UK Time-Share Guide

Time-shares became popular in Europe in the 1960's when fast-rising property prices made it nearly impossible for most people to afford a full-time holiday home. By creating a shared ownership, developers were able to lower the costs for each owner, allowing them to successfully market and sell properties to a greater number of customers.

The most popular use for time-shares is for shares in apartments at time-share resorts. However, time-shares have also been sold for berths on cruise-ships, campgrounds and many other types of properties.

What exactly do you own?
Technically, if you own a time-share, it means that at a specific 'time' you have exclusive access to the 'share' you own in a property. There are ownership variations that offer flexibility so that you are not tied down to one place and one time.

What exactly do you pay for?
Time-share owners pay for their apartment/unit/property.

Financing is available for new units sold by developers, but most resales - units purchased from existing owners who are not the original developers - are cash transactions.

All owners share the maintenance fees, management fees, and costs to up-keep common areas such as pools and tennis courts. These fees can vary considerably and should be disclosed to you when you buy an apartment/unit/property.

A few of the many time-share ownership arrangements:

Fixed property, fixed time, deeded agreement
A deed states you own a specific time-share at a specific time each year.
Floating time agreement
The use time is flexible. Reservations are on a first-come, first-served basis, since all owners likely have the same option.
Right-to-use plan
A lease agreement specifying a termination date. At its end you no longer have any rights to the property.
Holiday clubs, also called points-based programmes
Owners choose from a variety of holiday destinations. Each stay uses points, which vary for the time-share unit and season chosen.

If you buy from a time-share developer
Become familiar with time-share laws in the country where you plan to buy or sell. Talk to a local solicitor. Try to talk to someone who already has a time-share in the same development.

If you buy a time-share resale.
Resales can typically be purchased for a fraction of the cost of a new unit.

Do your homework. Understanding the variables and all of your rights as a time-share buyer will give you more confidence when negotiating for the property. The links below offer more information about time-shares.