caught in the crunch

alan&sue · #1 (**permalink**) 1st August 2008, 08:09 PM

We have bought a property in Peyia earlier this year. We don't know when we'll be able to make the move because we're finding it hard to sell in England. Any advice will be welcome.

BabsM · #2 (**permalink**) 2nd August 2008, 03:19 AM

Hi Alan and Sue,
Oh I know how you feel! We were in your position a few months ago. We were in the unhappy position of needing to sell to raise funds for the later stages on our house. If you already have a bank account in Cyprus you could try speaking to your Bank Manager. Ours was very helpful. We were also lucky that a cash buyer turned up in the nick of time.

Have you thought about renting out your home in the UK and waiting for the market to recover? I don't know if it is an option for you but several couples that I know have done this.

alan&sue · #3 (**permalink**) 3rd August 2008, 09:29 PM

We are hoping to retire to Cyprus, but if we don't sell in England, we need to stay here to work! Thanks for your reply, any advice is gratefully received.

yummymummy150 · #4 (**permalink**) 4th August 2008, 06:15 AM

You will get there,things will pick up .at least you have you home in payia.
Have you thought about letting it as a holiday let till you can move also means you can still use it when you want.We have done that for past 3 years ,went well now ready to go.
Tricia

Veronica · #5 (**permalink**) 4th August 2008, 12:11 PM

Hi Alan and Sue,

I dont know your circumstances but if you need to sell your home in the Uk to finace the later stages of your build you may find that your developer will defer payments for a while to give you time to sell.
Some of the smaller developers we work with have done that for our clients in the past and with the current climate you may find this is an option.
If you talk to your solicitor they may be able to get your developer to agree to this.
good luck

Veronica

kaz101 · #6 (**permalink**) 4th August 2008, 08:31 PM

Hi Alan and Sue,

I don't know your personal circumstances but could you drop the house price. I know others that have done this so that they can leave the country. Also depending on what your house is like it may be possible to sell it to a property investor. Again they will want a reduction but if you can afford and it'll get you to Cyprus it may be worth it.

BTW not sure if you saw this post - it may help....
What did you do to help sell your house before moving abroad?

Good luck with your house sale.

Regards,
Karen

alan&sue · #7 (**permalink**) 5th August 2008, 06:52 PM

Thanks for your advice. We have looked at all of these options. Reduced our house price, but don't want to rent out.