Q: Does one 13th share entitle me to four weeks per annum?
A: Yes, but it is actually divided in two segments of two weeks each spaced approximately six months apart.
Q: Do I get the same segments every year and are some segments more expensive than others?
A: No, we work on a rotational basis whereby you are allocated one peak and one off-peak segment per annum. Therefore all shares are priced the same. It is also possible to exchange segments between shareholders.
Q: What running costs and levies am I responsible for?
A: This will vary between estates and the type of property. Levies typically include insurance, maintenance, garden and pool services, estate levies, rates and taxes and admin costs normally associated with running a private company.
Q: Can I resell my share?
A: Certainly, share prices will be determined by market forces so should a shareholder wish to sell, Socoro Properties will go to market for the best price and will also propagate within the vast Socoro Group. Current project shareholders will get first right of refusal.
Q: May I rent out my segments?
A: Yes. Socoro Properties who are successfully renting out time in San Lameer and other estates will endeavour to furnish as best a return as possible from time not utilized.
Q: Who manages the property?
A: Every Socoro project will be an autonomous unit registered as a private company with own directors/management elected from the current incumbents.
Q: Who maintains the property inside and outside?
A: Internal and external maintenance, including replacement of furniture will be handled by Socoro’s service providers – closely liaising with the relevant estate’s Home Owners Association.
Q: Is transfer duty payable on acquiring a fractional ownership share and how is it calculated?
A: Yes. Transfer duty is calculated on the total value of the property and this figure is the pro-rated amongst the individual shareholders.
Q: Is Capital Gains Tax (CGT) payable on disposal of a share?
A: Yes, payable according to the standard CGT rates for individuals and companies.