FREQUENTLY ASKED QUESTIONS

IS FRACTIONAL OWNERSHIP ANOTHER NAME FOR TIMESHARE?

NO!

It has some similarities, in that it involves a number of people sharing in the use of a single property, but the similarity ends there. It is frequently confused with timeshare, conjuring up a very negative view of being chased down the street by an over-enthusiastic salesman inviting you to enjoy a liquid lunch and sign on the dotted line.

Fractional Ownership was developed to create a more secure and reliable solution for those wanting to share ownership of a luxurious item. Property, aeroplanes and boats are the most popular, where the ownership is generally shared between 4 to 12 owners.

The key to Fractional Ownership is ‘ownership’; you own a share of the property in perpetuity, with the right to sell at any time. Timeshare is all about 'time', you have the right to use the property for a short period each year, normally a week, but without ownership in the freehold asset.

Timeshare is likely to reduce in value over time, whereas Appassionata have undertaken a number re-sales on behalf of owners, achieving an average return of +12% on the total value of shares sold, a real success in a changeable international property market.

WHAT ARE THE ANNUAL MAINTENANCE ARRANGEMENTS AND COSTS?

To ensure that Appassionata properties are always luxuriously maintained an annual service charge is payable by each owner. This charge is calculated on the total running costs of the property and is divided between owners equally. This is one of the great benefits of fractional ownership and reduces the liability you have for the running costs of the estate. It also allows you to arrive at your holiday home, ready to start your holiday; without the normal anxiety you may feel if you owned the property outright and were wondering what your first job may be!

These annual dues cover various costs, including:

• Housekeeping (handover cleaning, linen and towel changes)

• Gardening and swimming pool maintenance.

• Maintenance (depends on the property – specifically agreed)

• Company legal/accounting

• Building and contents insurance

• Capital reserves (sinking fund for replacements and future decoration)

• Utilities

• Property taxes

• Management charge

All expenses are charged on an actual cost basis and are available for review by owners. Any differences with expenditure will be either charged or refunded after the accounts are finalised each year. The annual service charge per fractional share is budgeted each year and we will provide this information when you make your enquiry, please click here to Contact Us

Professional management is provided locally by the Appassionata Property Management Company.

IS THE PROPERTY AVAILABLE A DEEDED PROPERTY?

Yes, the property deeds are owned by the UK based company that you buy a share in.

The members own the company, the company owns the property.

ARE THE WEEKS OFFERED FIXED OR VARIABLE?

Depending on the house you have 4 or 5 weeks of annual residency. The Residency Calendar ensures owners can experience all seasons; it is simple to operate and provides flexibility for all.

The weeks are reserved each year to ensure each owner always receives weeks in the peak season and the off peak season (for 4 weeks annual residency - 2 weeks in the peak season and 2 weeks in the off peak season/for 5 weeks annual residency - 2 weeks in the peak season and 3 weeks in the off peak season).

One of the benefits of now having 6 projects is that there is much more flexibility - weeks can be exchanged with co-owners, owners of other Appassionata properties, used by friends and family or rented to a third party. We often have owners who take additional weeks each year as they become available.

EXACTLY WHAT DOES OWNERSHIP INCLUDE, AND WHO RUNS THE PROPERTY OWNING COMPANY?

It is a given that the legal structure for Fractional Ownership must be robust. Buying into a Fractional Ownership scheme must be easy and straightforward. The legal structure must protect the owners, the property, and provide a simple transparent way for the property to be managed.

The Appassionata structure is simple, secure, tried and tested by over 53 owners.

With Appassionata you own a share of the property which you can sell at any time. The property is owned by a UK private limited company where you are a 10% shareholder. You have exclusive use of the house during your weeks of annual residency.

Owners have voting rights on all major decisions taken by the company. Owner Representatives sit on the Board of Directors, review annual running costs, budgets and major decisions that need to go to the membership. The members are in control of the company and fully supported by the Management Company who also sit on the board, and are responsible for the work undertaken in looking after the houses and making sure things run smoothly.

WHAT FEES DO YOU CHARGE?

There are no fees charged on the purchase of the property.

HOW LONG HAS THE COMPANY BEEN OPERATIONAL?

Appassionata Ltd. has been operational since 2007.

IF I DECIDE TO PURCHASE A FRACTIONAL SHARE IN A PROPERTY, CAN I CHANGE MY MIND: IF SO, BY WHEN?

Yes, of course. There is a 14-day ‘cooling off’ period after you have visited the proeprty, just in case you should change your mind.

WHAT IS THE PROCESS IF I WISH TO SELL MY FRACTION IN THE PROPERTY AT ANY TIME IN THE FUTURE?

You are free to sell your fractions at any time, at a price that you agree with the purchasing party. Re-sale of a share in an Appassionata property must first be offered to existing owners, through the management company, before offering to a third party. Appassionata can assist owners in the sale of their membership if they desire. We have successfully sold numerous re-sale shares, showing a positive return on the original investment.

ARE THERE ANY FEES IN ADDITION TO THE FRACTIONAL PROPERTY PURCHASE?

No

ARE THERE ANY OWNERSHIP RULES – E.G. IS SMOKING ALLOWED?

House rules will be made available as part of the application process; an important rule is that smoking is not allowed inside any of the properties. There are outside areas in all houses that accommodate smokers.

WHY APPASSIONATA & LE MARCHE?

Appassionata is set in the wonderful region of Le Marche, which boasts a tremendous combination of history, culture and leisure activities. This is real Italy, where many Italians take their annual holidays. Appassionata properties are all beautifully positioned, with amazing views and situated in unique locations. The quality of the construction, interior furnishings and facilities reflect a truly luxurious proposition. Appassionata have not only developed the property but also provide the property management.

Appassionata is a small boutique business, providing on-going management; we are not a large faceless commercial

organisation. Our pricing structure reflects tremendous value that is hard to find in an equivalent development.

Please come and see for yourself!