Cyprus-Forum.com

[CBBB]

WHY, Z4 No its not Kiti......go play with the traffic or something..,.l

Not Kiti? You mean worse than that, Peyia?

[pissouri]

sorry to hear about your wfe's situation.

For what it's worth.

If the property was bought via a developer as part of a development, then the chances are there was no title and a purchase contract was signed and deposited at the land registry. If your wife took out a loan from the Developers bank, then as there was no title to the property, they the bank, as a form of security got the developer to guarantee your wife's loan.
Therefore, if the loan goes to recovery, then the bank can go after the developer for payment. In these instances the developer takes back the property and pays the bank the money owed on the loan. However, this posses a problem if the property is worth less than the money owed.

As regards coming after you on your UK property this is highly unlikely.

Best thing your wife can do is sit down with the bank and agree an amount that is comfortable for her to pay each month, this way if the bank did go to court the courts would she that your wife is making an effort.

[dinos]

Cyprus repossessions, Any help would be appreciated, My Ex wife is lossing her property in Cyprus, they payments from the Uk are to high due to the exchange rate! plus very high Cypriot Bank interest rates, She has been told she will be pursued in England by the Bank in Cyprus for losses costs, ect, I have made contact with a lawyer here who tells me he is working on behalf of a Bank, through a Uk lawyer to place a Charge on a persons Uk property!!! loses are the same as the purchase price of the property plus costs, interest so on.
Yes she has tried selling, reduced the price from 359000, to 195000 still nothing.

I seriously doubt that they'll be able to access her other property in the UK. The banks are just trying to get a reaction out of her. The collateral for that loan was that house as a standard loan practice. Generally speaking, the bank would have no legitimate claim on her UK properties.

HOWEVER - if she put her UK property up as collateral then she would indeed be exposed. If this is the case, then she deserves exactly as she gets - I just hope it doesn't impact you.

[Milo]

http://www.news.cyprus-property-buyers. ... /id=001361

This link has a lot of information on it.

It does state that banks CAN go after UK assets but generally don,t, the banks in Cyprus have billions of €,s in unpaid loans already to them, so IF they can come up with a solution and they may I would just communicate with them daily, they will at first be negative and even bullying but keep on talking.

There are distressed sales here in the East now regularly one such villa in Frenaros three bedroomed with Pool and fully furnished just sold for €140k which for the british owner non resident was just enough to cover his mortgage. But it sold in three weeks, some buyers were offering a little more but he settled for a cash buyer.

There are buyers out there but not many, long term rental is the best option for now at a low rent, as holiday lets are dead in the water.

[dinos]

http://www.news.cyprus-property-buyers.com/2009/05/13/help-%E2%80%93-i-can%E2%80%99t-pay-the-mortgage/id=001361

This link has a lot of information on it.

It does state that banks CAN go after UK assets but generally don,t, the banks in Cyprus have billions of €,s in unpaid loans already to them, so IF they can come up with a solution and they may I would just communicate with them daily, they will at first be negative and even bullying but keep on talking.

There are distressed sales here in the East now regularly one such villa in Frenaros three bedroomed with Pool and fully furnished just sold for €140k which for the british owner non resident was just enough to cover his mortgage. But it sold in three weeks, some buyers were offering a little more but he settled for a cash buyer.

There are buyers out there but not many, long term rental is the best option for now at a low rent, as holiday lets are dead in the water.

This appears to be a blog of some sort; not a statement / statute by the government indicating that the banks would be allowed to sue anyone in England for another house they bought in Cyprus.

I'll caveat this by stating clearly that I'm not an expert as regards Cyprus property. HOWEVER, if the banks actually did go after UK citizens in England, it's quite likely that England would retaliate somehow. And Cyprus would get the ass end of that stick. Further, suing people in England would also bring about significant reputation-damaging "don't buy in Cyprus anymore" bad press. If they actually did that, they'd be even dumber than I take them for at present.

This scenario is so improbable that it's really not worth debating. The banks took their risks lending to people they should not have lent to. They will lose their money for that the same way any other other bank on the planet would.

Oh, sorry - I should say that the banks will get bailed out by the government and taxpayers will lose their money - the same as anyplace else on the planet.

[Milo]

http://www.news.cyprus-property-buyers.com/2009/05/13/help-%E2%80%93-i-can%E2%80%99t-pay-the-mortgage/id=001361

This link has a lot of information on it.

It does state that banks CAN go after UK assets but generally don,t, the banks in Cyprus have billions of €,s in unpaid loans already to them, so IF they can come up with a solution and they may I would just communicate with them daily, they will at first be negative and even bullying but keep on talking.

There are distressed sales here in the East now regularly one such villa in Frenaros three bedroomed with Pool and fully furnished just sold for €140k which for the british owner non resident was just enough to cover his mortgage. But it sold in three weeks, some buyers were offering a little more but he settled for a cash buyer.

