BUYING AND SELLING TIMESHARE
Timeshares are promoted in many different ways - you may be stopped on the street, especially in Tenerife, and invited to a presentation with the offer of a free gift. You are assured that the length of time of the presentation with be 90 minutes when in actual fact it can sometimes take as much as five hours. It is interesting to have a look around the timeshare resorts as it will give you an opportunity to compare them with staying in package holiday resorts. The ones I have looked round have all been far superior to these with lots of extras that are not normally supplied in apartments booked as part of a package holiday.
It is important however, not to be pressured into purchasing without the opportunity to 'think it over'. There can often be an extremely hard sell and after a few hours your resistance may weaken.
If you like the idea of timeshare and wish to have the opportunity of staying in top quality resorts, then it would be worthwhile considering purchasing resale as a timeshare apartment bought directly from the developer of the resort can be three or four times as much as purchasing resale.
Management fees are payable for each week you own and it is important to consider how much these are before purchasing at a resort. Also make sure the resort has an Owners' Association who help to regulate the amount these fees increase each year.
The Timeshare Act This act was brought in by the Government because of concerns about the way timeshare was being sold.
The Consumer Credit Act and Trade Description Act also apply to timeshare sales made in the UK, irrespective of where the resort is situated.
The Credit Card Company is equally liable if there are any problems over the purchase of the timeshare, and if you feel you have been misled and do not get what had been agreed at the time of the sale you may be able to claim against the credit card company. You would not, however, be covered if you had used your credit card to withdraw cash and used the cash to make the purchase or you use a debit card.
If you purchase a timeshare apartment from a private individual then you will find that this sale would not be regulated by the Timeshare Act.
Sales for a period of less than three years are not regulated.
Boats are also excluded from the Timeshare Act.
If you are thinking of selling your Timeshare then it is important to make sure you deal with a reputable timeshare broker. There have been problems in the past with brokers who charged a registration fee and didn't in fact, attempt to sell the timeshare, and also who would assure you that they already had a buyer. However, there are many timeshare brokers around now who do not charge a registration fee and who will only charge you a fee if they sell your timeshare.
Trading Standards Department may be able to help if you have experienced problems in buying or selling timeshare. You can find your nearest one from their website.