Cyprus Property Forum for Buyers, Sellers & Investors

Pan,
Apparently the bank can stop a sale. The sale agreement (between ourselves and the developer) is lodged at the Land Registry with the bank as an interested party and the bank can refuse to allow it to be re-assigned to a new buyer (we don't have title deeds yet).

Our bank has told us they will ...

Hello Pan,

Unfortunately we are in serious negative equity and our bank will not allow us to sell it (well, actually they have recently said that they might, depending on how much less the sale price is than the amount owing on the mortgage - we are trying to get some clarification on this ...

Hello Nigel, many thanks for your reply.

We have consulted Louise previously, primarily to make an initial approach to our bank and to confirm that I had not acted as a guarantor on the mortgage (which I have not). I have no complaint whatsoever about her service but we are somewhat short of funds ...

We will soon be forced to default on the mortgage for our apartment in Kapparis and I’d like to clarify just what happens if and when our bank decides to take legal action against us (we live in the UK). In another thread Louise was quoted as listing four ways the bank could try to get its money ...