Brexit | Is it time for a timeshare exit?
Brexit; the word of the moment. With all the uncertainty in the air regarding travel post March 29th, is it time for a Timeshare [Br]exit too?
If you’re an owner of timeshare, or a similar holiday product, the likelihood is that you’ll have been keeping a keen eye on the events surrounding travel post-brexit. Amongst concerns about rising maintenance fees, generally increasing travel costs, and issues like having a contract in legal perpetuity, there are so many reasons why you may have been considering the best way of exiting your timeshare contract to prepare for Britain’s exit from the EU.
Perhaps, after the unsettling outcomes of the vote on January 15th, and given the possible implications upon travel of a ‘no deal’ scenario, you have decided it is time to research your options for exiting. Well, you won’t be alone in seriously considering leaving your timeshare agreement, so we’ve outlined a few of the most troubling potential implications for timeshare owners post-brexit below.
What could happen for frequent travellers after Brexit?
Flying after Brexit
Should the UK leave the EU on 29th March without an agreement, there may be multiple ramifications for travellers. At present, much of the impact is speculative; however, for those with a holiday product, who travel on a regular basis, the possible impact will be of great concern.
At the moment, it is generally accepted that flights will be unaffected; however, it was recently reported in the Guardian that a major airline has amended its terms and conditions to include a proviso for compensation or damages claims arising from ‘an inability to operate flights as a result of the UK leaving the EU’. They note that the advice from the Association of British Travel Agents (ATOL) and the Association of Independent Tour Operators (Aito) is to ‘book package holidays which offer the greatest level of consumer protection’. Clearly, this is concerning for travellers who frequent particular destinations abroad as there could be disruption to some flight paths if no travel deals are secured.
Frequent travellers will now also have to ensure they have sufficient insurance cover, (particularly those with health conditions). For those with pre-existing conditions, including diabetes, heart disease, and even cancer, a specialist insurance would be required to ensure you are covered while travelling. The potential for this to result in the need for medical screenings, personal questionnaires, and expensive premiums is probable. Without EHICs (European Health Insurance cards), purchasing insurance with suitable emergency cover on the policy will be more important than ever.
The current system of the European Health Insurance card, which provides emergency medical cover and treatment costs for pre existing conditions, could cease after Brexit. If you own a timeshare property in an EU destination, previously you would have been able to relax in the knowledge that your EHIC card would cover you and your family in case of an emergency whilst on holiday. Now, however, you could be expected to pay extortionate fees to be seen in a hospital when on holiday in those emergency moments.
Rising holiday costs after Brexit
There will be additional spending impacts on EU holidays after brexit too. Different rules surrounding passports, mobile roaming charges, exchange rates and travelling with pets may well come into fruition – meaning more stress for owners of timeshare that haven’t had to worry about such things in the past.
Free EU roaming charges will no longer be guaranteed, animal owners could resort to needing to pay for pet passports each time they travel (with health certificates for individual trips), and amid all the Brexit uncertainty, the euro to pound exchange rate has continued to fall. Essentially, this reflects the fact that even now it is already more expensive for UK citizens to visit Europe. On December 17th 2018, the exchange rate for the pound was at 1.11 against the euro (meaning the pound hit its lowest in almost two years). There are no guarantees for what could happen once we leave in March 2019; however, if the rate is to worsen it will mean substantially more costly holidays in Europe for owners of timeshare in these resorts.
Is it time for a timeshare exit?
In such a politically unstable climate, perhaps the most prudent decision is to pursue your options for exiting your timeshare. It may be that you consider your product to have been mis-sold. Perhaps availability in your resort, or the standard of the accommodation is nowhere near what was initially promised. Either way, this isn’t acceptable, and it could lead to grounds for you to leave your contract.
At Athena Law, we offer a comprehensive assessment of your timeshare product, and provide a fixed fee for the exit service. We will also provide an accurate assessment of any possible compensation claim you might be entitled to.
How can I exit my timeshare?
If you have realised that you want to enjoy more freedom in your holiday destinations at a cheaper price, then get in touch with Athena Law today. We guarantee professional, friendly advice that you can really trust. Our team of dedicated, expert timeshare solicitors will work closely with you to discuss any timeshare queries you may have.
We look forward to hearing from you soon.