The Alpha Panareti story will not go away

[bendybunny]

MPs in the region have agreed to join an all-party parliamentary group to help investors facing ruin after buying property in Cyprus.
A meeting was held in Parliament this week to discuss the hundreds of UK buyers who are facing legal action from Cypriot-based Alpha Bank.
Many of the investors bought properties on the island before they had been built from Roseberry Overseas Property (ROPUK),based inStokesley, North Yorkshire.
Durham City MP Roberta Blackman-Woods attended the meeting after she was contacted by several constituents affected by the saga.

She said: “The meeting was held to set up an all-party group with relevant MPs to try and pressurise the Cypriot government into looking at what’s happened to people who have got caught up in this scheme.
“The people who have come to me are extremely distressed because they haven’t got the house in Cyprus and their banks have issued writs against them.
“They are really, really worried.”
Stockton South MP James Wharton also attended the meeting after receiving complaints from residents in his constituency.
He said: “We had a good discussion about what we can do.
“Obviously the role of MPs is limited when there’s a legal process ongoing but we have agreed to set up an all-party group.”
Mr Wharton urged anyone affected to contact their local MP.
He added: “We want as many people as possible to engage with us so we can put pressure on the government of Cyprus and look to see what the Foreign Office can do.”
A representative of Richmond MP William Hague also attended the meeting.
Hundreds of investors who bought properties in Cyprus have been unable to keep up with rocketing payments on mortgages taken out in Swiss francs.
They are now being issued with writs by Alpha Bank which could ultimately mean they lose their UK homes.
Many investors are taking their own legal action against the bank, developer Alpha Panareti and former ROPUK director Andrew Laird.

 

[bendybunny]

Another useful link
MP to co-ordinate Cyprus property defence group - Cyprus Property News

 

[Disillusioned]

The All Party Parliamentary Group has been set up to defend the rights of all British property buyers in the UK, it's just that the 2000 or so alpha Panareti victims have numbers on their side.

 

[Lysos]

In the Sunday Times Business News yesterday it was reported that "Almost 800 people are taking High Court action against Alpha Bank ... and Alpha Panaretti" .... "They are also suing several financial advisers"....... "The cases could come to trial in October".

 

[bendybunny]

As St George Hills Owners start to move in 4 years late how long will it be before the corruption that goes hand in hand with Management charges and Alpha Panareti start to bite.

St Nicholas up to opening,the management figures were estimated at £500 UK, first year 2000 euros. It took them 3 years to come up with a false set of accounts that totally left out any income from Owners. AP when questioned stated ' if the income from owners was included it would have put us in credit' realising her gaff hung up the phone and was not available for further comment.

 

[bendybunny]

What a prediction re the management costs at St George Hills, Alpha panareti are at it again Management figures just released in emails indicate that the second year will be the same cost, how much have they spent and what on:
The forthcoming management fees cover the period form 30th of April 2014 to 1st of May 2015 and are as follows:
Annual Fees include vat of 19%
Studio apartment 1011.50 +150 = 1,161.50 Euros
1 Bedroom apartment 1261.40 +150 =1411.40 Euros
2 Bedroom apartment 1511.30 +150 =1661.30 Euros
2 Bedroom villa 761.60 +150= 911.60 Euros
3 Bedroom villa 1261.40 +150 =1411.40 Euros
Villa owners must pay in addition the maintenance of their pool and garden.

Just wait for the accounts, they will now get the same lies and deceit given to St Nicholas owners. When St George Hills Owners realise what is happening they will call for a vote to rid them of the management at which time it will discovered that 75% of owners must vote. Panareti will start to print money yet again.

 

[Veronica]

Thats disgraceful.
They rip people off in the first place charging almost double what other developers charge for properties and now they continue to do the same with management fees.
:frown:

 

[bendybunny]

Hi Veronica,
This is just the tip of the Iceberg. KPMG's name is used in the account letter which does not actually state that the accounts have actually been agreed. It is based upon what Alpha Panareti have spent on various sites with no confirmation that the articles have been purchased on that particular site. They don't even include money paid into the management funds by owners. This is not hearsay as I have accounts for the first 3 years and there is no income to show, it is all out going. No wonder the fees remain the same. The WiFi for St George Hills is costing owners £150 each and there are approx 400 units.

 

[Veronica]

My God thats 60K.:frown:
They should be hanged for highway robbery.

 

[CyPropSN]

CyPropSN - independent information

For those who with large Swiss Franc mortgages and those who feel they have been victim to misselling, The Cyprus Property Support Network has been launched. It sits at CyPropSN.org

CyPropSN provides:
- guidance on what the key issues are, “how to guides” on what to do, template letters and a forum for asking questions.
- information about the various legal groups to allow those who are not part of a group to find out options and decide on their best course of action.
- a forum for raising and addressing questions.
- legal group member and know-how pages.
- a map identifying developments and allowing “buyers” to register themselves to the development.
The mission is: “To be the resource that those with Cypriot property issues come to and are referred to”. As the resource attracts members, it will empower all members in our fight against the banks.

CyPropSN.org was born from the frustration of finding no publicly available clear guidance on what the general issues are and what the best courses of action are.

