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Group Organisation

Only the basic organisation is described here. Full details will be provided to serious enquirers, as described under the purchase procedure. Please see the note at the bottom about commercial shared ownership schemes rather than private schemes like this one.

The group will be organised under a comprehensive Members Agreement covering all aspects of its operation. This will be provided initially in draft form and is open to proposals for amendment by buyers if necessary. The title to the villa will be divided equally between the five partners, and we recommend that for private UK-domiciled buyers it be held in individual names. The use of an offshore entity or a company, which has been advantageous in the past, may no longer be advisable, because of recent changes in both UK and Spanish legislation. We recommend that individual buyers take legal advice on this subject appropriate to their personal circumstances.  The OwnerGroups Company can recommend a number of suitable firms with expertise in this area, but do not act as advisers on this subject as it requires specialist knowledge.

Once the group is formed with its five owners (four plus the current owners), day-to-day management and usage allocation will initially be administered by The OwnerGroups Company, under a renewable one year contract. Members will be required to pay their monthly share of the agreed budget, and tell OwnerGroups when they wish to use the property. OwnerGroups will allocate usage in accordance with these requests, allowing owner members total flexibility to determine when they wish to use it. If two members request usage simultaneously, actual allocation will be determined by a pre-agreed priority scheme, in which each individual membersí priority varies from season to season and year to year. 

We would emphasise that OwnerGroups does not have any financial interest in the property's usage. We have operated such schemes for many years with other group-owned properties with a very high degree of owner satisfaction. Other than as contracted organisers of the syndicate, The OwnerGroups Company has no connection with any of the group members, and our continued appointment is subject to majority decision by the group members. No individual member of the syndicate will have overall control of the groupís funds or responsibility for routine administration.

The full Draft Members Agreement will be provided to serious enquirers as part of the Information Pack, as described in the Purchase Procedure page. This will enable you to see precisely how such matters as control of the property, financial decisions, usage, sale/transfer of shares and departure from the group is achieved. For financial aspects of the group please follow the Finances link.

The OwnerGroups company does not claim legal expertise but we can recommend a  number of independent expert firms who will be able to give you impartial advice if you wish.

A brief note about shared ownership systems.

This group is neither a timeshare or a commercial fractional ownership scheme. What these have in common is the fact that they are organised by large developers, with the primary objective of realising substantial profits on their very large investment, and who retain control of virtually all aspects of the property. A timeshare "owner" in reality usually owns only a pre-paid "right to occupy" the premises, with an expiry date. A commercial "fractional ownership" owner is better placed and does hold some legal title to the actual property, but his right to use it as well as other control aspects are strictly limited by the selling organisation, and maintenance charges in particular are set solely by the developer. This may mean that buyers in large developments end up having to pay for the maintenance of any unsold proportion of the development, as the developer expects to make a profit on the continuing operation of the property as well as on initial sale.

In this private syndicate, ALL these aspects are determined solely by the five owner members, who are known to each other and jointly hold 100% of the equity in the property.

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