Hi
Is anyone aware of any problems experienced by private owners to Monte Santo? Ie The management trying to screw more money out of owners

The current Management Company at the Resort has been put in place by the Investment Company who are now the larger share holders since Imocom (the company who built the resort) went into liquidation approx 2 years ago. Imocom had their own management company in place for approx 3 years and during that time they did not pay the private owners the rental income they were due. Those owners will never see any of that money. The investment company have put one of the ex directors of Imocom back in to manage the resort, a bit like adding salt to the wound for the private owner! Using a new Touristic rule introduced around the time the private owners completed the purchase of their properties, they are trying to force those owners to join their rental scheme, which will of course result in more income for them and very little for the owner. If the owner does not sign up to the rental scheme and instead rents the property out privately, the management company will demand approx 45% of that rental fee and will take the owner to court with the assistance of Imocom's ex lawyer in order to get it. Private owners are only allowed to have special acquaintances stay in their property provided they do not charge them a rental fee.

Penny
that is absolutely scandalous and hopefully all the private owners will get together and stand up to the management company.
snaj

Hello there;

out of interest, what's prompted you to ask this question? Is there something you have recently learned or has this subject simply cropped up in conversation?

Regards,

Rossi's idol.

Using a new Touristic rule introduced around the time the private owners completed the purchase of their properties,

Sounds like you need some legal advice to see if you can challenge this ?

Presumably if the investment company walk away the common areas & serviced facilities will cease to be maintained & your properties become unsaleable ? Any chance the owners could raise enough to buy the freehold ?

It is very doubtful that the investment company will walk away. It would be equivalent to the private owners walking away from their investment. To my knowledge the properties are freehold ownership.

This thread seems to identify the ownership issues at Monte Santo as experienced by buyers in 2008. With the developer going bust these issues are probably more complex. It looks like there was lots of confusion and misleading advice from before the resort opened.

http://www.propertyforum.com/forum/port ... santo.html

The original question was regarding the fees the current management company are charging the private owners.

Penny7 wrote:The original question was regarding the fees the current management company are charging the private owners.

can you have 'private' owners in a turistic resort development?

we are staying here in May and the owners contacted s to let us know.
suffice to say we will still be coming.

sunman wrote:

Penny7 wrote:The original question was regarding the fees the current management company are charging the private owners.

can you have 'private' owners in a turistic resort development?

Good question sunman there certainly appear to be issues about access, security, facilities management etc.

As they have purchased their apartments and hold the title deeds to them...... ? However the phrase was used to distinguish them from the investment company.

The facilities and salaries are paid for each month by the owners. Nothing has changed where that is concerned since the resort opened its doors and there is no intention of it doing so. There are no security issues. Everyone staying at the resort must check in at reception with their passports. Somehow the original thread is getting lost here.

Rossi's idol wrote:Hello there;

out of interest, what's prompted you to ask this question? Is there something you have recently learned or has this subject simply cropped up in conversation?

Regards,

Rossi's idol.

X
Good question Rossi's idol. Do any of the contributors to this thread own property on Monte Santo or is this a "fishing trip" ?

By looking back through the responses you will see that the question has already been answered.