Frequently Asked Questions

An amazing second home for ⅛ the cost. Co-Ownership is true real estate property ownership for dramatically less cost than owning a whole home. Buyers purchase ownership interest in a luxury single-family home and enjoy ongoing access to the property throughout the year.

There are millions of second homes, most of which sit empty 10-11 months a year. This underutilisation is costly and wasteful. With Co-Ownership, you purchase the amount of ownership that fits your personal usage needs, so you can maximise your time at your home while spending far less than you would on a whole home. Purchasing ⅛ ownership for example gives you 44+ nights per year in your chosen property — that’s more than 6 weeks of relaxation in your second home! If you require more you can simply buy more shares. If you bought two shares you would have 3 months use of the property which is more than the average person uses with a conventional holiday home purchase.

At first glance, Co-Ownership might not seem that different from a timeshare. After all, you don’t own the whole home yourself, so you can’t just show up on a whim anytime you feel like popping over. But, that’s where the similarities end. Start searching for information on timeshares, and you’ll find a lot of horror stories. Read about Co-Ownership, on the other hand, and you’ll hear how much they love their second homes. And that’s because Co-Ownership is not a timeshare, it’s true property ownership (but without all the hassles). Here are five reasons buying a holiday home through Co-Ownership will fill you with joy, not regrets.

• Each property is a one-of-a-kind holiday home – Not just any property can be a Co-Ownership home – each one is different, and all of them have that special “wow” factor. Professional interior designers select the perfect furnishings, modern amenities and special touches to ensure your home is a place you’ll feel comfortable and relaxed whenever you walk through the door. A timeshare is almost always a unit at a hotel or apartment complex. Think cookie-cutter floor plans and typical hotel-style furniture. You might have neighbours on both sides, above and below – hopefully the soundproofing is up to scratch.

• A small group of co-owners enjoy the property – Because Co-Ownership limits the number of shares per home to eight, you and just seven other owners, at most, will have access to the property (only one owner will occupy the property at a time, of course). Plus, Co-Ownership properties are reserved for the exclusive use of owners and their guests — rentals aren’t permitted and potential owners are vetted and agree to a common sense Code of Conduct to ensure they will treat the home as their own — because it is! Plus, you won’t feel like you’re “sharing” your home as a thorough inspection and cleaning is conducted after each stay, so your holiday home is always in pristine order when you arrive.  A timeshare unit may be shared by 52 other people — one person or group for every week of the year. Additionally, some timeshares allow for swaps or rentals, increasing the number of potential guests.

• You own property, not time – One of the biggest differences between Co-Ownership and a timeshare is what you actually own. With Co-Ownership, you own an actual property asset. Your share is real property, not simply a block of time. And because it’s a property asset, its value will move with the market — which means that any equity realised is yours. When you purchase a timeshare, you typically own the right to use the property for a period of time, not the property itself. That’s why you can’t usually get a conventional home loan to purchase a timeshare — there’s no “home” as collateral, only time. Financing is offered through the timeshare company, often at a high interest rate, and some buyers secure funds through a personal loan or home equity loan. Because a timeshare is not a property asset, you are likely to see the value depreciate, much like a new car begins to lose value once it’s driven out of the dealership. 

• You can use your home year-round – Each share includes up to 44 stay nights per year — more than six weeks! You aren’t locked into a specific week or weeks each year, and you don’t even have to schedule weeklong stays. You can enjoy a weekend getaway or a mid-week escape, and you have the flexibility to plan stays anywhere from 8 days to 24 months in advance. Short-notice stays can be booked just two days in advance! You’re also guaranteed one “special date” per year, which includes school holidays, Christmas and other bank holidays; you may not get your first choice every year, but since you can book dates up to two years in advance, you’ll always have another opportunity to bag your favourite. You book time at your home using an app, powered by a SmartStay scheduling system. It’s easy to use and equitable for owners, based on the number of shares you own. When you buy time at a timeshare, you’re often locked into a fixed week, year after year. You may have a “floating week” option, but your choices are still restricted to a range of dates. With either option, you can only check in on certain days, and you typically must book a full week. There are exchanges and point-based systems which allow you to choose different resorts, but you’ll often pay extra for more desirable locations, and availability can be limited. If you have a fixed-week schedule, you may never get a particular holiday week if it was already locked in by another owner. 

