In desperate need of help and opinion

[Monalisa]

Hi, we really need help. Both myself and my wife invested in a property in cyprus, in Altherico Village near Larnaca, with the idea of getting either guaranteed rental income or selling the property on completion. now both of us are facing redundancy and we are unable to complete the purchase, let alone afford the mortgage payments. We need help and advice.

We put down 5% at the beginning with the agent putting down 10%. We were told by the agent that the remaining 5% could be remortgaged on completion and we would have an option to do so. We have now been told by the agent that Laiki bank will not offer a remortgage of the 5% and that it would need to be paid upfront. We are not in a position to do this.

Can we pull out of the contract, can the developer take the property back. Understandably we would lose all the money we invested but we just dont know what to do. the property is due to complete in may. Does anyone know what the consequences would be if walked out of the contract?

Our legal advisor (who was recommended by the agents) say that the only option we have is to pay the 5% and mortgage payments and the developer can resell the property. But there is no guarantee this will happen.

This whole process and the last few months have been the most worrying and stressful times, both of us have ever faced and we both keep thinking to ourselves, why we invested. Is there anyway out for us.

Any help would greatly be appreciated

 

[SteveGant]

I was in a similar situation but was able to get out contact me.

Steve

 

[Sutton]

How did you manage to get out of the contract

 

[nightmare]

SteveGrant please email me

Hi steve,

I am very curious to know how you managed to get out of your contract also. Could you please contact me on [email protected] to let me know how you did it? I am very desperate to find a solution.

Many thanks

 

[SteveGant]

Assistance

Well my wife and I signed a policy with HomeGuard. They have excellent legal assistance and for a relatively small fee we insured ourselfs against default from both sides, our own and that of the builder. But every case is different and they might be able to assist you.

Hope it helps.

Steve

 

[grumpy001]

Whether or not you have to pay it is dependant upon the content of the contract and what was spoken and what was written. Go to a solicitor from outwith Larnaca and ask the question based on the contract.

 

[Jinetero]

Let's all discuss this

The guaranteed rent is not stated in the contract so it is not possible to claim a straightforward breach of contract. There may be other options though - would like to hear from everyone in the same situation: i cant write my email address but it is -

alethriko at googlemail dot com

Thank you

 

[kismet]

Cut your losses

Hello, And really sorry for your unfortunate situation. I notice you posted in March but I still hope that my advice is relevant for you.

Firstly you must remember that the following organizations in Greek Cyprus are totally corrupt:
1 The Judiciary.
2. The Lawyers ( especially the Lawyers!)
3. The Banks all of whom lent money to developers against security of land which they knew had already been developed and sold to mainly Britisih customers.
4. The Developers.
5. The Greek Cypriot people. You cant trust any one of them.


My recommendation to you is to cut your losses. You will get nowhere taking the developer to a GC court and, more than likely, your Lawyer will be working with the developer anyway.

You made a genuine mistake in thinking that you were dealing with a system that is based on the UK law. It is not so just write off the money you have already invested because you will waste a lot more if you think you can win against a GC in a GC court. Suggest you look at the Cyprus Property Action Group (CPAG) who have a website and if you think you have problems with GC's you will feel a lot better after going to this website.

Good Luck

Kismet

 

[christop]

Try these people Koulla speaks fluent English, 24655264