Tourism residences
Is your residence's lease coming to an end?
When the operator leaves, the residence needs a manager. Each owner keeps their apartment, signs their own mandate, and reads a monthly statement reconciled to the cent.
When the lease ends
Three outcomes, and only one leaves a choice
When the operator's lease nears its end, what follows almost always falls into one of these three situations. Recognising them early leaves time to prepare the next season.
Situation 1
The operator offers an amendment at a reduced rent.
Situation 2
The owners refuse to renew and may owe an eviction indemnity.
A landlord who refuses renewal must in principle pay the operator an indemnity equal to the loss caused by the refusal.
Situation 3
The operator leaves of its own accord.
General information about the applicable law. It does not constitute legal or tax advice: have your situation checked by your lawyer or adviser.
Only the third situation opens a real choice.
Under mandate
What a manager under mandate changes
Each owner signs their own mandate
The mandate is signed owner by owner, naming your residence. Each owner decides for their own unit, and nobody commits on behalf of anyone else.
A monthly statement reconciled to the cent
Every month, the statement sets what the apartment took in against what it cost.
Rents held in an escrow account
Rents collected on your behalf go into an escrow account, separate from the agency's own. They stay there until they are paid out to you.
A way out of the mandate
The mandate provides for its own end. An owner who wants to take back control can do so, under the terms written in the mandate.
What we do not do
No lease, no promised rent
We do not sign a lease and we do not guarantee any rent. You see what your apartment takes in and what it costs, every month.
The figure you read each month is the season's, not a promise's. You decide knowing it.
Where to start
A free review of your residence. First conversation within two working days.
We read your residence's documents and hand back a document the owners' council can discuss. It contains:
- 01
The status of the classification and when it expires.
- 02
What the co-ownership rules say.
- 03
The service units and who holds them.
- 04
What the operator owes the owners.
- 05
A rental income simulation with its assumptions in plain sight.
- 06
A timeline.
- 07
Three questions to put to the operator.
At the request of the chair or a member of the owners' council. No commitment. Your lawyer can read it.
Who manages
EDN Gestion, under the Serava brand
EDN Gestion holds the professional property management licence, with a financial guarantee and an escrow account: rents never pass through our current account.
The service is provided by EDN Gestion. Serava is its brand.
With your adviser
Points to check with your adviser
These points depend on each owner's circumstances.
VAT recovered when the apartment was bought may have to be partly repaid if it stops being let under the conditions that allowed the recovery.
Non-professional furnished letting status depends on each owner's receipts and circumstances.
General information about the applicable law. It does not constitute legal or tax advice: have your situation checked by your lawyer or adviser.
Frequently asked questions
What owners' councils ask us
What happens if our operator gives notice?
Notice opens a period during which the residence has to decide what comes next: a new lease negotiated with the current operator, a new operator, a manager under mandate, or leaving holiday letting altogether. The earlier the decision, the more time there is to prepare the next season. The review sets out the timeline from your lease end date. The lease between each owner and the operator is in principle a commercial lease of at least nine years, with no option to terminate at the end of each three-year period.
Do you guarantee a rent?
No. A rent fixed in advance would mask what the season really brings in, and each owner would lose sight of what happens in their apartment. We do not sign a lease and we do not guarantee any rent. You see what your apartment takes in and what it costs, every month.
Who decides within the co-ownership?
Matters affecting the common parts and the co-ownership rules are decided at the general meeting. The owners' council prepares those decisions, and an owners' association can speak for those who let. The management mandate is signed owner by owner.
What does the review contain?
The status of the classification and when it expires. What the co-ownership rules say. The service units and who holds them. What the operator owes the owners. A rental income simulation with its assumptions in plain sight. A timeline. Three questions to put to the operator. At the request of the chair or a member of the owners' council. No commitment. Your lawyer can read it.
General information about the applicable law. It does not constitute legal or tax advice: have your situation checked by your lawyer or adviser.
Where to begin
You chair the owners' association or sit on the owners' council.
You are an owner and want to understand what is at stake.