The term "timeshare", as most people know, refers to the commercial practice where several individuals hold full ownership rights over the same property, which is enjoyed by each one in turn, for a limited time-window every year.

The real estate timeshare is governed by a particular type of contract which allows a buyer to purchase a time-slot whereby he or she has the exclusive right to access and use the property each year for the designated period of time each year allocated to the purchaser. This right is usually perpetual and can be bequeathed and transferred to any heirs.

Within the Spanish real estate market, especially in the 80s and 90s, many European citizens, especially British, bought timeshare properties in Spain, often by the seaside in mountainous areas such as the beautiful "Costa del Sol" or the enchanting "Sierra Nevada". Today, after having benefited and enjoyed of the property for many years, many British owners now, in the light of Brexit and the potential tax regime that may be imposed once British citizens will no longer enjoy the status of European citizenship, do want to get rid of their timeshare. What was a good bargain and an enjoyable asset has ended up being an unwanted financial undertaking.

Another factor in wishing to dispose of a timeshare bought decades ago, is that it may not be so accessible to the older owner who now finds that they find it has become increasingly difficult to benefit from and also, most importantly, owners are finding that the obligation to bear the cost of what may be perceived by many as unreasonable yearly management expenses. This has compounded the problem of selling such timeshare properties in recent years; moreover, there is a marked lack of potential buyers which makes the process increasingly difficult.

Given the number of individuals who are now deciding to dispose of their timeshare property, several agencies have started providing a re-sale service at a very high price. Furthermore, the owners may also find themselves having to face several additional issues, such as the foreclosing of such agencies or possibly legal problems with the potential buyers. Such transactions must be carefully managed and whilst it may seem very obvious it would be sensible to never agree to transfer any money to such agencies until the sale of the property has been confirmed, even at the expense of the deal, as the potential for losing your funds can be high. Whilst there are undoubtedly obstacles that need to be overcome, it is not impossible to dispose of a timeshare.

Giambrone has lawyers that specialise in real estate with a particular focus on timeshare property, our team of experts and multilingual professionals can assist you in the transfer of a timeshare either during your life-time or if you are still enjoying your timeshare property by succession to your heirs.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.