What is fractional ownership at Penhaven?
Fractional ownership is a relatively new type of ownership, where each cottage is divided into ten fractions. Each fraction entitles the owner to five weeks access to the property in different seasons. Unlike other methods, fractional ownership is exactly that – You become an owner of one tenth (or more) of a holiday cottage.

What is the legal situation?
A 999 year leasehold interest in each cottage is owned by a separate Company Limited by Guarantee, which has up to ten members. This is the legal vehicle often used by charities, clubs and non-profit making organisations and has been devised and implemented by one of the leading experts in the field.

Who owns the freehold?
The freehold of Penhaven Country House Hotel and Cottages is held by Penhaven Leisure Resorts Ltd. The company is responsible for managing and servicing the cottages and running the hotel.

Can I let my weeks out?
Yes. We would be happy to assist you in letting your cottage if there are weeks that you decide not to use in any particular year, at a small charge based on a percentage of this income. Alternatively, you can arrange a private let yourself. We would simply ask you to make us aware when this is the case and provide the details of residents.

Is there any way to exchange my weeks for weeks at other destinations?
Yes. We will affiliate Penhaven to an exchange programme that allows you to ‘bank’ your weeks in return for credit at alternative venues – these can be in the UK and abroad. This provides an added element of flexibility in planning your holidays.

Has this kind of thing been done before?
Yes it has. Hope Barton (www.hopebarton.co.uk) is a very similar fractional ownership resort, also in Devon. It has now fully sold out and has a waiting list of future buyers interested in the site. The approach taken at Penhaven is very similar to this.

Can I be confident in the management of the site?
We are fully committed to ensuring that ownership at Penhaven is everything you want it to be. The site and hotel are owned by joint Managing Directors Roy Holland and Geoff Baker, who have extensive experience in the leisure resort industry between them. Either Roy or Geoff would be happy to talk to you about any concerns you may have.

Can you accommodate additional guests?
At the heart of Penhaven cottages is a 12 bedroom Country House Hotel that is available for guests to book at any time.

How are the cottages maintained?
Two weeks in every year are allocated to maintenance and this is normally undertaken in the first quarter of the year. There is an annual maintenance charge that covers this cost.

What is the cost of ownership?
The cost varies depending on the size of cottage that you buy. Prices start from £21,000 for a studio, £26,500 for a one bedroom, £31,500 for a two bedroom and £50,000 for  three bedroom. More information on this is available on request.

Is there a service charge?
We do have a service charge. This covers the maintenance of the cottages including ongoing costs such as cleaning and laundry as well as the annual costs to maintain the property itself.

Can I sell my ownership?
Yes. It is an asset you are entitled to sell at any time. We would ask you to let us know of your intentions to sell and, if required, can assist with this