what is our best option

Questions about selling property
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Posts: 1
Joined: 15 Mar 2011 23:25

what is our best option

Post by nopennies »

Hello to all,

Advice with our current situation :cry would be much appreciated .

We allowed ourselves to be put into what is a never ending financial nightmare.
After going along to property exhibition in March 06 with a very well known developer who have/had offices in UK. We stupidly mentioned that we were going on hold to Cyprus in October 06. Great the agent said we'll meet up. Our two week family break became a whirlwind of pressure which resulted in us signing a contract to buy a property. Lawyer provided by developer. The following day realisation hit and both of us started to question how mad we had been. My husband was very distressed and call the developers office to pull out because we could not afford to take on this burden. The agent obviously worried about losing his commission was dispatched to talk us round and got us back in their offices at director level to ensure the ink stayed dried. The rest of the time was taken up with Bank of Cyprus and dec or.
Yes we left our brains on the plane. Bank of Cyprus was happy to lend us money with no proof of income(no doubt because of pressure from developer).????

We've had two long term rentals tried unsuccessfully to sell it through developers resale team(but lets be honest they're only interested in new properties)

Current position is that we cannot afford repayment and having spoke to bank. We are at a standstill as they cannot/will not help us. How would we go about formally Handing property back.
Posts: 13
Joined: 25 Oct 2010 20:47

Re: what is our best option

Post by jam786 »

hi nopennies.

Ive read in a few other forums that if the developer was a garantor for your mortgage then your bank will chase them for the debt also.

Hope it goes well
Posts: 20
Joined: 11 Mar 2011 16:43

Re: what is our best option

Post by Tasmaniandevil »

Hi nopennies,

Have just seen your post. I am in a very similar situation to yourself - same bank, possibly even same developer. I have previously posted Nigel regarding my situation; to save duplicating it here, may I refer you to - Index 'Selling Property', then Topic 'Defaulting on a loan'. Have there been any developments since your last post or are you like me, just waiting for a 'Dear John' letter from the Bank?


Posts: 1
Joined: 23 Sep 2013 16:03

Re: what is our best option

Post by sunworshiper »


I was just wondering what the outcome of this was? I find myself in the situation and am not sure which way to turn.

Nigel Howarth
Site Admin
Posts: 2575
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus

Re: what is our best option

Post by Nigel Howarth »

Hi Kate and welcome to the forum,

If you would like to contact me directly via http://www.news.cyprus-property-buyers.com/contact/ with more information about your predicament, I may be able to point you in the right direction.

Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
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