Please join the site, sign up on the Membership page, add your properties to the map, use the member only forums for debate and contribute to the Q&A.

 

[Cyprus Property Buyer]

For those who with large Swiss Franc mortgages and those who feel they have been victim to misselling, The Cyprus Property Support Network has been launched. It sits at CyPropSN.org

CyPropSN provides:
- guidance on what the key issues are, “how to guides” on what to do, template letters and a forum for asking questions.
- information about the various legal groups to allow those who are not part of a group to find out options and decide on their best course of action.
- a forum for raising and addressing questions.
- legal group member and know-how pages.
- a map identifying developments and allowing “buyers” to register themselves to the development.
The mission is: “To be the resource that those with Cypriot property issues come to and are referred to”. As the resource attracts members, it will empower all members in our fight against the banks.

CyPropSN.org was born from the frustration of finding no publicly available clear guidance on what the general issues are and what the best courses of action are.

Please join the site, sign up on the Membership page, add your properties to the map, use the member only forums for debate and contribute to the Q&A.

This is the first time I have seen reference to a resource covering all aspects of CHF mortgage mis-selling. Unfortunately the website you make reference to is not accessible. Does the resource still exist in some form?

 

[Cyprus Property Buyer]

Swiss Franc Mortgages on Cyprus Properties

CyPropSN,

Do you have an updated link for the Cyprus Property Support Network (CPSN) as I am sure there are many buyers in Cyprus that would be interested?

 

[bendybunny]

Hi All ,
Alpha Paneretti are back selling apartments and villas! Offering title deeds with sale. Don’t trust them as far as you throw them, we were told the land on which are apartments were built on are mortgage free! NO! 7 million mortgage on the land. You pay the price apart from 4% when this is paid you Receive title deeds and it’s only then you realise. The solicitors are in on the scam!

This is when the problems start, you find they run the management schemes of which they can increase at any time. Stay well clear! You have been warned.

Been there, got the tee shirt and starred in the movie along with some 800+ others. Don’t just believe me check Facebook get the facts and papers from the British lawyers representing the group.

Facebook new group opening soon hear the facts from defrauded clients

Search CPOSG group
Cyprus Property Owners Support Group

Apply to join it doesn’t cost you to really find out the truth.

Many of us have now been fighting in court, this started around 2007

 

[PostBrexitInvestor]

Surely the authorities should be doing more to protect investors - especially after the bad press in Cyprus of the last few years. Is there not a site you can check to see if the developer is authorised by the authorities?

 

[Veronica]

Surely the authorities should be doing more to protect investors - especially after the bad press in Cyprus of the last few years. Is there not a site you can check to see if the developer is authorised by the authorities?

Having been in the real estate business for 12 years in Cyprus I can assure you that there is little protection for buyers although you are told you are protected. Everything is in favour of the developers including allowing building in protected sites of scientific interest. It is all about that brown envelope stuffed with cash when planning permission is applied for.

 

[Longterminvestor]

I was going to say it is a big surprise that this kind of stuff still goes on but in all honesty it isnt. Until these countries and their governments are held to account it will continue. They should have been embarassed by the debacle which saw people lose homes they had held for decades because they were acquired illegally many years ago and sold on. No compensation or anything - and we think the UK is bad, at least the laws are generally adhered to.

 

[Veronica]

I was going to say it is a big surprise that this kind of stuff still goes on but in all honesty it isnt. Until these countries and their governments are held to account it will continue. They should have been embarassed by the debacle which saw people lose homes they had held for decades because they were acquired illegally many years ago and sold on. No compensation or anything - and we think the UK is bad, at least the laws are generally adhered to.

That happened in the illegally occupied North which Turkey annexed in 1974. In the South the problem is with the banks allowing developer to keep borrowing on the same land time and again with the result that buyers are unable to get title deeds to the properties that they have paid for in full. In some cases the banks were trying to claim the properties from the buyers but that has been stopped. The law changed so that anyone who has [paid 80% of the purchase price is now safe and can apply for title deeds. The banks have got to go after the developers but as they have mostly hidden their assets the banks are the losers.
The other problem is that the planning office is still giving permission to build on land which is supposed to be protected by international law threatening endangered species such as the turtles and European monk seals

 

[bendybunny]

We are out of Cyprus! Good luck to those still awaiting a decision!.
It has been a costly mistake, we loved the place and had been there for many years prior to our purchase. However we were not aware just how corrupt everything is! How on earth is it in the EU! The answer is pretty obvious that is just as corrupt which is why as a country we are leaving! Greece will not be able to leave due to their debt!

 

[Veronica]

We left Cyprus 19 months ago to move to France where my son was already living. We were among the lucky ones who had very few problems with our purchase in Cyprus and we loved the country but the corruption and rampant nepotism was always hard to stomach. We had some good times and made some lifelong friends and who knows we might still have been there had it not been for the fact that the summers just got too hot for me. We are loving France, have got a house with an acre of land on the outskirts of a small village. My son and daughter in law live with us in an annexe so they are there for support as we get older. There will always be a place in my heart for Cyprus with lots of happy memories but it changed over the years we were there, not change for the better unfortunately.