I have been contacted by two constituents who have concerns over a purchase of French leaseback property.
The couple bought a one bedroom apartment in Strasbourg in 2008. The apartment was purchased for EUR 140,000. However, it is now worth EUR 80,000-85,000. My constituents believe they were mis-sold the property for the following reasons:
- They were promised they would see rent increases every three years and have not.
- They were told they would be able to easily sell the lease following its expiration after nine years. They have since discovered this may not be possible and they could face penalties even if they are able to sell.
- The owners were supposed to have been able to sell the property on the open market at market rates without issue, but this is not the case.
Could the Commission provide clarification as to the state of mis-selling of French property to UK citizens as well as any guidance on how they should proceed?