Cyprus-Forum.com

[keith31]

Hi,
I bought a property in cyprus 10 years ago and have defaulted on the mortgage for the past 5 years. I had my son take the mortgage as he could get a longer term and therefore a lower repayment. The cyprus bank have now contacted us for there monies. My son has a third share in his uk mortgage with his partner and her father.
1. Can he lose their uk home.
2.If he travels to cyprus, as he is meant to in april, is he at risk of being arrested at customs.

Thank you for any advice.

[bill cobbett]

As it's a civil matter, can't see there'll be a risk of arrest on arrival at the airport but it is becoming easier and easier for court judgments from one EU member-state to be recognised in another EU member-state.

In your case, if the lender gets a judgment from a CY court, one which you don't contest the lender can then start seeking enforcement through the GB courts and it will get such enforcement if again you don't contest it in GB.

... and there's worse to come cos, in just under two years time, a new EU Directive comes in to force which will mean the lender will only need the judgment from the CY court, which will have to be enforced (no ifs or buts, no contesting, no appeals) by GB authorities who will have to treat it in the same way as a GB court judgment.

Prob best to think about coming to some arrangement with the lender.

[supporttheunderdog]

Agree with Bill C: in a worst case scenario your son could be bankrupted, for nonpayment of the debt.

[SKI-preo]

1.) Ekametai ta shoni

2.) RELAX He won't be arrested for defaulting on a mortgage. At most any secured property will be seized and sold through a very long drawn out and complicated process by the time anything happens your grand children will have there own grand children. The Cypriot courts will be backed up with cases like yours for another 15 years.

3.) What sort of a parent are you?.CCHCHCHCHHCH Ptou sou!

[cyprusgrump]

The Cypriot courts will be backed up with cases like yours for another 15 years.

This is a very good point... a guy up the road from me has been working through his case for the past ten years...

[sven]

The Cypriot courts will be backed up with cases like yours for another 15 years.

This is a very good point... a guy up the road from me has been working through his case for the past ten years...

Don't forget, you do not know what deal has been done with the Troika, about banking reforms and court process reforms. Don't forget they are crooks and have deliberately put you and others in the situation that you now face or will face.

http://www.bankofengland.co.uk/publicat ... /nr156.pdf

from the above link. paragraph 23, page 5

23 To ensure that banks are resolvable, the Financial Services Authority (and in the future, the Prudential Regulation Authority7 (PRA)) will require firms under the Financial Services Act 2010 to produce Recovery and Resolution Plans (RRPs). Firms will submit the information that the authorities will need to prepare resolution plans and to assess resolvability. Where barriers to resolution are identified, firms will be required to remove them through changes to their structure and operations. The proposed RRD provides authorities with the necessary powers to achieve this, including the ability to require changes to the legal or operational structures of institutions, and to require firms to cease specific activities.8

6 See http://www.hm-treasury.gov.uk/consult_f ... regime.htm.
7 Once the Financial Services Bill comes into force in 2013, the Financial Services Authority will be replaced by two new regulatory bodies, the PRA and the Financial Conduct Authority. The PRA, a subsidiary of the Bank of England, will become the prudential regulator of deposit-takers, insurers, and the largest investment firms. It will have the objective of promoting the safety and soundness of these firms, in part through minimizing the adverse effect of their failure on the U.K. financial system.
8 See Article 14(4) of the proposed RRD, including 14(4)(e) “requiring the institution to limit or cease specific existing or proposed activities,” and 14(4)(g) “requiring changes to legal or operational structures of the institution so as to reduce complexity in order to ensure that critical functions may be legally and economically separated from other functions through the application of the resolution tools.”

Sound familiar ? , yep that's right they are planning to change legislation so that they can steal from you in the UK.

More information from the link below, If you are going to have a look at this, I suggest you download the pdf's before they disappear, it has been known to happen.

http://www.hm-treasury.gov.uk/consult_f ... regime.htm

Take note of the Heading on that webpage.

Financial sector resolution: broadening the regime

It is tough going, download a copy of a legal dictionary, and matchsticks to keep your eyelids from collapsing

[sven]

Proposed changes to Banking Statutes

http://www.legislation.gov.uk/ukpga/2009/1/section/39

39, Foreign property
(1)This section applies where a property transfer instrument transfers foreign property.

(2)In subsection (1) “foreign property” means—
(a)property outside the United Kingdom, and
(b)rights and liabilities under foreign law.

(3)The transferor and the transferee must each take any necessary steps to ensure that the transfer is effective as a matter of foreign law (if it is not wholly effective by virtue of the property transfer instrument).

(4)Until the transfer is effective as a matter of foreign law, the transferor must—
(a)hold the property or right for the benefit of the transferee (together with any additional property or right accruing by virtue of the original property or right), or
(b)discharge the liability on behalf of the transferee.

(5)The transferee must meet any expenses of the transferor in complying with this section.

(6)An obligation imposed by this section is enforceable as if created by contract between the transferor and transferee.

(7)The transferor must comply with any directions of the Bank of England in respect of the obligations under subsections (3) and (4); and—
(a)a direction may disapply subsections (3) and (4) to a specified extent, and
(b)obligations imposed by direction are enforceable as if created by contract between the transferor and the Bank of England.

(8)In this section “foreign law” means the law of a country or territory outside the United Kingdom.

http://www.legislation.gov.uk/ukpga/2009/1/section/40

40, Incidental provision

(1)A property transfer instrument may include incidental, consequential or transitional provision.

(2)In relying on subsection (1) an instrument—

(a)may make provision generally or only for specified purposes, cases or circumstances, and

(b)may make different provision for different purposes, cases or circumstances.

Like I say, It is not about what currently exists as Statute, it is what they are planning to do, And what the 'conditions' of the IMF bail-out, bail-in or sell-out are.

[kurupetos]

The Cypriot courts will be backed up with cases like yours for another 15 years.

This is a very good point... a guy up the road from me has been working through his case for the past ten years...

Hopefully the EU will force us to take care of these matters...