Cyprus Property Forum for Buyers, Sellers & Investors

Anyone had dealings or any info onthe Builder?

Hi Gordonmarks & welcome to the forum,

booyaka10 mentioned this company 18 months ago - see http://cyprus-property-buyers.com/forum ... f=18&t=256

Maybe worthwhile contacting him/her (I have no information on the company).

And there's also mention of the company at http://www.propertycommunity.com/forum/ ... rises.html

Regards,

Thank for your prompt response Nigel.
I have a multi site development which comenced in 2005 and still not completed.!!! I own all proporties on this site.
The Bank (as usual), are sueing me, but I have counter claimed that due to the bank releaseing monies BEFORE the actual stage payment was due ( only 50% complete and NOT 75%).
My Solicitor is persueing for "Breach of Contract" and late build penalties ( £5,000 Cyp per month). The contract should now be Null & Void.
The Developer has offered via its Lawyers VERBALLY ONLY, to repay me all monies he has received from me Plus pay off the Bank and pay my Legals. HOWEVER, No money is actually put on the table. so to speak. I can only presume that you know of many such cases.

Once again, thank for your very fast response.

Warm Regards
Gordon

gordonmarks wrote:I can only presume that you know of many such cases.

Oh dear - yes I have heard of developers failing to complete properties because they have run into difficulties - but I have not heard from anyone (apart from yourself) who has purchased all the properties on a development.

I hope that you manage to get your money back. Has your lawyer found out whether CHL still has cash or other assets to repay you?

Regards,

Hi Again Nigel,

M lawyer is meeting with the DEvelopers Lawyer this week. Apparently they wish to makew me an alternative offer!.

I also know that my bank, who loaned me the moniy, is also sueing the Builder. Naturally, this helps me by placing additional pressure on CHL.
I too, am sueing the bank for not completing Due Diligence before releasing capital (stage payments) to the Builder.
I will keep you informed
Warm Regards
Gordon

Hi Gordon,

It sounds as if you are making some progress - I wish you every success in recovering your money.

Look forward to hearing how the situation develops.

Best regards