ALPHA BANK/SWISS FRANC MORTGAGE/NO TITLE DEEDS

[nickself]

Hi Nigel

I guess the same old topics ! we ( myself and adjoining neigbour of a semi -detached ) purchased off plan and completed back in August 2004 for £150,000 cyp so now passed the decade mark , but unfortunately nothing really to celebrate here. My Mortgage Balance is circa 160,000 Swiss Franc and property is worth 135,000 EURO but assumes we have Title Deeds. I would appreciate some guidance reference the following issues :

1. AB are offering us a discount of our Swiss Franc Mortgage , when I said quite rightly so due to miss-selling they claim not so but because they have identified the issues with currency risk and offering a discount to help, realistically what should we expect as an appropriate settlement to include Discount , Mortgage Terms and Lock Ins , figures on his Forum seem to be anywhere from 20% to 75% !
2. If we did agree a deal with AB what good will that be if we still have no Title Deeds , The developers were Makkara and we have heard that the sale of a flat within the same development complex was blocked by AB as the Developer had remortgaged the land. suggested action ?
3. What Terms should we expect for a Sterling Mortgage , how long before we can re- sell ?
4. Do we have to take action now / before the end of December 2014 ? Is there a deadline here and should we protect our position in the UK ?
5. Are we better of joining a group or dealing with AB Direct ?
6. We’ve tried to register a formal complaint with AB but this was ignored
7. We were given the loan by AB based on free title - not happened as the Bank remortgaged the land following our completion.
8. We stopped paying our Mortgages about a year ago but have been in contact with both AB and the CYP Lawyer who handled the purchase back in 2004.
9. Should we expect AB to cancel all arrears and penalties from our mortgage account.

Many thanks Nigel.

[Nigel Howarth]

Hi nickself - welcome to the forum and apologies for the delay in replying.

1. AB are offering us a discount of our Swiss Franc Mortgage , when I said quite rightly so due to miss-selling they claim not so but because they have identified the issues with currency risk and offering a discount to help, realistically what should we expect as an appropriate settlement to include Discount , Mortgage Terms and Lock Ins , figures on his Forum seem to be anywhere from 20% to 75% !

That will be up to the bank. The discounts seem to be based on how long you've had the loan, how you've been performing regarding payments, and the loan value.

2. If we did agree a deal with AB what good will that be if we still have no Title Deeds , The developers were Makkara and we have heard that the sale of a flat within the same development complex was blocked by AB as the Developer had remortgaged the land. suggested action ?

You need to get the Land Registry to carry out a search to see if there are any problems with the property you purchased. See http://www.news.cyprus-property-buyers. ... /id=004888

3. What Terms should we expect for a Sterling Mortgage , how long before we can re- sell ?

No idea what the terms will be - you can market the property any time, but finding a buyer will be difficult.

4. Do we have to take action now / before the end of December 2014 ? Is there a deadline here and should we protect our position in the UK ?

If you're planning to approach the bank for a discount or are looking to walk away, there's a list of groups at http://www.cypropsn.org/law-firms

5. Are we better of joining a group or dealing with AB Direct ?

Go with a group.

6. We’ve tried to register a formal complaint with AB but this was ignored

Waste of time.

7. We were given the loan by AB based on free title - not happened as the Bank remortgaged the land following our completion.

If the developer mortgaged the land after you deposited your contract at the Land Registry, that mortgage will not affect you. Only mortgages and other claims that were lodged before your contract will prevent you completing on the sale.

8. We stopped paying our Mortgages about a year ago but have been in contact with both AB and the CYP Lawyer who handled the purchase back in 2004.

Not a good idea! See http://www.news.cyprus-property-buyers. ... /id=001361

9. Should we expect AB to cancel all arrears and penalties from our mortgage account.

No.

Regards,