The following conditions relate to the exchange of privately owned homes where Select Exchange act as the introducer through its website, www.selectexchange.co.uk.

GUEST

The owner who makes the request to exchange is referred to as the “GUEST”.

 

HOST

The owner who accepts the exchange is referred to as the “HOST”.

SELECT EXCHANGE FEES

There is no charge for joining Select Exchange and the yearly membership is £49*.  Owners with more than one property will be charged £10* membership per additional property. Owners of homes in specific locations, where Select Exchange feel it would be of benefit to members, may be offered special incentives to join at the discretion of management.  

 

There is an introductory/administration fee of £75* when exchanging. Other costs may be payable directly to other owners for exchanges with properties of higher rental values.

 

* All costs may be subject to change. Members paying in Euros or US Dollars will be charged the equivalent Sterling rate in their own currency, by their bank.
 

HOME OWNERSHIP

The applicant/s must be the owner/s of the property or have been granted absolute right of use or control by the owner/s of the property.

 

Select Exchange reserves the right to request additional information regarding proof of ownership or right of use or control and to inspect the property if is deemed necessary in order to ensure that the conditions are met.

OWNER CONTACT DETAILS

Owner contact details, home addresses and telephone numbers, will not be displayed on the website. Emails are sent directly to owners via the website once an exchange has been requested. However, the email address is not displayed on the website.

PROPERTY CONTACT DETAILS

The full address details of the property will not be displayed on the website.  Only the general location, the name of the resort and floor level (in the case of apartments) will appear. Properties should be added to the website by members using the correct property name. Select Exchange will then provide every property with a code before approving it to go live on the website.

MANAGEMENT

If the property is a holiday home, the contact details of the managing company or person should be provided at the time of joining. This company or person should be contactable after office hours, in case of emergencies. 

 

Contact details of the management company, address and telephone numbers must be provided at the time of joining. Details should include the name/s of specific person/s designated to look after the property, and contact telephone numbers for emergency calls outside office hours.

POINTS ALLOCATION (rental value)

Owners must provide up-to-date rental rates for the property so points can be allocated. If these are not available, the rental rates of a similar property within the resort or the area must be provided. If Select Exchange has access to contracted rental rates through its sister company, Select Resorts Ltd (Holidays), these will be used to calculate the Rental Points.

 

The initial bank of points allocated to members is the sum of 3 week’s property rental values, one from each season; low, medium and high. By dividing this total by 3 the Weekly Rental Value (WRV) of the property is calculated, which is the amount of points a property is worth per week when exchanged.

 

If a property has more or fewer than 3 seasons the calculation is as follows:
- The sum of a week’s rental value from each season is divided by the number of seasons (eg. sum of 4 seasons is divided by 4). This is the Weekly Rental Value. To calculate the total starting bank of points, multiply this figure by 3.

 

Members accumulate additional points by having Guests stay in their properties.

 

Select Exchange reserves the right to verify the property rental rates provided by owners by a professional third party if it is deemed necessary.

 

The allocation of points will be adjusted annually to reflect any changes in rental rates.

 

Any unused points will automatically expire after 3 years.

CURRENCY

The website deals in Pound Sterling (£). Owners paying in Euros or US Dollars will be charged the equivalent Sterling rate in their own currency, by their bank.

 
For the purpose of points calculations the stated currency is the Pound Sterling (£).    

CONFIRMATION

Once an exchange is agreed, the “Confirmation Check List” form should be agreed by both owners stating the terms and the complete details of the exchanges. A “Confirmation Check List” form for each exchange property must be signed by both parties. These must be scanned and emailed or posted to each owner and to Select Exchange before the exchange takes place.

PAYMENT FOR RENT

In the case of a “Differential Exchange” or a “Rental Option” where extra rent is due by one owner, this should be paid prior to occupation and at a suitable time that satisfies both owners. Select Exchange strongly recommends that in the case of a “Rental Option” a mixture of points and cash form part of the transaction.   

ARRIVAL CLEANING AND OTHER COSTS

Unless owners agree otherwise, it is always a condition that the property is cleaned and ready to receive Guests. In the case where extra charges are due, the owner has two options for collecting this, either directly beforehand (if the cost is known) or through the management company on site, on arrival or before departure. Please refer to the “Confirmation Check List” form provided separately which covers all potential extra costs when you confirm an exchange.

DAMAGE DEPOSITS

In the case where a damage deposit is required, this should be collected and retained by the owner or the management company on site. Guests should ensure that they advise the owner or management company of any accidental damages and ensure that all rubbish is placed in outside bins and the property is left in good order.

ARRIVAL AND DEPARTURE TIMES

It is vitally important that the arrival and departure times arranged with the Host are adhered to by the Guest to allow the property to be cleaned on time by the owner or management company. 

