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This website is managed by your Owners representative and is entirely independent of Wimpen and Onagrup.
Views expressed here are those of your Owners rep, and are not necessarily shared by the Administrators of Las Casitas
COMMUNITY OF OWNERS
Timeshares at Las Casitas were originally sold as a share of the freehold, the escritura being the legal deed of ownership, as this was considered the most secure way for owners, and preferable to other timeshare schemes. This meant that owners had absolute security over their ownership.
However, changes in Spanish law, and an ageing population of owners started to present problems. Owners had difficulty and great expense in selling, and where an owner or a joint owner passed away, the name of the owners could not be removed from the escritura, meaning the timeshare could not be sold or made available to new owners. An increasing number of owners who abandoned their weeks became debtors.
To overcome these problems, the Holding Company was formed. Wimpen own the company, but as caretakers under contract to the community. The shares in the company cannot be sold or transferred. If Wimpen cease to be our administrators, the holding company would transfer to the new administrator, with the same contract and protection for the Community. I am a director of the holding company (as would any future elected owner-
Unsold weeks were transferred to this holding company, and owners have been encouraged to transfer the weeks. Ownership is by contract rather than escritura providing owners with the same full ownership and voting rights. The holding company has no voting rights for unsold weeks.
Many timeshare owners have found that eventually ownership is a millstone around their neck with no way out, and no way to escape from the commitment of ownership. Legal costs of selling were over £1,000. With the holding company, that is no longer the case. The cost of cancelling and raising a new contract in the event of a sale is just £100. Owners who can no longer afford maintenance payments, or who are no longer able to visit the resort, are able to abandon their weeks at no cost without becoming a debtor, leaving the villa available for resale and maintaining the community of owners.
1. What is an NIE number
(A) A Spanish identity number much like your Social Security number?
2. Do I need to obtain a Power of Attorney “to sell” and NIE number?
3. Can I obtain a Power of Attorney & NIE when on Holiday in the Canary Islands?
(A) Yes – Contact WimPen directly
4. Can I obtain a Power of Attorney & NIE in the UK?
(A) Yes contact WimPen for information
5. Is it cheaper to organise in the UK or in the Canary Islands?
(A) It is cheaper to obtain in the Canary Islands
6. What are the transfer costs and how much are they?
(A) The Notary fees, Land registry & taxes – The cost is £800 per escrituras
7. Is the cost of the NIE Nº & POA documents included in the £800 transfer costs?
8. If I go into the Holding Cº -
9. Do I have to send the original escrituras to WimPen?
10. Who owns the Property Holding Cº
(A) WimPen – however there are contract clauses to protecting the community
11. If I want to sell what is the cost of issuing a new Holding Cº contract?
(A) To raise a new contract the cost is £100.
12. Can I go into the Holding Cº if I am an RCI points member?
13. If I put my weeks into the Holding Cº-
14. Is a member of our Community Committee listed as a Director of the Holding Cº?
15. What does the Holding Cº do?
(A) It holds the ownership and title on your behalf
16. Can I still vote & attend the AGM?
17. Do any of my present ownership rights alter?
(A) The only item is – if you fall into debt the Holding Cº can cancel the ownership contract.
18. If my family don´t want to take on ownership on my demise, can they relinquish the week/s back to the Holding Cº?
19. Once in the Holding Cº -
20. Do I have to be in the Holding Cº to be able to sell my week/s?
The Holding Company