How Will Brexit Affect Timeshare?
Following the recent triggering of Article 50, many timeshare owners are concerned, and we are getting a lot of enquiries asking ‘how will Brexit affect timeshare?’ These are uncertain times, in which it is difficult to predict for certain what will happen as negotiations get underway.
There are mixed reports at present about the state of the pound to euro exchange rate. Some days, we are seeing headlines telling us the pound is ‘soaring’, and on other days, the word of choice is ‘plummeting’. It depends, in part, on which newspapers you read. But one thing we do know for certain is that we have seen some catastrophic drops over recent months, which are having a detrimental effect on Brits holidaying in Europe. So, too, is it affecting timeshare owners.
The Effect of Brexit on Timeshare Holders
The majority of British timeshare holders are members of resorts in the EU. Spain, Portugal, Greece, and Malta are among the most popular. Timeshare companies based in the EU, where costs are converted into sterling from euros may become more expensive for their members, as maintenance fees and other costs rise in line with the exchange rate. The cost of travel in general, too, will increase as the exchange rate dives. Converting currency for spending money, and flights, for example, are becoming more expensive already – adding to the expense for timeshare holders trying to reach their resorts.
Concerns about Brexit and Timeshare Release
Things could get better, but in the midst of so much uncertainty, it’s no surprise that how Brexit will affect timeshare is on a lot of people’s minds. Many of the people we are speaking to are concerned enough to be considering this the best time to exit timeshare. Whilst they may have been conscious of the financial burden their timeshare is having on them for some time, the exchange rate issue seems to be the last straw.
For those who don’t want to risk it, waiting it out to see whether the situation improves before acting, it’s high time to assess your timeshare contract. That being said, getting a timeshare release at this time may be a complicated process. If your timeshare company are unscrupulous at the best of times, they may well try to put extra pressure on you because of Brexit and the exchange rate.
If you are considering trying to cut your losses with a timeshare release because you’re unsure of how Brexit will affect timeshare, then speak to us. We will take a good look at your timeshare contract, from which we will be able to ascertain your rights in regard to a timeshare release, for example, whether the contract can be easily annulled, whether it is legal in the first place, and what will need to be done to get you out of your timeshare obligation.
How will Brexit affect timeshare in the long run? Nobody knows, but sometimes it’s better to be safe not sorry – especially with a timeshare that is costing you more than it’s worth already.