Help desperately needed

Legal questions answered by Cyprus property lawyer Louise Zambartas

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jordand
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Joined: 30 Jan 2012 16:46

Help desperately needed

#1 Post by jordand » 30 Jan 2012 21:24

Hi, i was wondering if someone can help, my father, who is now of pensioner age has a property in Cyprus, it is a flat on a shared complex in Paphos, it has roughly half the value of the property in equity and the rest on mortgage. Due to ill health and not being able to work any longer my father has decided to try and sell the property, which he knows could take a while, so in the mean time he applied for an interest only mortgage from the bank, which they did not reject but said they needed acceptance from the developers. The property development company have declined this and he is now worried that he will fail to keep up the payments and may lose the equity in the property which is essentially his retirement fund and is further concerned that he may lose his UK property. 2 questions, can the developer legally do this as he has purchased the property under the impression it was his and the onky dealings he would have now are with the bank. Second question, is there any advice you can give to selling the property quickly, which he is prepared to do a way below market rate? many thanks in advance, Jordan



Nigel Howarth
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Re: Help desperately needed

#2 Post by Nigel Howarth » 30 Jan 2012 21:34

Hi Jordan and welcome to the forum.

Unfortunately Louise is an infrequent visitor to the forum these days - I suggest that you contact he directly via her website at http://www.zambartaslawoffices.com/

If you father wants to sell the property, I suggest that he advertises it in the classified section of http://cyprus.angloinfo.com/ and at http://www.cyprusexpat.co.uk/property/type:sale – both are free and they offer a premium/featured option if he is prepared to pay.

Also Pan who is a frequent visitor here has an estate agency business.

Regards,


Nigel Howarth
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