Frequently Asked Questions

Where has Fractional Freehold Shared Ownership originated from?

Why would I buy fractional as opposed to outright?

How is Fractional Freehold Shared Ownership different from Timeshare?

What is included in the purchase price?

Is there anything that is not included in the price?

What do the Estimated Annual Charges include?

Do I need to find the other co owners before I can buy a fraction of a property?

How do I know whether or not my co owners will be "normal"?

When can I use my property?

Who designs the interior an furnishings?

Who will look after the property when I am not there?

Who will clean the property?

What about damage of the property or the inventory?

What is a Sinking Fund?

Who pays the bills?

Can I resell my Fractional Freehold Property?

Where has Fractional Freehold Shared Ownership originated from?

The concept started in the US and is rapidly growing and becoming a popular alternative to outright ownership. Vigia pioneered Fractional Freehold Shared Ownership in Portugal and has been offering this alternative to outright ownership for over twelve years.

Why would I buy fractional as opposed to outright?

There are many reasons. The most common of which is that the increase in the value of property in Portugal has made the Fractional concept more attractive. If you only plan on using your home for ad hoc visits then it makes economic sense to a lot of people to simply invest in a Twelfth, Four Season or Quarter share. Many Fractional owners can well afford the whole property but they choose to invest in a fraction because the limited time they can spend at a second home. There is always the chance to upgrade to full ownership if and when your commitments should change.

How is Fractional Freehold Shared Ownership different from Timeshare?

With a typical Timeshare a purchaser tends to only buy the right to use a block of time, for a limited number of years and a developer always stands between the owner and the asset. In this situation the individual has little or no control over the services charges or the standard of maintenance. With Fractional Freehold Shared Ownership you own a share of the freehold and benefit directly from owning a luxurious property in an exclusive location. You have all the same rights as an outright owner.

What is included in the purchase price?

Vigia's concept is to keep things simple and straightforward for its clients. Our Fractional Freehold Shared Ownership prices include the property as per specification, luxury furnishing package (from teaspoon to bed linen to soft furniture), fully fitted kitchen featuring market leading appliances, television, DVD and hi-fi system. All associated taxes, notary and registration fees are also included. What is important to bear in mind is that all Vigia properties will be unique to its owners.

Is there anything that is not included in the price?

Just the estimated annual charges which depend on the size of property you purchase and how many owners there are sharing it. Running costs are shared equally between the owners hence reducing the financial outlay of owning you property abroad.

What do the Estimated Annual Charges include?

The maintenance of the exterior on the resort including painting, gardening, pool maintenance, road upkeep, rubbish collection, 24 hour reception, security, council tax, insurance and the basic management service fee.

Do I need to find the other co owners before I can buy a fraction of a property?

No not at all, this is something that Vigia handles. You can start using your property as soon as it has it has been completed and the furnishings are in place. You will be able to exchange contact details with your co-owners, which means you can keep in contact with them if you so wish.

How do I know whether or not my co owners will be "normal"?

Do you have any control of who is buying the other shares? We completely understand that owners may be anxious about sharing a property with people who they have never met before. The rules and regulations which all owners must adhere to are all included in the contract. Each potential owner will also need to complete a Due Diligence Form in which a character reference is required. This is to ensure everyone is safe, secure and happy.

When can I use my property?

This depends on what "fraction" or "share" you have purchased. For example if you purchase one of our Quarter Shares this will give you three months usage spread out over the year to ensure you will be able to experience all season! There are various choices of schemes to choose from. Each will depend on what suites your lifestyle best. Our friendly supervisors can take you through which option is best for you. The aim is flexibility and to make sure all owners can enjoy and use their investment!

Who designs the interior an furnishings?

Every house is tastefully furnished under the direction of our In-house Interior Design Team. Each house will be individually designed to ensure that both the layout of the property along with its location is taken into consideration.

Who will look after the property when I am not there?

Vigia Owner Management Services will look after the property whenever it's not occupied. You will have your own personal property supervisor that you will contact before arrival. They can help you arrange maid service, car hire, restaurant bookings, golf bookings, SPA bookings or anything else you require during your stay.

Who will clean the property?

Vigia Housekeeping will be at your service should you require maid service during your stay. This is optional and at an extra cost. At the end of your stay every owner is obliged to use the cleaning services to assure that the property is left in perfect condition for when the next owners arrive.

What about damage of the property or the inventory?

Damage beyond normal wear and tear is the responsibility of the occupying owner. Normal wear and tear will be covered by a sinking fund that all owners contribute to yearly. There are clear policies and guidelines for how the property should be treated which are all specified in the contract.

What is a Sinking Fund?

The sinking fund is set up to assure that the property is kept to the exquisite standard you would expect from a Fractional Freehold Shared Ownership property from the Vigia Group. It is a separate account where each owner contributes yearly. All exterior maintenance is covered by the running costs.

Who pays the bills?

Owners pay the estimated annual charges at the beginning of the year and Vigia Management Services pays the bills for the property on their behalf. Each owner will receive breakdown of the money spent.

Can I resell my Fractional Freehold Property?

Absolutely, you can sell at any time you like as with any other form of real estate. The only thing you need to do first is to offer it to your co owners, as they will have to have first refusal according to the contract. If they are not interested then it can go on the open market. Vigia Estates will sell your share on your behalf should you wish.