Many people buy timeshares with the intention of using them for family holidays. Many also see them as a potential inheritance for their children. However, passing a timeshare contract on to a loved one may not be the kindness it was originally meant to be. As time passes, timeshare maintenance fees often increase wildly, far outstripping inflation. What may have looked like a wonderful gift at the outset of a contract could well have turned into a costly burden by the time it is passed down to the next generation.

“The cost of owning a timeshare after several years is often far more than the owner imagined when he or she took out the contract. Spiralling maintenance charges are a particular pain point for many owners and to pass those charges on can often overshadow the good intentions behind gifting a timeshare as an inheritance.”

Jodi Beard, Timeshare Compensation

While it is possible to refuse to accept an inheritance, many people don’t do so when it comes to timeshares, as they don’t realise at the time how hard it can be to exit the contract at a later date. Unfortunately, accepting a timeshare as an inheritance can be a costly mistake.

“Timeshare companies don’t mind who pays the bills – provided somebody does. For those who inherit timeshares, the annual maintenance bill can come as a real shock. A place of cherished family memories can rapidly turn into a nightmare that feels almost impossible to escape from. Luckily for some of those who have inherited timeshares, recent rulings have paved the way for them to exit their contracts provided that certain conditions can be met.”

Belinda Rollins, Timeshare.lawyer

Those conditions include money having been handed over during the contract’s cooling off period, though this can be hard to prove without access to the original contract holder’s bank records. However, other conditions for exiting contracts exist, and the experts at
Timeshare Compensation are working with families to explain their rights and support them in understanding the legal options available to them for exiting their timeshare contracts.

“Contracts that last for more than 50 years, or that are for floating weeks products, are no longer considered legal documents, yet many families are unaware that they have a valid means of exiting their contracts and potentially claiming compensation. We are working to change that and to free those who’ve inherited timeshares from the unexpected burden of ownership, should that well intentioned legacy become more of a nightmare in reality.”

Jodi Beard, Timeshare Compensation

For more information, please visit www.TimeshareCompensation.co.uk, call 0800 046 5855 or email Info@TimeshareCompensation.co.uk.

Timeshare Compensation and Timeshare.lawyer are a trading names of Advanced Business Consultants Legal SL.

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