ACCOMMODATION

The maximum occupancy is two persons per bedroom (excluding infants) or the occupancy agreed with the owner. This must not be exceeded. If the property occupancy has been exceeded, the owner (Host) reserves the right to recover the loss from the Guest by any means available to him/her. Select Exchange cannot become involved.

CANCELLATIONS

Members should try at all costs to avoid cancellations but these are sometimes unavoidable due to unforeseen circumstances. If one party has to cancel, then a new date should be arranged with the other member at the earliest convenient date for both parties. All the points transferred will be reallocated to the owner who has honoured the exchange. When the second exchange takes place, the point distribution will be readjusted.

 

In the case of a “Differential Exchange” or “Rental Option” where one property is no longer available for the exchange agreed, due to a sale or circumstances out of the owner’s control, the owner who is cancelling is contractually bound to honour the exchange and should ensure that the accommodation is still made available for the exchange through the new purchasers or at another mutually convenient time. In this instance, Select Exchange will try to assist if possible by suggesting alternative properties in the vicinity. Alternatively, the equivalent rental amount should be paid by the cancelling owner (Host) to the other owner (Guest), including any rent previously paid.

 

Members can take whatever action is legally available to him/her to recover any expenditure incurred due to a cancellation by the other party. Select Exchange will transfer the relative number of points from the cancelling owner to the other owner or transfer the points to a third owner who can accept the Guest. Select Exchange cannot become involved with any legal action taken; this must remain between the members. 

 

Select Exchange will immediately terminate membership if it is proved that a member is abusing the system through cancellations.  Membership fees will not be refunded. 

TERMINATION OF MEMBERSHIP

Members must advise Select Exchange immediately, in writing, if the property is sold and/or they no longer wish to be members of Select Exchange. This enables Select Exchange to disable the property from the website as soon as possible. New owners of sold property in Select Exchange’s portfolio will need to apply separately for membership, as membership cannot be transferred. If past members wish to re-join Select Exchange in the future (membership must be in the same name), the lifetime joining fee does not need to be paid again.
 

REFUND POLICY

New members have the right to cancel within 7 days from the date of joining online. Members wishing to cancel their membership must do so in writing by one of the following methods within this 7 day period:
- By email to mail@selectexchange.co.uk
- By post to Select Exchange Ltd, 1st Floor, Old Generator House, Bourne Valley Road, Poole, Dorset, BH12 1DZ

 

The joining fee and annual membership fee will be refunded in the same way the fees were initially paid to Select Exchange Ltd.

 

Select Exchange Ltd reserves the right to withdraw membership at any time (after the first 7 days of membership). Lifetime joining fees are non-refundable and membership fees are payable annually in advance. Refunds will not be given for cancellations during that annual period if membership is terminated for any reason.

NOTIFYING SELECT EXCHANGE

Members must notify Select Exchange immediately when an exchange is agreed so the database can be updated and the relevant administration fee can be charged to each owner. Failing to notify Select Exchange of exchanges taking place may result in termination of membership and forfeiture of all points and membership fees.

CHANGES TO THE PROPERTY

Members must keep their property information updated on the website, including details of any alterations and improvements. Members are allocated log-in details to enable them to edit their property information and photos.

 

Select Exchange will automatically be notified of all changes to maintain accurate property records for administration purposes. Select Exchange reserves the right to contact members regarding any amendments made.

 

THIRD PARTY

IIf both owners decide to have an independent third party handle the exchange, this can be referred to Select Resorts Ltd (Holidays). In this case the exchange will be handled like a rental and both owners will be charged 10% commission on the value of the exchange.   

TRAVEL INSURANCE, VISAS, PASSPORTS AND CAR HIRE

Members should ensure they are adequately insured for travelling and their passports and visas are up-to-date and valid for the country they are visiting.

 

Car hire may be booked through Select Resorts Ltd (Holidays), providing it has a contract with a car hire company in members’ chosen destinations. Payment is made directly to the car hire company on arrival.

OUR LIABILITY

The Select Exchange website is purely an introductory vehicle allowing its members to exchange or rent their properties amongst themselves and as such cannot accept responsibility for members’ mistakes and actions. The exchange agreement is between the owners and does not involve Select Exchange. All reasonable steps are taken to ensure that membership information referred to us is correct; it is displayed in good faith and regularly updated. Members should ensure for themselves that the information on the property they are exchanging or renting is correct by the means available to them, including contacting the relevant management company directly if applicable. Select Exchange will assist wherever possible should a dispute arise but will not be held responsible, legally or financially, for misinformation by property owners over whom we have no direct control.

COPYRIGHTS

Select Exchange is copyrighted. Copying the system without prior permission may result in prosecution by Select Exchange Ltd.