Timeshare Disclosure Statement
Parliament introduced the Timeshare Act of 1992 (amended by the 1997 Timeshare Regulations) to protect the public against repeated abuses by unscrupulous timeshare salesmen. Tresco Estate has always fully supported strict timeshare legislation, and will always be at the forefront of owner-protection.
This Disclosure Leaflet outlines the basis of Tresco Timeshare.
The Duchy of Cornwall owns the freehold of the island of Tresco and it has been leased to the family of Mr Robert Dorrien Smith since 1834. Tresco Estate is the trading name of Mr Dorrien Smith.
There are 45 timeshare cottages or apartments on the island, all of which have been completed and are ready for occupation. The timeshare season extends from RCI week 6 to RCI week 45 (roughly from the first week of February to the middle of November). All cottages or apartments have electricity, water and telephone connected, and are equipped with full kitchens. Electricity is metered and is paid for at the Estate Office at end of the holiday. Colour TV, DVD recorder, Stereo with CD, dishwashers, microwave ovens are standard in all cottages.
Timeshare owners have access to two tennis courts for which an hourly charge is made. Each cottage also has free access to a designated open-air heated swimming pool, which will be available from 1 May until 1 October. Children under 15 must be accompanied by an adult when swimming. All swimming pools are unattended. The Island Hotel is usually open between mid-March and the third week in October. The New Inn is open year-round (opening hours vary according to season). The Tresco Abbey Gardens are open year-round, and an entrance fee is charged for adults. Tresco Stores is open year-round (opening hours vary), and Gallery Tresco and the Garden Shop and Cafe are open usually between mid-February and the end of October (depending on weather and day-tripper numbers). There are no restrictions on access to beaches and most other open spaces on the island - although we ask visitors to remember that Tresco is a working community with two farms and to respect the Countryside Code. Some seasonal restrictions are applied for the protection either of the public, wildlife or the environment. These may include Areas of Special Scientific Interest, certain woodlands, and fields containing livestock. No dogs (other than Guide Dogs for the Blind) are permitted.
The timeshare consists of a 30-year licence on a specific week in a specific cottage. All 30-year licences include a Buy Back Guarantee from Tresco Estate, valid between years 4 and 15, for the full purchase price (excluding any VAT that may be applicable). We will forward an Agreement for your consideration upon request, which should be signed and returned within 14 days. We will then forward the counterpart Agreement signed and dated by Mr Dorrien Smith. You have 14 days from the date of the Agreement before payment needs to be made, and during this time you can cancel the Agreement for any reason without incurring financial penalty. Details of how to do this are included with the counterpart Agreement. Similarly, if you have entered into a contract with a bank to provide you with finance to buy your timeshare this can also be cancelled without penalty. If you wish to cancel within the 14-day cooling-off period you should send the cancellation notice (annexed to the Purchase Agreement) to the address set out below. The Estate may also act as an agent by offering owners weeks for sale on a remainder-of-lease basis. These weeks do not normally carry a Buy Back Guarantee, but they can, for an additional payment, be made up to 30 years if required in which case they will carry a Buy Back Guarantee from Tresco Estate.
The Agreement binds you to pay an annual Service Charge for each week that you own. This will be invoiced to you by Tresco Estate, who is responsible for administering and managing the island, at the start of the calendar year and is due for payment within 30 days. Your licence may be forfeit if you do not pay the service charge. The service charge is a non-profit item and covers the cost of running and maintaining the cottages and ancillary services. It includes:
Cleaning prior to arrival
Refuse disposal
Repairs, refurbishment and replacement
Council Tax and Water Charge
Telephone rental
Insurance of structure and contents
Supply of linen, towels and cleaning materials
External and internal repairs and decoration
Cost of labour for:
Upkeep of gardens
Delivery of groceries
Delivery of fuels (where appropriate)
Transport to and from arrival/departure points
Value Added Tax
Contribution to communal services
Contribution to reserve fund (if any)
A table showing the current timeshare prices and service charge rates is available.
Timeshare exchange companies arrange exchange holidays around the world for their members. All owners are entitled to apply for membership of RCI or any other timeshare exchange company to which Tresco may be affiliated. At present, Tresco is designated an RCI Gold Crown resort.
If you need further information about any points in this leaflet, please contact the Estate Office:
Richard Barber Timeshare Manager