Any advice would help
Posted: 13 May 2011 20:24
Hello there.
My wife and I bought an apartment off plan (Tersefanou Village) in 2008 as an investment, after a years delay it is finished.
We were advised to take out a Swiss franc mortgage but this has proven to be poor advice.
We were told that a management company was set up to be managing the rental of the property, when we contacted the investment company (Domus Island) they informed me that the management company went into voluntary liquidation, six months previously.
We were told that the new PGA golf course was to be finished around the same time as the apartment, this is obviously nowhere near completion.
And finally the bank haven't paid the final payment to the developers, who won't furnish the apartment until they have recieved it, even though the bank are asking us for mortgage instalments starting from the beginning of this month.
I understand that some of these issues are out of the control of the investment company or the bank but we now have a property with negative equity which we can't rent out and a higher mortgage than we ever imagined.
Could anyone give us some advice as to what would be the best option would be. We don't want to cut our losses and walk away but it seems we may have to look at this.
Thanks in advance.
My wife and I bought an apartment off plan (Tersefanou Village) in 2008 as an investment, after a years delay it is finished.
We were advised to take out a Swiss franc mortgage but this has proven to be poor advice.
We were told that a management company was set up to be managing the rental of the property, when we contacted the investment company (Domus Island) they informed me that the management company went into voluntary liquidation, six months previously.
We were told that the new PGA golf course was to be finished around the same time as the apartment, this is obviously nowhere near completion.
And finally the bank haven't paid the final payment to the developers, who won't furnish the apartment until they have recieved it, even though the bank are asking us for mortgage instalments starting from the beginning of this month.
I understand that some of these issues are out of the control of the investment company or the bank but we now have a property with negative equity which we can't rent out and a higher mortgage than we ever imagined.
Could anyone give us some advice as to what would be the best option would be. We don't want to cut our losses and walk away but it seems we may have to look at this.
Thanks in advance.