Frequently Asked Questions
Find answers for your questions here!
How many people will I be sharing the property with?
The property is split into ten shares each enjoying five weeks usage every year. However, any owner can buy up to four shares so there would be a minimum of three and a maximum of ten.
Is fractional ownership a new concept?
No, it has been in existence for property ownership since the mid-1980’s and, in fact, one of our senior managers has been involved with fractional since 1988. However, it’s fair to say that the concept has only really gained full acceptance and recognition over the last five years as many people realise the advantages over purchasing a property outright.
What is the difference between fractional and timeshare?
There are many different forms of timeshare but, in the majority of cases, you are simply buying the right to use a property for one or two weeks for a set number of years. With the Ten Owners Club you actually own a share of the property which is likely to increase in value, may be sold at any time and can be passed on to your heirs in the future.
When can I use the property?
Please study the Dates of Occupancy chart on the Properties page to see which time Period best meets your holiday requirements. The weeks are fixed and do not rotate as with some fractional schemes so when you join, you know exactly which dates you can use the property for the next ten years.
What is included in the purchase price?
In a word, everything! Each property will be fully equipped to a high standard and will include all linen and utensils etc. for the appropriate number that the property is designed to accommodate. All legal costs of the purchase are also included in the price as well as the arrangement fee made by the Ten Owners Club for setting up and operating the Club.
What about the annual running costs?
There is an annual fee charged which is payable each year in January. A budget is prepared for the year ahead to cover the cost of maintaining the property in good order, payments of essential services including utilities, insurance, any taxes payable, and the replacement of furniture, fixtures and fittings as necessary. These costs will, of course, vary with each property. The budget also makes provision for further payment into the “sinking fund”.
What is a sinking fund?
Members contribute to a sinking fund which is included in the purchase price. It helps to reduce the annual budget and is mainly designed to cover the general wear and tear of the property and the replacement of furniture, fixtures and fittings, and redecoration as required. Most members would wish to keep the property in excellent condition at all times, and by the provision of a sinking fund, it avoids a major additional payment when items need replacing.
Where is the Ten Owners Club based and who runs it?
The Ten Owners Club is based in both Spain and the UK and was formed by a group of people with extensive experience in all aspects of the foreign property market, some with many years in the fractional ownership industry. We have a very balanced team with all of the necessary expertise in sales and marketing, financial control, property management, website design etc. plus a team of excellent advisers on all legal and accountancy matters.
Do you have a Trust arrangement?
No, this is not required with the way that the Club is structured. A trust arrangement becomes necessary where there is not clear title of ownership or if there is a complex set-up where it is advisable for an independent body to maintain control. All of our properties are owned by separate limited companies where it is usual for one or more of the members to act as a Director of that company. A trust arrangement can also greatly reduce the control of the property and we prefer our members to have this control.
What if I can't use my weeks and wish to rent them?
There is no restriction on renting out your weeks to family, friends or even to someone that you do not know. However, in order to preserve the high standards of the property, it is vital that every effort is made to find suitable tenants who will not abuse the property or its contents. The Management Company will also be happy to rent out any unused weeks and the earlier that you make the weeks available, the more likely that a booking will be secured.
Is it possible to finance my purchase?
There are many different ways which may be available to you, it will depend on your particular circumstances. Usually, the most cost-effective option is to borrow on the equity of your main residence as interest rates tend to be lower. However, if you are unable to do this or prefer not to, there are other options for you to explore. Please ask us for more details.
Can I buy a share jointly with someone else?
Yes, you can purchase a share with friends or family members if you wish thus reducing your up-front cost as well as annual running costs. Both, or all if more than two, of the names will be recorded on the various documentation, but voting rights will be as if there was just one individual owner.
Can I sell my shares?
Yes, you can sell them at any time subject to the buyer agreeing to abide by the Club Rules. You can fix the price yourself or be guided by the Management Company who will also make all of the necessary arrangements for the transfer for which a nominal administration fee will be charged.
Why is the property sold after ten years?
Based on our many years experience in the industry, most owners seek to “move on” between eight and twelve years by which time they have usually stayed at the property many times. Also, a property can begin to lose its appeal after ten years as more and more maintenance is generally required. Whereas an owner can sell their share at any time, we feel that most members would be happier with a ten year plan where they are likely to come out with a significant profit when the property is sold.
What if I am not happy with the way that the property is managed?
After the first two years and at any time thereafter, the members have the right to replace the Management Company if, for any reason, they are not satisfied with the service we provide. Unlike with timeshare where the single biggest complaint is the excessive annual fees being charged, the Ten Owners Club system has been set up in a way where every last penny spent is accounted for and detailed in the annual accounts.
In which countries will the Club be available for me to buy?
The Ten Owners Club is currently only available in the Costa Blanca region of Spain but it will be expanding into a number of other Spanish locations as well as into other countries in the future. We would like you to tell us where you would like to see the Club being made available by completing the ENQUIRY FORM which will help us to decide which areas we should be considering for the future.
Are there any rules and regulations in place at the property?
Yes, the Club Rules form part of the purchase contract and cover such items as maximum occupancy numbers, procedures in the event of any loss, breakage or other problem, consideration to neighbours and so on. They are designed to enhance your enjoyment at the property and not to restrict it in any way, and will be enforced by the Management Company for the benefit of all members.
Will I know who my co-owners are at the property?
Yes. Each member will be given the contact details of their co-owners so that they can be contacted should the need arise. Some members may wish to exchange some of their weeks with another owner rather than rent them out so we make this as simple as possible.
How can I be sure that my co-owners are honest and reliable?
Firstly, every effort is made to ensure that ALL of our members are the sort of people that we would wish to be associated with. As we are likely to have an on-going association with them for many years in our capacity of managing the property, it is in our own best interest as well as that of our members to ensure and maintain high standards of conduct and responsible behaviour. The Club Rules will also help to protect against a member whose behaviour is not acceptable.