Cyprus Property Forum for Buyers, Sellers & Investors

Hello

We have puchased a property in Larnaca off plan, which was completed in 2009.

Since then we have been renting it out when possible to help towards mortgage payments.

As is obviously the case with a lot of other people we have struggled to keep up with mortgage repayments and had our loan payments frozen for 6 months with a reduced payment for a further 6, however the repayments are about to revert back to the original crippling amount and we have informed the bank we still cannot afford to make these payments.They have not responded to my email telling them this.

just to add to our worries we have been informed by a guest staying in the apartment that the inside walls are riddled with damp and mould.

I have emailed the developer to report this as the start of the problem was apparent when we took delivery of the property but we were told it was just plaster drying out.

The developer has ignored my emails etc.

My questions are have Alpha Bank a legal obligation to acknowledge my email and offer some sort of compromise?

What can we do about the problem with the damp and mould?

We have been offered the title deeds to the property but could not afford to pay for them.

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

Louise is an infrequent visitor here there days to the pressure of work, but you can contact her firm via their website at http://www.zambartaslawoffices.com/

I'm afraid that many people are having problems maintaining their mortgage repayments - I wrote an article 2 years ago on how to go about dealing with the issue - see http://www.news.cyprus-property-buyers. ... /id=001361

As for the damp, I am afraid this is also a very common problem, usually resulting from poor building work. More about this at http://www.news.cyprus-property-buyers. ... s/id=00101

If the damp problem is due to a structural defect (see above article) then you may be able to have the developer correct it - but you will need to prove that he is responsible for causing the problem. To do this you will need the property to be surveyed and a report prepared on the problem by an ETEK registered engineer.

I suggest you pick up the phone and speak with the bank - or send them a letter or both. Many organisations here appear to still be working in the 19th century and emails are often ignored.

Regards,