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Mortgage Issues/Sales Agreements, Uncle Tom Cobbley and all.

Posted: 05 Apr 2012 23:11
by The Newt
Hi Louise, Any advice or comment would be well received believe me.

2 years ago I agreed to purchase via a British based agent, a new build, 2 bed apartment in an inland village in the Paphos region. I was very hesitant in signing the paperwork originally but eventually I was persuaded to sign. (My brother in law and some other people I know had also bought on the same development via the same agent.)

To cut a very long story short the property is due to be completed in May 2012 but I have now told the solicitor, (who refuses to answer my mails now by the way) and the bank that I do not intend to continue with the purchase. I reached this decision after an inspection visit last year when I was both disappointed with the build quality and also given some mortgage repayment details by the developer's representative. These bore no resemblance to what I was expecting the mortgage to be. It turns out that the overall mortgage (in CHFs) is actually for more than the original purchase price or even in my opinion what the property is worth.

Both the lawyer and the developer also claim to have had no deposit money from my agent who has since ceased trading. They both refuse to answer simple questions, for example why there are 2 sales agreements for the purchase, one of which lists a deposit payment, which I HAVE paid and a list of further deposit instalments, which are meant to have been paid during the build to make up the rest of the deposit. These have never been paid by me. I assume that either the lawyer or the developer must have told the bank that I have made these payments in order for them to obtain further funds during the build for some reason. I also have a copy of a mail informing me not to let the bank know about the second Sales Agreement which lists a number of payments which will not be paid! There are other aspects of the sale that have now changed. For example, where the developer was due to make a payment back to me on completion, (€16k) but it now turns out he claims he intends to use this to subsidise my repayments for a few months instead of the lump sum I and others were expecting. Sadly I have no faith that he will stay trading for long enough to make these subsidies though.

I believe I, and others, have been missold these properties, (I later found out that the lawyer is not only the developer's/builder/vendor's legal consultant but is also the wife of one of the directors). I have written to the bank to freeze my accounts as there are still untouched funds in the loan account. I have collated a dossier of evidence, mails, copies of agreements etc.

What I would really like to know is, if I do not sign to accept this property on completion, can the bank still pursue me for payment of a mortgage I believe was obtained under false pretences and what do I do about revoking the lawyer as my Power of Attorney?

Any info would be appreciated. I dont yet have another legal representative to take up my case should I need to pursue this in court but needless to say you will be top of my list if and when I need to.

Many thanks


Re: Mortgage Issues/Sales Agreements, Uncle Tom Cobbley and all.

Posted: 06 Apr 2012 09:49
by Nigel Howarth
Hi Malc

Unfortunately, Louise rarely has the time to visit the forum these days. It will be best if you contact her via her website at

To revoke your Power of Attorney, simply write to the lawyer - send by registered mail and also email. You can get some idea of the words to be used at ... orney.ashx


Re: Mortgage Issues/Sales Agreements, Uncle Tom Cobbley and all.

Posted: 06 Apr 2012 12:41
by andyp
Hi Newt, Sorry to hear of yet another victim. Regrettably your lawyer sounds suspiciously familiar. See attached link. ... id=0010930

If not I owe you a euro.

You also need to collect your files from your lawyer asap.

Re: Mortgage Issues/Sales Agreements, Uncle Tom Cobbley and all.

Posted: 06 Apr 2012 17:21
by The Newt
Hi both, thank you very much for the prompt reply. I will indeed contact Louise Nigel because I think I need to get things moving quickly now. Thank you too for the link for the document to revoke my Power of Attorney. Ive now downloaded this. I just need to know who I need to send copies to. Do I need to send one to the land registry or someone in that area or perhaps the bank as well? I'm concerned that if it only goes to the lawyer she can deny any knowledge of it.

Andy, thank you too for your support. Unfortunately (or fortunately for me at any rate) the lawyer in question this time is not "The Stigette". All I will say is she is not on the British High Commision's list and her initials are the same as each other. (hope that doesnt infringe any forum guidelines Nigel as I dont want to be banned now I've found you!)

Dont worry about the euro Andy. I think we've both lost enough on this venture to be throwing any more money away. I'll share a beer or two with you sometime when its all over. :P

Many Thanks


Re: Mortgage Issues/Sales Agreements, Uncle Tom Cobbley and all.

Posted: 06 Apr 2012 22:24
by andyp
How foolish of me to believe there was only one who could produce new contracts at will!

I will save the euro. Thanks.

I hand delivered a simple letter to my lawyer cancelling the POA and confirming that she no longer acted for me and that no fees were outstanding to her. I copied my letter to my new lawyer, The BHC and my MEP. In your case I would also cc your Bank.

I also stated that my files would be collected on a certain day. I was there at the time but you can authorise someone to pick them up for you.

If the Lawyer was at fault you should also lodge a complaint with The DBA. It only costs about 78 euros and may help in any future litigation you are considering. The amount of the fine is not important, the maximum is a joke anyway, just the guilty verdict. If you need help feel free to send a pm.

Best of luck.

Re: Mortgage Issues/Sales Agreements, Uncle Tom Cobbley and all.

Posted: 08 Apr 2012 15:46
by The Newt
Cheers Andy, I had planned a visit to Cyprus later this month anyway so I can drop in to see Louise at the same time. I saw your earlier posts regarding your long drawn out dealings with the CBA and totally agree with you re the fine etc.

The way the Republic is going this investment bubble is about to burst big time if it hasn't already, particularly from a British investors point of view. They, developers, lawyers and the authorities, have consistantly overmilked this particular cash cow for too long it seems and treated too many investors with a disgraceful contempt in my opinion. I certainly would never advise anyone to invest in Cyprus at the moment.

I do feel sad though for those that have already invested or emigrated and also, the many genuinely nice people I have met there over the years that I have been visiting this beautiful island. They all deserve better and so does the Republic.

Many Thanks