HGV at Coylumbridge Lodges

[Squid]

Hello Everyone!

Long time member here but I have never owned a TS until maybe now.

I'm about to pull the trigger on two "Holiday Certificates" during platinum weeks at Coylumbridge Lodges. I hear a lot about the Craigendarroch here but not very much about Coylumbridge.

Each one is at £3,995 including the £195 legal fees.

This will get me 14,000 HGVC Platinum points a year as each is two bedroom unit.

The MF last year was £516.46 ($645 at today's price) and is expected to be close to that this year (but not released yet). This seems reasonable compared to other MF's for HGVC.

My overall questions are:
1: Does anyone else here own here and what things good and/or bad should I know about?

2: Am I getting a good deal overall especially since they are HGVC Resales and I get Elite status? (Not that big of a deal I see nowadays.)

3: In legalese, are "Holiday Certificates" the same as Deeds?

4: The weeks convert free to HGVC at 7k each but I have to manually let them know each year. Is this normal? I know in the US (EDIT) you are getting a "season and a unit size" that equals points. (Thank You Cyberc!)

5: Has anyone signed up and used TransferWise.com It seems like a great option for paying and converting usd to pound sterling. This will give me the option of breaking up the MF's over 10 payments at no additional charge since it would be a international bank account.

6: Any red flags I should be aware of?

Thanks in advance for all your help and responses.

 

[Cyberc]

My overall questions are:

3: In legalese, are "Holiday Certificates" the same as Deeds?

4: The weeks convert free to HGVC at 7k each but I have to manually let them know each year. Is this normal? I know in the US you are just buying points and a season rating.

6: Any red flags I should be aware of?

Thanks in advance for all your help and responses.

I have removed the questions which I don’t have any knowledge about. Unfortunately I don’t have any specific knowledge about the hotel.

3. No the certificates are not the same as deeds but they are commonly used in Europe when buying a timeshare as a RTU (right to use). Your ownership will expire in 20xx mine in Portugal expires in 2042. Iirc others expire after 99 years.

4. It’s normal when you own a fixed week or event week that it’s prebooked each year and you need to call in to cancel the booking to free up your points. I think I read that some resorts now allow you to cancel online.

In the US you don’t just buy points you buy a season and a unit size. Those two combined equals a number of points each year or EOY.

6. Check when the RTU expires and adjust your offer price according to that.

 

[Squid]

I had no idea about the RTU. Sending and Email.

 

[ConejoRed]

I own at Craigendarroch Lodges and it is also a holiday certificate. The use is "perpetual" with no expiration date however so there is currently no "expiration" date on it. I did receive something recently in the mail from the HOA that they were gathering feedback on whether to change it to RTU with a fixed expiration date (similar to what the Craigendarroch Suites have apparently) but it sounded like a big undertaking to get the changed passed and I am not sure I would vote for the change as I think it will diminish the resale value the closer you get to the RTU expiration date.

 

[GT75]

I'm about to pull the trigger on two "Holiday Certificates" during platinum weeks at Coylumbridge Lodges. I hear a lot about the Craigendarroch here but not very much about Coylumbridge.

Hopefully @Pathways or @Sky313 or @Anthony Schmid will response because I think they own there.

 

[GT75]

4: The weeks convert free to HGVC at 7k each but I have to manually let them know each year. Is this normal? I know in the US (EDIT) you are getting a "season and a unit size" that equals points.

From my experience at Craigendarroch (which I expect to be the same at Coylumbridge), you will have an automatic fix week reservation made for you for next year and following year. You will see these reservations in your reservation list. If you cancel your reservation, it will revert to points. This is the same as other fixed week reservations in the HGVC system. So, I didn't need to call to cancel. I could do this all on-line.

 

[Anthony Schmid]

Hopefully @Pathways or @Sky313 or @Anthony Schmid will response because I think they own there.

I purchased both Craigendarroch Lodge and Coylumbridge Lodge for the platinum points. They both work identical where I received a holiday certificate. I cancelled both 2019 and 2020 reservations online for both resorts to take the points. I don't know much about the resorts other than they are in Scotland

 

[GT75]

I did receive something recently in the mail from the HOA that they were gathering feedback on whether to change it to RTU with a fixed expiration date

Wow, that is interesting. Something that I didn't know about.

 

[GT75]

6: Any red flags I should be aware of?

Here is my take on purchasing HGVC from Scotland.

• The purchase price (~$0.74/point) and the MFs (currently) (~$0.092/point)are very good. The fees including that to enroll the unit into HGVC are lower than a resale unit in US HGVC.
• Your MFs will vary depending upon the exchange rate. Right now it is the lowest in 20 months. So obviously, it can be higher.
• This is an affiliate, so there is a possibility (I think slight) that it could pull out from HGVC.
• The MFs increase for Craigendarroch is only 2.4%. From the data being collected, it seems like most of the best/better MFs are only increasing around that value. Hopefully, Coylumbridge will be similar.

 

[dayooper]

Here is my take on purchasing HGVC from Scotland.

• The purchase price (~$0.74/point) and the MFs (currently) (~$0.092/point)are very good. The fees including that to enroll the unit into HGVC are lower than a resale unit in US HGVC.
• Your MFs will vary depending upon the exchange rate. Right now it is the lowest in 20 months. So obviously, it can be higher.
• This is an affiliate, so there is a possibility (I think slight) that it could pull out from HGVC.
• The MFs increase for Craigendarroch is only 2.4%. From the data being collected, it seems like most of the best/better MFs are only increasing around that value. Hopefully, Coylumbridge will be similar.

