I purchased many properties under a french leaseback scheme and believed the scheme was backed by the french government. The company never paid the rent bills and the mortgages are in massive default as the investment was projected to be self funding.Banks are trying to auction them and then i assume they will attempt to look to me for the massive difference as the investments were all 100% bank funded. I believe the investment was misold however do i have any case, will they peruse the debt in the uk by a EEO, How should i protect any assets i do have.
Province/Country relating to question : france
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Bilingual Franch Avocat. Works in London and has opened a office in Toulouse (South of France).
What do you mean that the “scheme was backed by the French government”?
Indeed, the only advantage provided by the French government is that the client receive back a sum equivalent to the VAT on the property at the rate of 19.6% on new built property (most of the time, this is already deducted from the purchase price as the developers advance the VAT for the government and reclaim it back directly).
With regard to the mortgage and the rental management company, I will need to see the your legal documents but I presume that as you are the owner of the property, you must have signed the contracts directly with them, which means that YOU are liable of the payment of the mortgage and YOU have to make sure that the rent bills are paid. In such a case, the banks will definitely come to you for the payment.
What do you mean by “EEO”?
You definitely have a case against the rental management company (find out why they never paid the rent bills and if they are in the position to do so).
Bilingual French Avocat
What do you mean that the "scheme was backed by the French government"?
What do you mean by "EEO"?
Relist: Answer came too late.incomplete and to late answer, have now instructed a law firm to act for me.
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