Timeshare
Last updated | 25/04/2007
What the legislation does
Legislation applies to any timeshare agreement or credit agreement for the purchase of a timeshare holiday, if the agreement is covered by UK law, the law of any part of the UK or, one or both of the parties to the agreement are in the UK.
It provides rights to cancel certain timeshare agreements. Notices of cancellation rights and blank cancellation notices (the so-called invitation to cancel) must be given to all purchasers.
Gives a minimum of 14 days cooling off period within which the purchaser can cancel the agreement remains 14 days.
Timeshare credit agreements are cancelled automatically when the purchase agreement is cancelled.
Advertisements for timeshare must refer to the relevant disclosure document ban on advance payments either to the seller or to a third party
Enforcement
Advertisements affecting local residents are monitored. Requires visits to local timeshare companies to advise or investigate complaints.
Premises affected
Points-based clubs, holiday clubs, Insurance and share-based schemes, timeshare sales (one day sales, rogue traders, internet sales).
Key Legislation
Timeshare Act 1992 Timeshare Regulations 1997
Timeshare (Cancellation Notices) Order 1992
Timeshare (Cancellation Information) Order 2003 Timeshare (Repayment of Credit on Cancellation) Order 1992
