Brexit Timeshares

Latest Brexit Depictions

Brexit can be a confusing and worrying topic of discussion for many people. It’s been two years since the first referendum, and we seem to be going nowhere; MPs won’t agree on anything, it’s had a significant impact on the younger generation and social media polls, and Remain campaigners have never been so vocal. With the date for the UK to leave the EU being pushed back again, we have more time to look over past events and discuss what we think could happen in the coming months, what we all (probably) want to happen but most likely won’t, and even the impact Brexit is having on house prices. So, read on for our latest Brexit predictions and news and get yourself up-to-date with the vital information you need to know now.

A No-Deal Leave

Many Remainers worst nightmare is leaving the EU with no deal. This is still the default outcome if MP’s can’t agree on anything else and there are no further extensions for Brexit. If Parliament can’t come together and agree on a deal soon, and the UK doesn’t take part in the European elections on May 23rd, then a no-deal Brexit will happen on June 1st.

However, if the elections do take place, then the next deadline would be October 31st, making a very nervous and concerning run-up to Halloween. There has always been the option for MPs to back a no-deal Brexit, but the likelihood of this happening is slim as there has been a majority against that option when they have voted on it before.

A Second Referendum?

The rejection of PM Theresa May’s EU withdrawal deal on March 12th has given rise to those campaigning for a second EU referendum. Many polls have suggested that if Britons were given a chance to vote again, the Remain side would win by a majority.

The new referendum could have the same status as the one in 2016, making it legally non-binding and advisory only. However, some MPs want to hold a binding referendum where the result would automatically take effect. A further widely discussed option will be for a ‘confirmatory vote’ if a deal is finally agreed upon, whereby the public would be given a choice between accepting the deal or remaining in the EU.

But what’s the predictability of this happening? A large portion of the UK might want another referendum, but it can’t just happen automatically. The rules are set out in a law called the Political Parties, Elections and Referendums Act 2000 and there would have to be a new piece of legislation to make a referendum happen and determine the rules such as who is allowed to vote.

Brexit and House Prices

Latest Brexit discussions have been around house price predictions when leaving the UK and the uncertainty surrounding it. There’s no denying, whatever side of Brexit you are on, that Brexit is causing marketing ‘jitters’.

In September 2018, Bank of England governor Mark Carney warned that leaving the EU with a no-deal Brexit could send house prices falling by a third. He added in February this year that UK growth would be ‘guaranteed’ to fall if there is a no-deal Brexit.

Back in 2016 following the referendum, house prices did stagnate which could be put down to the natural pattern of prices growing and falling over the Spring/Summer seasons. However, with Brexit seemingly creeping up on us again, house prices have suffered a more significant post-summer dip than usual in 2018, with the average house price in the UK being £226,234, which is the lowest it had been since April last year.

Brexit Cancelled

What many Remain campaigners would love is for Brexit to be cancelled entirely – and this is actually possible! The European Court of Justice has ruled that it would be legal for the UK to revoke Article 50 to cancel Brexit, without the other 27 EU countries needing to agree. However, the likelihood of this happening doesn’t look good. The government is still committed to Brexit and has made various speeches about their dedication to seeing Brexit through as the majority of the 2016 referendum intended. Moreover, it is very likely that a significant event like another referendum would be needed before such a massive move like this could be made.

Brexit and Timeshares

Most timeshare owners have resorts in the EU, like Spain, Greece, Malta and Portugal. Therefore, Brexit will affect them, no matter the outcome. Timeshare companies which are based in the EU convert their costs into sterling from euro, and this can become more expensive for their members as maintenance fees and other various charges rise in line with the exchange rate. As Brexit continues, the exchange rate is uncertain territory, open to change at any moment. This means the cost of travel will also increase as the exchange rate dives, also increasing costs for spending money and flights, adding to the expense already taken from timeshare holders for their resort. With these costs and uncertainty on the mind, many timeshare holders consider now the best time to try and exit their timeshare, as they are conscious of the financial burdens their timeshare have on them, and the possible increases in costs due to Brexit.

At Athena Law, we work closely with all of our clients to understand their unique situation and frustrations so that we are placed in a strong position to advise you on the next steps you can take or help you better understand the implications of Brexit on your personal situation. If you want to read up more on Brexit and its implications for timeshares, then check out our blogs, Brexit: Is it Time for a Timeshare Exit and Brexit: Timeshare Update. Understanding the climate and your options during this uncertain time is necessary if you want proper control over your financial situation.

If you are among those who have concerns about the effect of Brexit on your timeshare, then do not hesitate to get in touch with us for help and advice about your options.

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