Bank & Developer Completion Issues. What is my position??

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MrsAMJ
Posts: 1
Joined: 19 Nov 2010 15:42

Bank & Developer Completion Issues. What is my position??

Post by MrsAMJ » 19 Nov 2010 17:54

Hi Nigel,

Can you help to give me some direction regarding what steps I should take for the following scenario;

- Bought off plan and suffered a 2 year build delay in which time, the mortgage was drawn and accrued 2 years interest where no property was built.
- Don't know what I signed with my IFA. Requested all doc's with my signature from bank and developer.
- Mortgage in Swiss Francs
- 6 Months in arrears with bank and advised not to pay due to contract dispute.
- Bank threatening legal action and advised I can add arrears into mortgage
- Not paid final deposit or taken possession
- Don't know properties status i.e. Is it complete or what the mraket / rental value is?

I read in one of your atricles that any shortfall in the observance of the law by the Certifying Officer may result in the Power of Attorney and any transactions done with its use, such as signing Contracts of Sale and obtaining mortgages, to be declared null and void. If this is the case for me, what does it mean?

Thank you so much - Andrea



Nigel Howarth
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Re: Bank & Developer Completion Issues. What is my position??

Post by Nigel Howarth » 22 Nov 2010 10:47

Hi Andrea and welcome to the forum.

I have replied to your email.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
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IanB
Posts: 3
Joined: 03 May 2011 11:01

Re: Bank & Developer Completion Issues. What is my position??

Post by IanB » 14 May 2011 07:53

Hi Nigel,

We seem to be in a similar position to Andrea, we have not paid the last part of the deposit yet and are not yet in arrears although the bank is pushing us for the mortgage payments. Below is an outline of our situation (Also posted in the Swiss Franc section of the Forum):

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.



Nigel Howarth
Site Admin
Posts: 2323
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Bank & Developer Completion Issues. What is my position??

Post by Nigel Howarth » 14 May 2011 10:14



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

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