What were the transfer and enrollment fees at Craigendarroch, at least when you bought?

 

[PigsDad]

The exchange rate is a significant risk, IMO. In 2007 the exchange rate would have made the MFs 60% higher than today. The USD has been strong against the Pound in the current economic cycle -- will it continue? Or will it drop? Nobody really knows. As long as you can accept this risk, I think the Scotland properties can be a very good deal.

Kurt

 

[GT75]

What were the transfer and enrollment fees at Craigendarroch, at least when you bought?

Legal fees - £195
Enrollment fee - £277
Total fees = £472 = $592.36 (at today's exchange rate)

 

[dayooper]

Legal fees - £195
Enrollment fee - £277
Total fees = £472 = $592.36 (at today's exchange rate)

Nice price compared to the $1000 that it takes to transfer a deeded US unit. Thanks for the info!

 

[ConejoRed]

Wow, that is interesting. Something that I didn't know about.

Found the letter.... will try and attach it here and hope it is readable.

 

[GT75]

Found the letter

Thanks. I am not in favor of it either.

I guess on the positive side, I didn't pay that much for it in the first place. So, if it went away in 2050, it wouldn't be that much of a loss. I don't think that I will be here in 2050 anyways to worry about it.

 

[Sky313]

Hopefully @Pathways or @Sky313 or @Anthony Schmid will response because I think they own there.

Yes, as said above, received a holiday certificate which is perpetual. Can easily cancel reservation for points online (previously had to call in). I posted a map/pic layouts of the lodges based on numbers in the HGVC detailed resort Sticky. The lodge is run by the Highland lodges club and as such is an affiliate but they have a HGVC sales office there http://www.coylumbridge.info.

If i remember correctly there was a special assessment last year or so for the river flooding.

Also make sure to choose a good platinum week (in the middle and not at the edge of platinum) . Not sure, but potentially Hilton /HGVC can change the calendar of platinum /gold/silver weeks in the future to change the value of your week. My concern with Coylumbridge is that it does not seem as popular or not as well up kept. The hotel has mixed reviews as some rooms are small and dated, and recently changed ownership (was on sale for years ) but i believe Hilton still manages it

 

[PigsDad]

Also make sure to choose a good platinum week (in the middle and not at the edge of platinum) . Not sure, but potentially Hilton /HGVC can change the calendar of platinum /gold/silver weeks in the future to change the value of your week.

I don't think there is much risk of HGVC lowering the value of a week. Just imagine the uproar from owners! The only season adjustment HGVC has ever made that I know of if at Flamingo, where they upgraded some weeks to a higher season -- I've never heard of a downgrade.

Kurt

 

[DannyTS]

The platinum season at Craigendarroch is generous in the summer and it extends from weeks 21 to 43. I agree that there is a low chance HGVC will change the points chart at any resort, it would make owners uncomfortable at all the resorts.

However, according to the sales department most of the buyers there are locals (80-90%) and owning a week when the kids are not in school should help to sell if you ever decide to. I think it is worth to pay the extra dollars and/or to wait for the right week.

 

[natarajanv]

Found the letter.... will try and attach it here and hope it is readable.
View attachment 9392 View attachment 9393

Its good to know that HILTON is taking back the Craigendarroch lodges weeks. There are like 12 bronze/silver weeks. What will happen if all the owners of Bronze/Silver weeks decide to give it back?

 

[GT75]

Its good to know that HILTON is taking back the Craigendarroch lodges weeks.

That wasn't Hilton but the HOA which was just asking for comments. I have heard that this is already a dead item and will go no further. I really don't see how it could be changed by an HOA if it is in the owner's contract.

 

[natarajanv]

That wasn't Hilton but the HOA which was just asking for comments. I have heard that this is already a dead item and will go no further. I really don't see how it could be changed by an HOA if it is in the owner's contract.

I agree that amending the HOA constitution might be the dead item, but reading the attached document by @ConejoRed, It see that "HGVC offers an exit strategy where qualifying owners may be able to give their week to them for no consideration". This is what I was more concerned about as who will be responsible for MF's if some of the dog weeks were given back. I don't like that idea, unless I am misreading/misinterpreting it.

 

[GT75]

HGVC offers an exit strategy where qualifying owners may be able to give their week to them for no consideration

I missed that part of the letter because I was too focused on the other item. I see it now, thanks for pointing it out. I see pluses and minuses to the change.

 

[Anthony Schmid]

Attached is a letter I received from Coylumbridge

 

[GT75]

Attached is a letter I received from Coylumbridge

Interesting reading through the letter. It looks to me that the reserve fee funding is short and needs to be increased for Coylumbridge. We all want our MFs to be low but not too low that the property isn't being maintained sufficiently. This is my opinion on MFs and isn't a statement on Coylumbridge MF funding.

 

[Sky313]

Interesting reading through the letter. It looks to me that the reserve fee funding is short and needs to be increased for Coylumbridge. We all want our MFs to be low but not too low that the property isn't being maintained sufficiently. This is my opinion on MFs and isn't a statement on Coylumbridge MF funding.

I understand but personally hope the assessments to increase reserves will be minimal.