How is usage sorted out with several owners? Ideally, you should be able to use your share whenever you want to, with no limits imposed other than the need to be fair to all. To achieve this, we have developed a unique and highly effective way of organising things so that normally owners can use the property pretty well whenever it suits them. We don't recommend fixed periods or rolling periods where everyone moves along on a predetermined rota. Those are typical of timeshare and fractional schemes but seriously limit your ability to do what you want, and make you plan further ahead than you might want to. In our system, owners simply tell us when they want to go. We ask you to indicate your intentions for about 6 months ahead, three times a year, and make short-notice requests as and when you want. If two owners want exactly the same time the members agreement spells out who has priority. 

But what happens at peak periods like school holidays? With a small group this tends not to be such a problem as you might think, because a "peak" is generated by very large numbers of people having the same demand. With only seven members you don't tend to get that much of a "peak". To deal with specific issues like school holiday demand we break the year into 3 seasons of 4 months each, and every owner has time available in each season. Our division of the year means that some of the conventional "summer holiday" period falls into each of two different seasons for us, so everyone has two opportunities to choose time in this period, not just one. A much more detailed explanation of this is available on request.  

I don't think we'll be able to use all seven weeks available to us, so the annual charges make it rather expensive, don't they?"  We know that many people, particularly those working and with young families, will not have enough holiday from work to use all 7 weeks, and anyway, you might well want to go somewhere else for some of your holiday time. So at the outset you might only be able to plan to use the villa for perhaps 2 or 3 weeks a year. However the scheme still works well for you.

The annual charge is expected to be €8400 Euros (about £6600 -July 23 2008). When the villa was being rented four years ago, it cost at least that much to rent it for two weeks. So if you normally rent a villa of this quality for a couple of weeks each year, you expect to be paying a similar amount for accommodation anyway, and you'll still have other costs for renting the other assets like a car (and a boat, if you want one). In both cases, other holidays would be an additional cost. So if your "main holiday" is only a couple of weeks a year, you are already doing better than break-even with renting, on an annual basis. However most people also find that while they make long term plans for their "main" holidays, e.g. 2 or 3 weeks summer plus a week or so skiing, things can change, and more short term events will also occur. This includes cancellations by other owners, which free up unexpected opportunities.

So what happens if I do have to change my plans?  If an owner is unable to make use of time they have booked, due to illness, changed work commitments or whatever, we expect them to notify the syndicate manager as soon as possible. This is because you jointly own the whole property, not particular weeks as in a timeshare, and we want to maximise everyone's ability to use it. So as well as changing the calendar on the group's website, all the members are immediately advised by email of the dates that are now available. Frequently this triggers other members to review their own situation, and some may well find that they can make some use of the time. Remember, you are not constrained to taking whole weeks, you take whatever dates you actually want - just as you would as the sole owner. So a relatively short notice "girls away" long weekend, a "boys golf break", or a 5 day half term trip are all catered for. 

Isn't it a bit foolish to put capital into property in Spain when there is a global credit squeeze triggered by "sub-prime" property loans? The "sub-prime" lending crisis is having all sorts of effects in the financial world and the broader economy. Property on the Spanish mainland has also been affected by the retrospective enforcement of planning rules in some parts of the coast has had a serious impact on confidence generally. However, there is no more a single "Spanish property market" than there is a single UK market - what will happen depends on the particular area and type of property, and the situation on Mallorca is rather different to the generic "Spanish market" stereotype. Development has been more seriously controlled for a long time, and the local authorities have invested a large amount in infrastructure in recent years while moving the entire island "up market". There are also differences in that along a lot of the mainland Mediterranean coast in Spain (and also France) multi-lane highways and railway tracks immediately along the coast make it difficult to access the water even from property very close to the sea - not so in Mallorca. Moreover, in future there is going to be relatively little if any new waterfront property available - the coastline a finite resource which will be protected.

What about use by relatives and friends? That's another area where your usage can be increased. People you nominate and take responsibility for can use the villa without you being there - the only limitation is that this usage is scheduled after other owners' personal use. Friends or family with a villa or chalet somewhere else might be interested in some sort of swap with you - provided you can vouch for them and accept full responsibility for their actions, and are not renting commercially, that would be fine.   

Can't I rent out my share if I don't use it then? Unlike use by family and friends, we strongly recommend that groups should NEVER allow rentals by individual members for money, because this would put everyone’s property at risk, and it is essential to be 100% sure who has access to the property. Because the group scheme is such a cost-effective way to own the property, there's not a lot of benefit in having to deal with strangers in your holiday home, and at least initially we do not anticipate that Villa Maricel will be rented. There are also issues to do with Mallorca regulations on villa rentals which would affect the viability of rental. However, if later the group members wish to, there is a well-proven systems to organise rental for those who want it, without affecting the rights of those who don't.

How are minority interests protected? We have a clause in the members agreement which ensures that no minority member can be "locked in" to the group and unable to dispose of their share at a fair price. At the same time, a minority member can't hold the rest to ransom. That way everyone's interests are protected. 

Can I leave my own possessions there? There is a very large amount of personal storage space available for each member, so clothes, sports equipment, musical instruments or whatever can all be left. You could even have favourite pictures or other decorative items for when you are in residence.

What if some members want additional facilities but the others don't? Separate agreements can be made for this. For example, some members might want a larger boat, while the rest are happy with the speedboat. All such matters are open for discussion.

Can I put my own boat on the mooring? The rented mooring will be adequate for the group's boat. A member's own boat will have to go on a different mooring. The suggested boat has been chosen partly because of adjacent storage and maintenance facilities.

How are things like re-decoration dealt with? The budget assumes a rolling programme of maintenance and refurbishment to maintain the current high standard. Unless there is strong pressure from a majority of members we anticipate that the current style of furnishing etc will be maintained. With large storage spaces, individuals can also easily personalise the property when they arrive with their own books, pictures and so on if they wish.

What about cleaning, laundry and so on?  Cleaning can lead to friction if left to individuals, The group's housekeeper will not necessarily be in the house every day as laundry etc may be done off the premises, but the budget is sufficient to cover virtually full time services. Plenty of good quality linen is also provided.   

Can we get legal advice about group ownership? OwnerGroups itself does not offer legal advice, but we can suggest a number of reputable UK specialist firms who can give you impartial advice on this kind of arrangement.

What does the membership agreement actually cover? This is a formal business document that covers all the subjects which need to be agreed between the members such as Shareholdings, Capital and Running Costs, Voting, Share Sales and Transfer, Protection of Minority Interests, Meetings, Budgets, and Disposition of Assets and Profits. We encourage you to show it to your lawyer or other professional advisers if you wish, to ensure that everything which you would want to see covered is dealt with.

How much routine paperwork would I have to get involved with? None! All you would have to do is arrange for the subscription agreed with your co-owners to be paid into your group's bank account each month, and check the group's private website occasionally to indicate when you would like to go. OwnerGroups deals with everything else.  

Can I meet someone from OwnerGroups? YES, Steve Last, the OwnerGroups CEO, will be delighted to meet you. You can get in touch with him by email.

How do I make an inspection trip ? The following is a list of airlines serving Mallorca especially from the UK, and some local hotel suggestions.