Cyprus-Forum.com

[robgod]

Hi,

I was just wondering if there were any cases where purchasers hadn't completed on their off plan properties in Cyprus?

From what I've been told I understand if a purchaser didnt complete the developer would have to raise a judgement against the purchaser in Cyprus - this could take several years. Once the judgement has been raised a in Cyprus a seperate judgement would then need to be raised in the UK and the process could take years.

Has this ever happened?

[apc2010]

They prob wont bother , but why would you do this?//

[beverley10]

I know of someone on our complex that this has happened to.It appears that she paid a 30% deposit plus CP£2k to her lawyer (parkers boss?) who did not sign the final paper for the bank loan so the bank did not issue it and now she is fighting for her deposit back and the developer has been renting her apartment out for the past year and demanding maintainance charges to boot!!! How the corruption between developers banks and lawyers is ever going to be redressed I dont know but it is time something was done about it.

[robgod]

I'm happy to lose my deposit. I just don't want a rather large developer in Paphos knocking on my door in the UK for not completing. I've heard that it is possible for a judgement to be raised in Cyprus and then for another judgement to be raised in the UK - although I'm not sure how easy this would be to invoke. I have spoken to several solicitors and they seem to think it could happen - however I guess they would say that.

[Tim Drayton]

I'm happy to lose my deposit. I just don't want a rather large developer in Paphos knocking on my door in the UK for not completing. I've heard that it is possible for a judgement to be raised in Cyprus and then for another judgement to be raised in the UK - although I'm not sure how easy this would be to invoke. I have spoken to several solicitors and they seem to think it could happen - however I guess they would say that.

I would have thought that the Orams case showed that it is perfectly feasible to enforce a judgment from Cyprus in the UK. I think you should seek professional legal assistance.

[Peterc]

Hi Rob, you are under a contractual obligation to complete on this property. If you are looking for a get out, then there should be a penalty. Discuss the matter with the developer.

[beverley10]

if you have signed a contract to buy and you have changed your mind then I am afraid you are in the wrong.With the situation with sales in Cyprus I doubt if your developer could easily find another buyer for your property so you really have to find a way to pay for it and then try and sell.You could maybe try and negotiate that he keeps your deposit but I wouldnt hold my breath!