Fractional ownership.

[bubsey]

Has anyone any thoughts positive or negative on fractional ownership.

[cyprusishome]

A shared kocan is better than none at all.

It gives you security of tenure of your plot of land. ie It is YOURS and you have the documentation. If you ever get to the stage of final approval, parcelisation etc then you add your house to the deeds.

We have a share, there is no chance in the foreseeable future of getting anywhere near final approval but at least there is no chance of someone taking a mortgage, placing memorandum etc on the plot.

Obviously it may be different if it is an apartment, I do not know how that works. Best advice, if you can get deeds without entering into too large a bribery deal then get them.

[Halffull]

We have an apartment and a shared Kojan, we have been told that our parcelisation is complete and our individual Kojans should be ready in a couple of weeks

[guru]

In property, I thought Fractional Ownership related to a share of one property divided into weeks, like time share!

[Harold2555]

Fractional ownership as I understand it is Timeshare Plus. The provisions of the Timeshare Act in the UK and similar legislation throughout the EU do not apply where more than 12 consecutive weeks of occupancy rights are held I understand. The typical fractional ownership scheme therefore has a maximum of 4 owners each owning 13 weeks occupation rights. I am not sure how this works in terms of a Kocan in TRNC.

[cyprusishome]

I think the original poster needs to confirm what he/she means by fractional owneship, is there time share in TRNC? This is why I answered in the way I initially did.

[bubsey]

Just to clarify my initial enquiry;

I have an uncle in the UK who always wanted a narrow boat, but the type of boat he wanted was out of his price range. Therefore, he bought a ¼ share of the boat of his dreams, (this was not timeshare he actually owned a quarter of the boat) he had full unlimited use of this boat for an agreed 3 months of every year and eventually he sold the share of the boat onto someone else and actually made a profit.

He is now considering investing in property abroad, with the TRNC being a favoured location. Again, he does not wish to invest a large amount of money on a property. He would prefer to invest a smaller amount in a more luxurious property.

He tells me he has seen 1/12th share fractional ownership in condominiums in America and has seen fractional ownership advertised in Portugal, but would like feedback with people who have actually had experience with fractional ownership.

[lovetrnc]

Hello Bubsey

You/your Uncle might find this article of interest:

http://www.telegraph.co.uk/finance/pers ... rship.html

[bubsey]

Hi lovetrnc

Thank you so much for the link i have found it very interesting and i have forwarded the link to my uncle.

Thank you
bubsey