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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31861
Experience:  Over 5 years in practice
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in a timeshare complex what vote ratio is needed to release

Customer Question

in a timeshare complex what vote ratio is needed to release the building out of trust ready for sale
Submitted: 3 years ago.
Category: Law
Expert:  Jo C. replied 3 years ago.
Hi.

Thank you for your question. My name is Jo and I will try to help with this.

-Could you explain your situation a little more?

Customer: replied 3 years ago.

we have no founder member or developer at our complex our management company has been bought out by club la costa and before this year is out we are told will have a 8000pound deficit so we can no longer keep the resort financial viable they recommend closing the resort club la costa have offered to pay redundancies and taxes in return for the land and building

Customer: replied 3 years ago.

the building is held in trust for tts owners these are timeshare owners club la costa tell us as owners we are liable for the costs of closing as fractional owners does everybody have to agree by voting to release the building from trust

Customer: replied 3 years ago.

hi I do not want a membership my question was a one off concerning timeshare trust laws

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

My name is AJ and I will assist you.

Do you have a trust document to hand? Technically what you are doing is dissolving the time share. In the absence of another agreement I would expect this to be a uunanimous vote?

Kind regards

AJ