Once you have bought your shared ownership things usually run smoothly, but there are just a few tips to bear in mind.

The Management Company

The management company, or its agent, is responsible for managing the day-to-day affairs of the resort, maintaining the units and the communal areas, replacing worn and damaged items, paying the utility bills, insurance and property taxes and controlling access to the resorts and their general security.

Management Fees

The costs involved in running the resort are covered by the management fees. Management fees are usually billed annually, in advance. It’s important to pay your annual management fee on time, as this keeps costs down for all owners. Failure to pay management fees can put your vacation ownership in jeopardy.

Exchanging

Each exchange company produces a brochure giving comprehensive details of all the resorts to which exchanges are available. Group RCI (RCI) and Interval International (II) operate similar exchange systems. These are easy to understand and operate. So easy in fact, that most exchanges are carried out over the telephone or the internet, with the paperwork following to confirm. The basic concept involves you “banking” your shared ownership i.e. depositing points or putting your timeshare into the exchange company’s computer database. When you want to make an exchange you make a request to the same database.

The exchange is dependent on a number of different factors:
1. The time of year owned or points value deposited
2. Time of year requested
3. Popularity of destination
4. Size of unit
5. Standard of resort

Remember, the earlier an exchange is applied for, the higher the chances of getting what you want. Membership of one of the exchange systems allows for flexibility for the choice of year and resort for your future holiday requirements.

Finally

FNTC is the leading independent provider of trustee and administration services to the leisure and shared ownership industry. We are the largest company in our field and you have the extra security of knowing that we are a part of a public quoted company.

As trustee, we ensure that your shared ownership resort is secure, protecting your rights as long as you are a member and helping with the smooth running of the club. For full details of your rights and the role FNTC plays in the resort, please refer to your membership documentation.

At some resorts we do not act as trustee and instead provide a comprehensive administration service; in such cases, FNTC does not hold the resort apartments in trust.