property in cyprus

[steveaddy]

can anyone give advise ?

I have recently completed on a new property in Famagusta area (south)
I purchased through an agent in liverpool , England, who informed me that i did not have to make any mortgage repayments for the first 2 years , which would give me time to rent out.
however , the bank has informed me that they made no such agreement , and the apartment was miss sold to me by the agent
the bank now want monthly repayments , but i cannot rent the appartment and therfore cant pay the mortgage

i offered to the bank to take posession but they have refused and are demanding payments

i have been told that it takes several years for a bank to reposess in cyprus.
can anyone confirm this . also can the bank put a charge on my property in England

No solicitor i have spoken to knows about Cypryot property law

can anyone give me any advice ?

[Veronica]

Originally Posted by steveaddy

can anyone give advise ?

I have recently completed on a new property in Famagusta area (south)
I purchased through an agent in liverpool , England, who informed me that i did not have to make any mortgage repayments for the first 2 years , which would give me time to rent out.
however , the bank has informed me that they made no such agreement , and the apartment was miss sold to me by the agent
the bank now want monthly repayments , but i cannot rent the appartment and therfore cant pay the mortgage

i offered to the bank to take posession but they have refused and are demanding payments

i have been told that it takes several years for a bank to reposess in cyprus.
can anyone confirm this . also can the bank put a charge on my property in England

No solicitor i have spoken to knows about Cypryot property law

can anyone give me any advice ?

It can take a very long time for property to b repossesed in Cyprus.
I recommend that you offer to pay the interest on your mortgage until you are able to find a tenant and then startp aying off the morgage. The banks are actually very understanding if you explain things to them.
Unfortunately it is so often agents in the UK who mis-sell property here (and in other countries).
I assume the property is finished and ready to be rented?

Veronica

[BabsM]

Oh dear! I have heard a number of tales like this, this year. I think the property market is difficult everywhere and unscrupulous agents are trying all the tricks in the book.

Did you get the agreement confirmed in writing somewhere? eg email or letter... Are your mortgage agreement and contract in English. Have a look at your contract and your mortgage agreement and just check to see if either says anything about the deferred payments. If you didn't get it in writing there's probably not much you can do.

What does your solicitor say? You did use an independant solicitor, familiar with Cyprus law, didn't you, not just an English Solicitor?

If the property was sold to you by an estate agent in the UK then UK trading standards laws should apply. They can't sell dishonestly even if the property is abroad. You should contact
1) Trading Standards
2) The regulatory body for English Estate Agents. Sorry I can't remember who that is!

I have heard that it is not generally the practice of Banks in Cyprus to repossess. That is why ittakes a long time. They like to try and be helpful.... unlike some countries where they will repossess at the first sign of trouble.

When you did your calculations, surely you made allowance for the fact that you would have months without tenants? I can't imagine the banks here giving you a mortgage without you demonstrating that you had the means to pay without relying 100% on rental income. Why not try and a agree a low payment that you can afford to make, with the bank to give you time to sell or get people in to rent?

[KenDE]

Originally Posted by steveaddy

can anyone give advise ?

I have recently completed on a new property in Famagusta area (south)
I purchased through an agent in liverpool , England, who informed me that i did not have to make any mortgage repayments for the first 2 years , which would give me time to rent out.
however , the bank has informed me that they made no such agreement , and the apartment was miss sold to me by the agent
the bank now want monthly repayments , but i cannot rent the appartment and therfore cant pay the mortgage

i offered to the bank to take posession but they have refused and are demanding payments

i have been told that it takes several years for a bank to reposess in cyprus.
can anyone confirm this . also can the bank put a charge on my property in England

No solicitor i have spoken to knows about Cypryot property law

can anyone give me any advice ?

Hi

I posted a reply a minute ago but it does't appear to have been saved.

My Solicitor's details are below. Give her a try:

regards

Ken

Avgousta Faconti
C & A FACONTI & CO
Advocates and Legal Consultants
21, Neofytos Nikolaides Avenue
Koulountis Court, Office 103
P.O. BOX 60359
8011 Paphos, Cyprus

Tel: +357 26 932532
Fax: +357 26 946321
Avgousta Faconti
C & A FACONTI & CO
Advocates and Legal Consultants
21, Neofytos Nikolaides Avenue
Koulountis Court, Office 103
P.O. BOX 60359
8011 Paphos, Cyprus

Tel: +357 26 932532
Fax: +357 26 946321