Help desperately needed
Posted: 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