshare to your children for them to use. Nothing was mentioned about the fact you were leaving them a noose around their necks.
    I hope it's not a Macdonalds timeshare. They are not easy to get rid of.
  • Keep_pedalling
    Keep_pedalling Posts: 16,618 Forumite
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    Timeshares are notoriously difficult to get rid of, but those sort of clauses are not enforceable

    For a laugh they could leave their timeshare to the timeshare company in their wills.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Keep_pedalling wrote: »
    Timeshares are notoriously difficult to get rid of, but those sort of clauses are not enforceable

    For a laugh they could leave their timeshare to the timeshare company in their wills.
    If the clauses are unenforceable how can the contract be difficult to get rid of? Just curious!
  • securityguy
    securityguy Posts: 2,462 Forumite
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    Timeshares are hard to get rid of for more than zero. You can't even give them away, but you can just abandon them.

    But if you just walk away, "maintenance" contracts of more than 12 months are essentially unenforceable, and would be held by a court (if it came to one) to be unconscionable.

    The timeshare industry is, sadly, mostly a case of gullible punters being ripped off by disreputable sharks. You could very easily rent a nice holiday home for two weeks every year for the cost of two weeks' timeshare over the same number of years. It only looks cheaper if you imagine you can ultimately sell the asset, which you almost certainly can't.

    They appeal to the English because of the idea that rent is "wasted" money, but "owning it" is somehow "an investment". Timeshare sharks love the British for this reason; the don't both trying to lure Germans in, because the Germans are much more relaxed about rental.
  • Keep_pedalling
    Keep_pedalling Posts: 16,618 Forumite
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    Yorkshireman99 wrote: »
    If the clauses are unenforceable how can the contract be difficult to get rid of? Just curious!

    I ment difficult for the parents to get rid, the children can tell then to go forth and multiply.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    Keep_pedalling wrote: »
    I ment difficult for the parents to get rid, the children can tell then to go forth and multiply.
    Thanks. In which case surely the parents can do the same! However in this case the parents are, at the moment, happy to continue.
  • Pollycat
    Pollycat Posts: 34,681 Forumite
    Name Dropper First Anniversary First Post Savvy Shopper!
    This question rang a bell so I Googled and found this:
    http://www.thisismoney.co.uk/money/experts/article-2698355/TONY-HETHERGINGTON-Even-death-not-rid-timeshare.html
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