Fool And His Money.....lucky To Be Together In The First Place....gordon Gekko

[ToraToraTora]

http://www.bbc.com/news/uk-41401533
Let's see foreign property deal under French law run by a management company that exist only to harvest fees. what could go wrong?

[Peter Pedant]

yeah it is on Vic Derbyshire at this very moment !
Not my cup of tea

//Further problems come when people try to cancel the management deal at the end of the contract - one woman said she was faced with a bill off 22,000 euros (£19,290).// - from the arteecl ( French see?)

that is where those villainous froggies got the idea of the exit Brexit charge innit ?

( I have to drag Brexit into this somehow .... next in line - muslim immigrants)

Yeah didja notice - the contract guarantees fixed profits and when you say "fine no profits - you arent fulfilling the contract - it is all off"
THEY say - o! o! the contract says in this caser there is a £20k charge!
great if you can get the job

[Gromit]

I was confused by this report. The contract ran for 9 years, not forever. So when the 9 years was up, then surely there is no longer a contract. So how can fees be due for ending a contract that has expired the end date?

[jno]

Does sound a bit strange. Maybe there was a subclause transferring their souls to a management company.

[Old_Geezer]

If the contract has ended how come they need to pay money to the company ? Has the company taken the hint from the EU and decided that as soon as something comes to an end they must be paid an unjustifiable large sum ?

And if the owners were meant to be paid a guaranteed amount of money why haven't they sued the rear off the company instead ?

Must have been a strange contract they signed. Sounds like it should be declared illegal under a good legal system. A society has a duty to ensure folk aren't ripped off by someone who has the law on their side as they fleece their victims. And from reading the article it seems like that's what may be occurring.

[Old_Geezer]

Ah I see PP made the obvious connection already :-)

[Spicerack]

who'd have thought. A risk free investment that wasn't.

[Gromit]

// Buyers were offered long-term deals, typically nine years, with management companies.
Further problems come when people try to cancel the management deal at the end of the contract - one woman said she was faced with a bill of £19,290. //

Surely these handcuff contracts most be illegal under competition rules. Our mobile, gas, electricity, TV companies cannot charge us for switching suppliers at the end of our contracts, so how can these property management companies get away with it ?

[youngmafbog]

That is a good point Gromit. It does all seem very odd.

Still, why dont people read the contract?