Timeshares – a form of ownership where multiple people have a right to use a property for a period of time every year – were often sold aggressively and without any legal advice. Figures from the European timeshare industry show that 590,000 Britons still own timeshares, while thousands are up for sale on websites and forums.
If owners can't pass the properties on, the contracts lock them in for life. And the management companies that run timeshares often refuse to buy them back. Most recommend the use of costly middlemen, who take a fee for handling your timeshare with no guarantee of a sale.
The Timeshare Consumers' Association (TCA) estimates that as many as half the 1.5 million timeshares in Europe are being kept "under duress".
"Timeshare owners may be continuing to pay maintenance fees because they have little choice legally," said Sandy Grey, a spokesman for the non-profit, entirely voluntary TCA. "We receive around 20 inquiries every day, and the majority are from timeshare owners who have been contacted by these companies offering to take the timeshares off owners' hands – for a fee.
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