• The resale process is streamlined – You’ll love your second home for years to come – but when it’s time to sell, you want that process to be as smooth and simple as the purchase process. You set the price you want, and your share will be marketed much like a traditional property listing. Because Co-Ownership properties are thoughtfully selected and located in some of the most desirable holiday home markets, there is always a strong buyer demand for the shares. For timeshare owners, resale is one of the biggest sources of stress. There’s a supply and demand imbalance, with a glut of sellers trying to get rid of their units (and the accompanying resort fees) to a smaller pool of buyers. There is a resale market, to be sure, but most people end up selling at a huge loss — you’ll find sellers on Ebay asking just a few hundred pounds (or less!) for their timeshares. There’s also a whole industry of timeshare exit companies that will help you offload your timeshare for a fee — and, unfortunately, many of them have been known to take advantage of sellers. According to U.S. News & World Report, you should “buy for the memories,” not because you expect to turn a profit.

Buyers can finance up to 70% of their purchase. A down payment of 30% is required.

Buyers have three options for payment. They can pay with cash or crypto, take out a personal line of credit, or access conventional financing through partnership Banks.

The approval process is straightforward and fast. You will need to provide a copy of your driver’s licence, payslips, a tax return, a current bank statement and a credit report. Once all documents are provided, approval takes just a few days.

If one owner defaults, the scheme administrator steps in as the guarantor of the loan and continues to make all payment obligations of the loan and any associated operating expense of that owner. If the owner cannot cure the default they can resell the share to a new owner. This protection is one of the many benefits Co-owners enjoy with their fully managed limited company co-ownership programme.

The loan is between the Bank and the limited company. Borrowers access financing directly from the limited company.

Yes. There is no prepayment penalty for buyers who finance with partner banks.

Your monthly payments are automatically deducted safely and securely using ACH.

For buyers who choose to finance up to 70% of their purchase a small fee will be assessed at closing. The team can provide detailed information about financing options and costs.

No. The Co-Owned property cannot be encumbered by any other debt outside of the financing options of the limited company. This is to protect every owner of the limited company. It is worth noting that in the case of a share being resold, any appreciation in the share price being sold is all kept by the selling owner.

Yes, buyers may use crypto to pay for all or part of their second home purchase. Payments are handled through BitPay, and several cryptocurrencies are accepted.

When you’re ready to pay, you will be sent a BitPay invoice by email. BitPay, the cryptocurrency payment facilitator, processes the transaction. Using BitPay, you’ll select your wallet and preferred cryptocurrency. Next, you fill in the payment details in your wallet, either manually or by scanning a QR code. You’ll then validate the transaction from your wallet. Upon validating the payment, you will immediately see the payment reflected on the invoice.

BitPay is the only cryptocurrency payment facilitator available at this time. 

Buyers can transact in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), and Wrapped Bitcoin (WBTC), plus five USD-pegged stablecoins: GUSD, USDC, USDP, DAI, and BUSD. Only ERC20 stablecoins on the ETH network are accepted.

There is a 1% transaction fee which is passed through to BitPay for their services.

Yes, you are welcome to divide any non-financed portion of your purchase between cash and crypto.

Yes, eligible buyers can finance up to 70% of their purchase and pay their down payment in crypto. Monthly financing instalments may only be paid in fiat.

Yes, deposits can be made using crypto, but deposit funds will be returned in fiat.

No, Co-ownership sales facilitated will be paid in fiat currency.

You are encouraged to consult with your tax advisor on any potential tax obligations associated with second home co-ownership, regardless of payment method.

BitPay is one of the most established companies in the crypto payments space. More information about the company and its investments in building a secure, stable platform are available at BitPay Support.

BitPay, has tips and best practices for securing your crypto.

As the Co-Owned concept expands globally, and with mass adoption of digital currencies well underway, an increasing number of second home buyers are demanding a full range of payment options. The Co-Own concept is committed to offering options that work for buyers, wherever they live and however they prefer to pay.