Search finds developer Mortgage

General questions & discussions on Cyprus property related matters
Post Reply
corderya
Posts: 2
Joined: 10 Jan 2018 16:19

Search finds developer Mortgage

Post by corderya » 10 Jan 2018 16:28

The Solicitor has come back with this search report on an apartment I am interested in purchasing:

The property is constructed on the immovable property with Registration No. 0/5645 situated at Pyla Village, Larnaca District, Cyprus. At this plot exist two mortgages from G.N. HASAPIS BROS LTD and G. HASSAPIS & SONS LTD and we will required a Bank Waiver to be issued, for the Mortgage 4/Y/5496/2006 dated 14/09/2006 with the amount of €1.435.225,21 and Mortgage 4/Y/8438/2007 dated 20/11/2007 with the amount of €2.733.762,31, both from Alpha Bank.
Also we have been informed that G.N. HASAPIS BROS LTD and G. HASSAPIS & SONS LTD are no longer under the management of George Hassapis as Director since the 23rd of December 2017. The above companies are under the management of the Receiver Mr. Leonidas Kimonos who can act as a Director. I will inform him about the required waivers.

Would I be wise to back out of this purchase?



Pantheman
Posts: 498
Joined: 26 Jan 2008 14:44
Location: Famagusta District
Contact:

Re: Search finds developer Mortgage

Post by Pantheman » 10 Jan 2018 17:32

Yes, as the chances of getting a waiver at those levels of loans is very likely to be zilch.

In addition to this if you were able to get a waiver it could cost a packet. Perhaps IF the banks agreed to a waiver for a price, you could ask the seller to pay for it, unless you are getting the apartment dirt cheap.

In addition to this, any company that has gone into receivership makes it much much harder to get not only deeds but anything else as well.

Best look for something else would be my advice, but take it or leave it as you will.

Regards


For all your property needs, we offer Trust, Integrity, Honesty.
FSB Properties Ltd
Registered and Licensed Real Estate Company Co. Reg. No. 795, Lic. No. 250/E
http://www.fsbproperties.com

Nigel Howarth
Site Admin
Posts: 2275
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Search finds developer Mortgage

Post by Nigel Howarth » 10 Jan 2018 18:13

Hi corderya and welcome to the property forum.

I have found plot 0/5645 at Pyla in Larnaca on the Department of Lands & Surveys web portal. None of the individual dwellings are shown on the information supplied so there is still much work to do before Title Deeds can be issued.

I can see from the satellite image what appears to be five apartment blocks (I can't be sure) with a swimming pool and what looks like two tennis courts. In addition there seems to be a further five apartment blocks under construction and what looks like a small rectangular pool.

There are also some unfinished roads I can see on the satellite image.
corderya wrote:
10 Jan 2018 16:28
Would I be wise to back out of this purchase?
YES!!

As Pan has advised look for something else.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

corderya
Posts: 2
Joined: 10 Jan 2018 16:19

Re: Search finds developer Mortgage

Post by corderya » 10 Jan 2018 22:01

Just to point out that Pyla Village and Pyla Gardens have one communal pool and one tennis court each.
The other construction seen on the Google satellite is the 'Student Nest' campus (University accommodation).
These are not live satellite images. They are about 6 months out of date.
The road was due for completion by the winter.



Post Reply