What is a Timeshare In Perpetuity Contract?
Timeshare, as a concept, started out as a good one. Timeshare gave way for individuals and families to go to a location they loved to unwind and relax without worrying about pre-booking, vacancies or whether they were going to enjoy the resort they’d chosen for their holidays.
For some people, timeshare still remains a good option for their holidays. They enjoy the security, they like the familiarity and they aren’t concerned by rising maintenance fees or being limited to one resort. For the majority, however, a timeshare that once felt like a great choice can start to feel more like a financial burden or something tying them to a resort they no longer wish to visit.
For those individuals who decide their timeshare is no longer fit for purpose and decide to try and leave their timeshare contract, many find that the deal that was so easy to get into seems almost impossible to escape from. Others look into it and read that their contract is actually ‘in perpetuity’ and may be left feeling confused about what that actually means.
So, what is a Timeshare in Perpetuity Contract?
A perpetuity contract typically means that it doesn’t have an end date on it. Most perpetuity clauses only last until your death, and then they are dissolved and the ‘burden’ or any fees disappear with them. These particular timeshare clauses, however, do not end with the death of the original contract owner. They are passed on to your children and then their children – this means generations to come will be held responsible for the yearly maintenance fees associated with your timeshare.
Timeshare resorts rely heavily on yearly maintenance fees coming in from owners in order to maintain their property, pay taxes and keep staff, so it is in their interest to keep everyone paying those fees for as long as possible. We looked in more depth here in this article about not passing the burden of timeshare onto your family.
How do I escape a Timeshare in Perpetuity Contract?
Contracts that have no specified end date (or those which exceed 50 years) have now been deemed illegal. This is due to the fact that many times, owners either had no idea what they were signing or hadn’t been fully informed as to what the clause meant and the implications on their families in the future.
Many owners experienced pressurised, pushy and intimidating sales tactics and didn’t realise fees would rise year on year and leave them in a difficult situation financially. Some people even had money drawn from their accounts by the company before the 14 day grace period or ‘cooling off’ period had passed. This is also unacceptable.
If you have a timeshare in perpetuity contract, the good news is that we can support you to not only get out of it, but we may actually find we have grounds to make a claim for compensation on your behalf.
We’ve worked on cases where owners have been given compensation by the timeshare holding company as repayment for past fees and hardship caused by the misleading information. You too may be eligible for a similar settlement.
What are my next steps?
Do you think you have a timeshare that is In perpetuity? Then get in touch with Athena Law today for professional, friendly advice that you can really trust.
We have years of experience in this industry and are SRA regulated timeshare solicitors. We promise to beat any quote you are given and if we feel there are strong grounds for your case we may be willing to represent you on a no win no fee basis.
Call 0161 839 8847 today
Email [email protected] or,
We look forward to hearing from you soon.