what happens if dont complete sale in cyprus?

[mickyk]

Hi everyone. been while since on here. i basically bought off plan in Paphos and was supposed to make my first payment to Alpha bank sept 2009. I havent made one payment because the apt smaller than was supposed to be. the whole thing stank to high heavans from solicitor to developer. i had solicitor ( a new one) to look into this in cyprus for me and confirmed ny fears. However to proceed with case it would cost money so ive pulled back. so now im in position im waiting for letter to pop through letter box to commence legal actions.

Just wondering has anyone out there been through this process. i bought off MRI and now they gone.
im wondering do i initiate bankrupcty or do i wait on them taking proceedings against me.
Maybe hopeful thinking buut was hoping they would just go away. naive i know.
have they brought any court actions against anyone in similar position to myself recently and what was outcome of these.

Seen Lemoniata was in court recently about some of her antics. Would this affect anything?

mickyk

[Nigel Howarth]

Hi mickyk and welcome to the forum.

Firstly, was the apartment size quoted in your contract of sale or were the plans showing the dimensions attached to your contract?

When you realised the problem did you write to the bank explaining the situation and advising them that you wouldn't continue with the purchase?

Regards,

[mickyk]

Hi Nigel,

No my apartment size was not included in contract. Thought this was a big oversight on behalf my old solicitor (Lemoniata)who thought this was ok!!!!
My new solicitor has negotiated with bank and developer recently. i dont want this apt anymore. just been so sickened with nthis scam and would prefer to go bankrupt than pay these people anymore money.
All negotiations evolve around making loan term longer and adjusting terms but not about me being released from my responsibility because what happened is wrong and stinks to high heaven.

Was just wondering had anyone else out there been in same position and what was outcome and how long before legal proceedings brought against me.
I dont want go bankrupt if there a chance they actaully wont bring the case against me though my solicitor feels its only a matter of time.

[Nigel Howarth]

Hi mickyk

I know of one person who the banks are actively pursuing - the date for hearing the case has been put back until later this year.

Obviously I cannot answer on behalf of the bank, but if it were move against you:

You will probably get hassled by a debt collection company for the arrears - this isn't really a problem because there is nothing they can do apart from hassle you.

If the debt collection company was unsuccessful, the bank could seek judgement against you in the Cypriot court. If successful they could recover the property and auction it to recover the debt.

It could also obtain an an EU Enforcement Order to have the judgement of the Cypriot court upheld in the UK. If this happened you could expect you assets in the UK to be seized and sold to recover the debt.

You should be taking legal advice on how to deal with this matter and I posted an article in Cyprus Property News a couple of years ago that may help at http://www.news.cyprus-property-buyers. ... /id=001361

Making yourself bankrupt is not a step to be taken lightly, and should not be considered until you have explored all other means of escape.

Regards,