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- How much should we pay to register our timeshare right?
Property Law
Antonio Flores Vila
7th of September 2001
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Q. We bought a Floating Timeshare Week 10 years ago and now in order to sell it we have been told it must be registered at the Spain Land Registry. Is this true that the Law came in to do this in 1995. If so what legal costs would be encurred and are there any other taxes to pay? We have been quoted £700 for this Service by a Transfer Company. Thank you for your help.
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A. Seven hundred sterling pounds is an accurate figure for the legalities involved in the registration of the timeshare right. Regarding the taxes, as it was bought ten years ago, it may be exempt due to prescription of tax.
Regarding legal texts, there is a new law which regulates Timeshare, passed on the 26th of October, 1998. Registration of property or timeshare rights is not obligatory under Spanish law, but certainly advisable.
Please be cautious with tranfer companies as there are already a number of them under police investigation for fraud, and they are taking exactly 700 GBP from timeshare owners under the promise of an inminent offer from a buyer which happens to be untrue. The consequence is the loss of the money. (Please see related article)
It would be advisable that the registration is done by a lawyer in order to avoid complications.
If you need more help do not hesitate to contact us.
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