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Buying half share from ex partner
Posted: 21 Jan 2011 14:59
by cmjham40
Hi
My ex partner and I bought a detached villa some 19 years ago. We have the title deeds
which clearly shows that we each own a half share in the house.
I have now agreed to purchase the other half from my ex partner for 80,000 euros. Villa is
valued at 200k. I approached the Bank of Cyprus for a mortgage in my own name for the 80k.
They have said no, despite me showing enough earnings etc. They have told me that I can only borrow to refurbish?.
Can anyone suggest a different Bank?
Thanks in anticipation
CH
Re: Buying half share from ex partner
Posted: 21 Jan 2011 15:49
by Nigel Howarth
Hello CH & welcome to the forum,
You will be unable to get a mortgage for the full price - €80k. The best you can expect is 60% (€48k) which means you'll have to raise the remainder (€32k) by some other means.
There is a company in Paralimni that may be able to help - see
http://www.essentialconsultantcy.com/ - speak to Sarah Hordle.
Regards,
Re: Buying half share from ex partner
Posted: 22 Jan 2011 14:46
by Pantheman
Nigel,
that would be true if he wew buying a total property at €80k.
If the property is valued twice as much then the whole could be used as security for ther loan.
Since his share would act as his down payment.
Where are you based??
You could try Hellenic bank
Laiki Bank
Alpha bank
or even a different BoC.
Cheers
Pan
Re: Buying half share from ex partner
Posted: 22 Jan 2011 18:15
by Nigel Howarth
Thanks Pan - I didn't take the other half of the property into account - apologies CH.
Regards,
Re: Buying half share from ex partner
Posted: 24 Jan 2011 12:09
by cmjham40
Thanks
I have emailed essencial consultancy, will let you know if they can help.
House is situated in Kato Paphos
CH
Re: Buying half share from ex partner
Posted: 26 Jan 2011 09:12
by cmjham40
Hello Nigel
I sent an email to essential consultancy but got no reply, could you possibly provide
me with a reputable mortgage broker in Cyprus.
Many Thanks
Charles
Re: Buying half share from ex partner
Posted: 27 Jan 2011 14:35
by Nigel Howarth
Hello Charles,
Essential Consultancy is the only company I know of that specialises in mortgages. There are a number of companies listed at
http://www.globaledge.co.uk/real-estate ... 1013-10962 but I have not heard of any of them.
(I met Sarah Hordle and her business partner for the first time yesterday at a Home Buyers group meeting in Larnaca).
Have you spoken with the other banks as Pan has suggested?
Regards,