(Developer name removed) properties bought off plan

Have you bought 'off-plan' and having problems?
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David Lee
Posts: 1
Joined: 21 Nov 2009 17:35

(Developer name removed) properties bought off plan

Post by David Lee »

HI everyone hope yopu can offer some advice, I will keep this as short as poss.

Oct 2005 went to cypriot property show at Colchester Essex, put deposit on 3 apartments being built by (developer name removed) in Paphos, I had already bought and sold in Spain before the crash so made a bit of money and saw the market in cyprus in early stages of boom and bust as Spain was.

Props due for completion Sept 2007

Went to Cyprus through usual solicitors provided and bank across the road took out a swiss franc mortgage, put down deposit of about 71k

(developer name removed) was due to be paid by the bank in stage payments so their ok

Sept 2007, unit not ready

Feb 2008 ( when mortgages start repayments) units still not ready, (developer name removed) organises with bank to extend grace perid for a year cost 12000 euro

WEnt back to (developer name removed) to ask for compensation for the extra cost, they refuse

April finally complete units

(developer name removed) now changed into Euro from CYP

Not enough money from morgages as during the 3 years since taking out the mortgage the swiss fanc weakened so short on payment for the units.

(developer name removed) still refuse compensation for delay and extra interest I had to pay because they were late delivering.

Bank now wanting repayment of mortgage, I refuse because do not have the money for the shortfall ( 20000 euro)

I went to Cyprus and wanted to agree for (developer name removed) to cancel contract as they were in breach, they have said they will take back 2 units at cost and charge me 15% cancellation fee!!

So here we are today.

(developer name removed) will stop me 15%

They will not compensate me with the added interest as they were late delivering

They are still waiting for the shortfall of 20k for the 3rd unit

The bank are rattling chains wanting their payments

What a mess and how can these guys get away with this also I read in last few days that the ministry of justice in Cyprus in a mess with over 80,000 cases ( various reasons ) are stacked up and its taking 2 years or more for cases to be heard!!

I have offered (developer name removed), they to take back 2 units at 10% cancellation charge and write off the 20k shortfall as compensation, the bank get back their money for 2 units, I get a property and pay the mortgage on and (developer name removed) go on the sell the 2 units as this will be a asset.


(Developer's name removed - please refer to membership terms)
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