There are buyers out there but not many, long term rental is the best option for now at a low rent, as holiday lets are dead in the water.

This appears to be a blog of some sort; not a statement / statute by the government indicating that the banks would be allowed to sue anyone in England for another house they bought in Cyprus.

I'll caveat this by stating clearly that I'm not an expert as regards Cyprus property. HOWEVER, if the banks actually did go after UK citizens in England, it's quite likely that England would retaliate somehow. And Cyprus would get the ass end of that stick. Further, suing people in England would also bring about significant reputation-damaging "don't buy in Cyprus anymore" bad press. If they actually did that, they'd be even dumber than I take them for at present.

This scenario is so improbable that it's really not worth debating. The banks took their risks lending to people they should not have lent to. They will lose their money for that the same way any other other bank on the planet would.

Oh, sorry - I should say that the banks will get bailed out by the government and taxpayers will lose their money - the same as anyplace else on the planet.

The info link is as you say an opinion but if you look at the website a very experienced opinion and quantified by others experiences, in fact thousands of others, its also linked to the CPAG,s website.

The banks have caused the problems but as many buyers are handing back keys and Developers are unable to service their loans come the end of the year, what could happen next is plausible, but if the UK retaliates and goes with those that bought here on a whim and upto the hilt in debt, when they should,nt have I find that hard to imagine. In fact people borrowing enormous amounts (and banks readily giving it) that they can,t hope to pay back is part of what caused global problems in the first instance. So the UK should allow banks to recover losses, but I agree that although in theory it certainly can happen and agencies in the UK will track people down for them, some of the Banks here have bigger worries.

[Tim Drayton]

http://www.news.cyprus-property-buyers.com/2009/05/13/help-%E2%80%93-i-can%E2%80%99t-pay-the-mortgage/id=001361

This link has a lot of information on it.

It does state that banks CAN go after UK assets but generally don,t, the banks in Cyprus have billions of €,s in unpaid loans already to them, so IF they can come up with a solution and they may I would just communicate with them daily, they will at first be negative and even bullying but keep on talking.

There are distressed sales here in the East now regularly one such villa in Frenaros three bedroomed with Pool and fully furnished just sold for €140k which for the british owner non resident was just enough to cover his mortgage. But it sold in three weeks, some buyers were offering a little more but he settled for a cash buyer.

There are buyers out there but not many, long term rental is the best option for now at a low rent, as holiday lets are dead in the water.

This appears to be a blog of some sort; not a statement / statute by the government indicating that the banks would be allowed to sue anyone in England for another house they bought in Cyprus.

I'll caveat this by stating clearly that I'm not an expert as regards Cyprus property. HOWEVER, if the banks actually did go after UK citizens in England, it's quite likely that England would retaliate somehow. And Cyprus would get the ass end of that stick. Further, suing people in England would also bring about significant reputation-damaging "don't buy in Cyprus anymore" bad press. If they actually did that, they'd be even dumber than I take them for at present.

This scenario is so improbable that it's really not worth debating. The banks took their risks lending to people they should not have lent to. They will lose their money for that the same way any other other bank on the planet would.

Oh, sorry - I should say that the banks will get bailed out by the government and taxpayers will lose their money - the same as anyplace else on the planet.

Dinos, do not forget that both Cyprus and the UK are European Union member states. A judgment obtained in one EU member state is enforceable in another. This includes the seizure of property to satisfy debt recovery claims.

[Milo]

Further, suing people in England would also bring about significant reputation-damaging "don't buy in Cyprus anymore" bad press. If they actually did that, they'd be even dumber than I take them for at present.

This scenario is so improbable that it's really not worth debating. The banks took their risks lending to people they should not have lent to.

Buyers who can no longer afford to pay mortgages because of the recession are globally millions so Cyprus will most definitely not suffer 'reputation damage' for that anymore than purchasers of property anywhere and the 'don,t buy in Cyprus' scenario will not be because house sales and prices have tumbled, but imho risk will come into any house buying anywhere for some time. Distressed sales and 'vulture companies' are already buying up some properties but even they are asking for Deeds.

Sadly for Cyprus the 'damage reputation' that will limit future buyers when they come, is ONLY because of the very flawed system of buying here and the greed of SOME Developers and their partners in crime, bad news travels fast and far and a few newbies that have arrived have stated they would only ever rent. The top of the heap of buying problems in Cyprus is the non issue of Deeds. I hope that ALL of this is sorted in the future but will it bring the explosion of buying again as seen in 06/07? Probably not, but hey those that already have a nice property here will see its potential eventually rise again. Today not a hope, this applies though all over the EU.

[Jerry]

ChrisCyprus, you could approach this forum for advice:- http://cyprus-property-buyers.com/forum/

Nigel Howarth is a Cyprus property expert - apparently.

[nigeyboy]

Property ALWAYS goes up in price if you hold on to it long enough