property in cyprus

[judeluke]

Hi hope you can advise us on this!!!!
Well over 2 years ago we signed a contract for sale with a developer, we had to visit the bank of cyprus in Bimingham to sign the paperwork which some was written in Cypriot!, we wanted to take it away with us, but were advised we need to sign the docs as they were just between us and the developer and couldn't take them away. we discussed the deposit with the developer and he told us which forms to sign etc and fax back to him. few months later he came back to us telling us we needed to pay a 23% deposit that he had the mortgage agreed on!!! The developer stated that a bank statement which one of our party produced would be used as evidence to cover the deposit! i told him this was incorrect, but he said it was to get it approved!! we had never agreed to pay this as it was well out of our financial reach, he then came back to us to say he was sorry he thought he had discussed this with us and he ended up paying the difference! we told him then that the reality is that we can't afford this(myself, I work part time, my partner and I have a mortgage, and 2 small children, and the others named on the mortgage are retired with no pensions!!) the developer told me we would get sued if we didn't do this!!!He told us the amount we had to pay him and also there was a rental gaurantee for 2 years which will cover the motgage payments, so once the deposit was paid we would be ok, we paid the 20% deposit in April 2008, and he paid the 3%, we heard nothing from him for over 12 months, but then he emailed to advise we need to pay more money in euro's as our pevious amount was not enough!!! and also the rental gaurantee was for 1 year only! but he has stated th the deposit he told us to pay does not cover the amount needed, therefore we are now needed to pay more to the developer and the mortgage payments, our finances then and now would never meet this, please advise

[Nigel Howarth]

Hi,

I guess you have a contract with a developer - and a mortgage with the Bank of Cyprus? Do you have copies of your contract of sale and your mortgage agreement?

If you're having difficulties in making the payments, there's an article in my magazine that offers advice. You can find it at http://www.news.cyprus-property-buyers. ... /id=001361

Regards,

[judeluke]

Hi Nigel
Yes we have a contract for sale with the developer but no mortgage agreement, we have never received anything as the developer "approved" the mortgage with the bank.
Many thanks
Louise