Cyprus Property Forum for Buyers, Sellers & Investors

Hi.

Having purchased a bungalow with a developer called SNK/Venus Homes back in february 2008, we have decided not to go ahead having been unable to sell ouer property in the UK, they agreed to refund 120k euros when they have re-sold the property, since the two partners who own the company have decided to spilt up with one taking over the business, or so we have been told. There has been no work carried out on any of their 3 developments and we cannot get in touch with anyone from the company, we have spoken to our Cypriot solicitor he knows nothing. So it appears it is is waiting game, can you tell me if there is any way we can get our money back and where do we stand legally.

Thanks.

David.

Hi David and welcome to the forum.

I guess you've tried phoning them - +357 24 726900 without success. I understand that their office at Xylophagou has been closed for 3 or 4 weeks - someone else was asking about them. I'll see if I can find out more for you.

If you have their agreement in writing to refund you €120,000 when they sell the property, then you should be OK. But the market has slowed down considerably this year, particularly in the tourist areas, so you may have to wait some time.

But if you haven't got anything from them in writing, getting your money back might prove difficult I'm afraid. Both you and the developer signed a contract that your lawyer should have deposited at the Land Registry. Assuming it's a valid contract you are obliged to fulfil your obligations to SNK as they are obliged to fulfil their obligations to you. That contract may allow you to 'escape' but without seeing it, I can't really comment.

I suggest you contact your lawyer again and ask him to find out what's happening. IN the meantime, I'll see if I can get any news for you.

Regards,