Cyprus Property Forum for Buyers, Sellers & Investors

Hi All, I hope this is okay to post.

I live in the UK and our studio is rented to a long term tenant.

I am interested in the value of the property and, looking online, cannot seem to get a good idea of its value.

It is a ground-floor studio in Andriana 2, Universal. We "bought" it for £80,000 in 2007 and currently have an outstanding mortgage amount of £122k (no arrears). I know the "resort" is basically, a sh*thole, but any if it is worth anything, that will be a bonus!

We don't have the title deeds but the Bank has provided some sort of "guarantee" that if we sell it, that will be ok.

We agreed a fixed rate mortgage in 2017 under a restructured mortgage but today received notification that it is going up by another euro 100 or so a month. This will add another £20k or so overall to the mortgage.

We certainly don't have £122k to clear the mortgage, so are looking at our options for selling and remortgaging our own house for the balance.

Can anyone advise please? Thanks in advance :)

if it was a studio on ground floor in a not very valuable location I would not invest more than 50000€. If it was rented long time and the rent does not bring more than 5% return, then even less. And I am main stream so I think, the usual buyer thinks the same. All the "prices" of the agents are not really what is actually paid. I think you have a bad investment here. You could sit it out, but I doubt it will gain in value more than you need to invest to keep it up to date.

There's an advertisement for a ground floor studio in the development that was posted in November 2018 for €50,000. I would guess prices have gone up 10% - 15% since then.

Regards,

Thank you Nigel. That is helpful. Are you able to point me in the direction of a reputable estate agent please? Thank you :)

Vendela wrote: 07 Dec 2022 16:06 if it was a studio on ground floor in a not very valuable location I would not invest more than 50000€. If it was rented long time and the rent does not bring more than 5% return, then even less. And I am main stream so I think, the usual buyer thinks the same. All the "prices" of the agents are not really what is actually paid. I think you have a bad investment here. You could sit it out, but I doubt it will gain in value more than you need to invest to keep it up to date.

Thank you Vendela, it is the worst investment! Appreciate your thoughts, thank you

kirby wrote: 07 Dec 2022 17:47 Thank you Nigel. That is helpful. Are you able to point me in the direction of a reputable estate agent please? Thank you :)

Sorry to about your issue, but if you have an outstanding mortgage of 122k, you are very unlikely to get anywhere close to that and it'll be up to bank for you to sell at a lower amount. Perhaps you should first ask the bank what they might accept to write it off before you look to sell, otherwise you'll just be wasting your and everyone else's time.

Alternatively, you could just tell the bank to take it back and write off the debt!!!

No doubt they'll want more from you, but hey, the UK is no longer in the EU.....

Thank you Pantheman. The plan is to sell the studio and remortgage our UK home to clear the rest of the debt.

I have asked Alpha Bank to write off the debt etc, but they won’t hear of it.

I am assuming if I default, they will still be able to come after me despite us no longer being in the EU? I think we have paid maybe four times over for the place and the debt isn’t going down.

Thanks for your help.

kirby wrote: 20 Dec 2022 15:51 Thank you Pantheman. The plan is to sell the studio and remortgage our UK home to clear the rest of the debt.

I have asked Alpha Bank to write off the debt etc, but they won’t hear of it.

I am assuming if I default, they will still be able to come after me despite us no longer being in the EU? I think we have paid maybe four times over for the place and the debt isn’t going down.

Thanks for your help.

Well, IF they did, what's the worst that could happen? You then just remortgage and pay!!

For as long as you're up to date with your payments the banks won't help you, once you fall behind, they are duty bound to look at restructuring, write offs etc etc.

Your call.

Pantheman, thank you so much! I hadn’t thought of that! Much appreciated.

yes thank you very much for the answers
really helpful...