Can I cut my losses

dplees · #1 25-10-2008, 04:12 AM

I have posted previously about a property that I have in St george hills. I have paid one 15% payment and the developer has been drawing down the mortgage from the bank. Am I in a position now where I could just give the property back to the developer and walk away? This is what i want to do - however i dont want the bank chasing me!
many thanks

Clive · #2 27-10-2008, 04:51 PM

Quote:

Originally Posted by dplees

I have posted previously about a property that I have in St george hills. I have paid one 15% payment and the developer has been drawing down the mortgage from the bank. Am I in a position now where I could just give the property back to the developer and walk away? This is what i want to do - however i dont want the bank chasing me!
many thanks

Dplees, have you spoken to the developer and the bank, or at least one of them. I doubt if the bank would be chasing you, they have your 15% payment but if you can't pay for it or don't want the property any longer, tell them. clive

SimonJones · #3 12-11-2008, 11:36 AM

Like the advice you were given on the Cyprus Forum - please visit your lawyer

mslambs · #4 15-02-2009, 03:24 PM

Hi, How did you get on? we are in the same position - we would like to walk away becasue our mortgage payment has icnreased so much due to the worsening of the pound but the developer wont consider any more cancellations as too many people have done so already. We are wondering what the developer/bank will actually do.

forest · #5 17-02-2009, 02:07 PM

Quote:

Originally Posted by mslambs

Hi, How did you get on? we are in the same position - we would like to walk away becasue our mortgage payment has icnreased so much due to the worsening of the pound but the developer wont consider any more cancellations as too many people have done so already. We are wondering what the developer/bank will actually do.

HI

Having been involved in many sales in Cyprus including St George Hills , i would suggest walking away . Whether you have bought through ROPUK or Roseberrys or any other agent or at a property exhibition or whoever , you will end up with a bad investment . Communual charges may be sky high . There may be a chance half the facilities quoted will never appear . All of a sudden seven pools will become five and then a few of the extras they quote , Ie the road down to the sea front will never happen and 24 hours security etc will no doubt be a pipe dream . Go and visit some of the other developers properties , in the case of Alpha Panareti it would be Thalassa view , chlorakas terrace etc and speak to owners and ask how owners are treated and look at the build quality there .

You have been warned . Do not feel too silly though it has happened to hundreds of you . Read the small print in your contract and see how much cancellation fee is charged and whether their is a clause stating you cannot sell before completion . If there is then you did not get a very good solicitor. Do not believe anything that is told you , get out there yourself and speak to other owners at other developments and find out the truth instead of listening to the developer about how rosy things all are . Good luck to you all and remeber it is better to lose a small amount now than have it around your neck for years to come draining your finances.

sindibad · #6 02-03-2009, 03:12 PM

surly I would see a lawyer

talacyp · #7 04-03-2009, 09:33 PM

I have a property in Cyprus which is mortgage free but would like to know how to go about releasing equity or remortgaging to help with conditions presented by the economic climate. So I do not want to walk away but need to release some cash.

talacyp

Lysos · #8 05-03-2009, 07:05 PM

As far as I'm aware Cypriot banks do not offer equity release remortgage facilities, and I doubt UK lenders would either. Just back from a two week visit & the construction industry is on its' a..e. Driving around it was plain to see that virtually every building site was deserted, and as for estate agents, either empty or closed.

kiwi · #9 08-03-2009, 01:03 PM

Hi dplees,

How did you get on with this? do you live in the UK. How did you approach walking away with the laywer, developer and bank?

Did you get an independent lawyer or legal advice. I am in a similar situation I just don't want to be pursued in the UK, ruin my credit rating or have them come after what little assets I have left in the UK.

Thanks